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Credit Trends: Downgrade Potential Across Credit Grades And Sectors Apr 06 Product Image

Credit Trends: Downgrade Potential Across Credit Grades And Sectors Apr 06

  • ID: 1710739
  • April 2006
  • Standard & Poors

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Abstract
This month, we note the following key takeaways: The number of entities at risk of potential downgrades jumped to a record high of 663 in mid-April, compared with 659 in mid-March. This count represents the highest since the commencement of this report last September. Entities based in the U.S. or Europe accounted for 85% of those at risk of downgrades. Telecommunications and automotive appeared the most vulnerable to deterioration in credit quality, in terms of the count of issuers listed with a negative bias relative to the total rated universe by sector. Many of the entities at risk of potential downgrades were in the consumer discretionary domain (telecommunications, automotive, media and entertainment and retail/restaurants), where pressures have been building (owing...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- Alberto-Culver Co.
- Albertson's Inc.
- IKON Office Solutions Inc.
- Alcoa Inc.
- American Express Co.
- Wyeth
- Ashland Inc.
- Avery Dennison Corp.
- Avnet Inc.
- Avon Products Inc.
- Bausch & Lomb Inc.
- OfficeMax Inc.
- Alliance Boots Ltd.
- Hexion Inc.
- Bristol-Myers Squibb Co.
- Brown Shoe Co. Inc.
- Campbell Soup Co.
- Dole Food Co. Inc.
- Centel Corp.
- CenturyLink Inc.
- Cincinnati Bell Inc.
- Frontier Communications Corp.
- Clorox Co.
- Computer Sciences Corp.
- ConAgra Foods Inc.
- United Airlines Inc.
- Cooper Tire & Rubber Co.
- Crane Co.
- Dow Jones & Co. Inc.
- Eastman Kodak Co.
- Electricite de France S.A.
- Empire District Electric Co.
- EQT Corp.
- Ferro Corp.
- Ford Motor Co.
- Sabine Oil & Gas Corp.
- GDF SUEZ S.A.
- General Mills Inc.
- Motors Liquidation Co. (fka General Motors Corp.)
- Hawaiian Electric Industries Inc.
- Vale Canada Ltd.
- International Paper Co.
- Kinder Morgan Inc.
- Kansas City Southern
- Kerr-McGee Corp.
- Knight Ridder Inc.
- Merck & Co. Inc.
- Tenet Healthcare Corp.
- Nortel Networks Ltd.
- Bristow Group Inc.
- ONEOK Inc.
- Owens-Illinois Inc.
- Pier 1 Imports Inc.
- Pogo Producing Co.
- Portland General Electric Co.
- Procter & Gamble Co.
- Rite Aid Corp.
- Sherwin-Williams Co.
- South Jersey Gas Co.
- Southern States Cooperative Inc.
- Southern Union Co.
- SUPERVALU Inc.
- Torchmark Corp.
- Universal Corp.
- VICORP Restaurants Inc.
- Wendy's International Inc.
- Di Giorgio Corp.
- Government Development Bank for Puerto Rico
- Service Corp. International
- US Airways Group Inc.
- Universal Health Services Inc.
- BellSouth Corp.
- Canadian Imperial Bank of Commerce
- Svenska Cellulosa Aktiebolaget SCA
- Victor Co. of Japan Ltd. (JVC Corp.)
- Southwestern Energy Co.
- Italy (Republic of)
- Alaska Air Group Inc.
- Cardinal Health Inc.
- Altria Group Inc.
- Navistar International Corp.
- Health Management Associates Inc.
- Pohjola Bank PLC
- Electronic Data Systems Corp.
- Constellation Brands Inc.
- Unisys Corp.
- CA Technologies
- Telephone and Data Systems Inc.
- NextEra Energy Inc.
- Entergy Corp.
- Windstream Holding of the Midwest Inc.
- AT&T Inc.
- Pope & Talbot Inc.
- The BOC Group PLC
- Prudential PLC
- Carmike Cinemas Inc.
- The Gap Inc.
- UniCredit SpA
- Newell Rubbermaid Inc.
- Wisconsin Energy Corp.
- Domtar Inc.
- Longview Fibre Co.
- Valhi Inc.
- Scholastic Corp.
- Advanstar Communications Inc.
- Jack in the Box Inc.
- Murphy Oil Corp.
- BCE Inc.
- Glencore Canada Corporation
- Compagnie de Saint-Gobain
- Lear Corp.
- Telstra Corp. Ltd.
- Toshiba Corp.
- BAA Ltd.
- Sealed Air Corp.
- Symbion Health Ltd.
- Duquesne Light Holdings Inc.
- Aztar Corp.
- TransCanada PipeLines Ltd.
- Beckman Coulter Inc.
- Deluxe Corp.
- Norsk Hydro ASA
- Bombardier Inc.
- BASF SE
- Bayer AG
- Security Mutual Life Insurance Co. of NY
- Britannia Building Society
- Investor AB
- Repsol S.A.
- Volkswagen AG
- Endesa S.A.
- Alliance One International Inc.
- Sinclair Broadcast Group Inc.
- Skandia Insurance Co. Ltd.
- Encana Corp.
- Alcatel-Lucent
- Hill-Rom Holdings Inc.
- Hungary
- Aeroports de Paris
- RentPath Inc.
- Doral Financial Corp.
- Cinemark USA Inc.
- Iberdrola S.A.
- Allbritton Communications Co.
- RPM International Inc.
- First Data Corp.
- Norbord Inc.
- Hayes Lemmerz International Inc.
- Tyson Foods Inc.
- Atlantic Mutual Insurance Co.
- TriMas Corp.
- Allstate Corp.
- SEACOR Holdings Inc.
- Accor S.A.
- Jemena Ltd.
- CIMIC Group Ltd.
- West Fraser Timber Co. Ltd.
- Isle of Capri Casinos Inc.
- Methanex Corp.
- Windstream Georgia Communications Corp.
- Rexam PLC
- Stater Bros. Holdings Inc.
- Stewart Enterprises Inc.
- Cytec Industries Inc.
- Spanish Broadcasting System Inc.
- Big Heart Pet Brands
- Valassis Communications Inc.
- Friendly Ice Cream Corp.
- The New York Times Co.
- E.ON SE
- Nabi Biopharmaceuticals
- Protection One Alarm Monitoring Inc.
- Transpower New Zealand Ltd.
- Softbank Corp.
- Vector Ltd.
- Mashantucket (Western) Pequot Tribe
- Talisman Energy Inc.
- CITIC Ltd.
- Cott Corp.
- Destination Maternity Corp.
- Xerox Business Services LLC
- Rock-Tenn Co.
- NOVA Chemicals Corp.
- Portola Packaging Inc.
- ProAssurance Corp.
- Sanmina Corp.
- Stena AB
- Integrys Energy Group Inc.
- Pride International Inc.
- AGL Resources Inc.
- Koninklijke KPN N.V.
- Cofiroute
- Banco Popular Espanol S.A.
- IXIS Corporate & Investment Bank
- The Sports Authority Inc.
- Gray Television Inc.
- Majestic Star Casino LLC (The)
- Euramax International Inc.
- Intrawest Corp.
- Spectrum Brands Inc.
- Kinetek Holdings Corp.
- Fairfax Media Ltd.
- Vermont Elec Coop Inc
- Concentra Inc.
- FAGE International S.A
- Tandus Flooring Inc.
- Nippon Sheet Glass Co. Ltd.
- Affinity Group Holding Inc.
- Vitro S.A.B. de C.V.
- Christchurch International Airport Ltd.
- Ameristar Casinos Inc.
- GCI Inc.
- Hollywood Theaters Inc.
- Pinnacle Entertainment Inc.
- B&G Foods Inc.
- Antenna Group S.A.
- Cascades Inc.
- Eneco Holding N.V.
- NBTY Inc.
- iHeartCommunications Inc.
- Landsvirkjun
- Big Lots Inc.
- Cenveo Inc.
- Leidos, Inc.
- Corporacion Nacional del Cobre de Chile
- Sanyo Electric Co. Ltd.
- Buckeye Partners L.P.
- Actavis, Inc.
- Suzuki Motor Corp.
- The McClatchy Co.
- Woolworths Ltd.
- Tyco International PLC
- Eagle Family Foods Inc.
- Live Nation Entertainment Inc.
- Brand Services Inc.
- Ultrapetrol (Bahamas) Ltd.
- Radiologix Inc.
- Millar Western Forest Products Ltd.
- FairPoint Communications Inc.
- USEC Inc.
- Telesat Canada
- GulfMark Offshore Inc.
- AWB Ltd.
- KeySpan Corp.
- PostNL N.V.
- Progressive Gaming International Corp.
- ArcelorMittal
- Rent-A-Center Inc.
- UniCredit Bank AG
- Jones Group Inc.
- Hellenic Telecommunications Organization S.A.
- Motiva Enterprises LLC
- Empresa Nacional de Telecomunicaciones S.A.
- Metsa Board Corp.
- Convergys Corp.
- Alliander N.V.
- Kinder Morgan Energy Partners L.P.
- Stoneridge Inc.
- Gas Natural SDG S.A.
- IDACORP Inc.
- Energie AG Oberoesterreich
- Bellisio Foods Inc.
- Acea SpA
- Blockbuster Inc.
- American Axle & Manufacturing Holdings Inc.
- Team Health Inc.
- Perry Ellis International Inc.
- Dura Automotive Systems Inc.
- Susquehanna Media Co.
- LifePoint Hospitals Inc.
- Matria Healthcare Inc.
- Jo-Ann Stores Inc.
- Amkor Technology Inc.
- Telecomunicaciones de Puerto Rico Inc.
- Hanger Inc.
- Blyth Inc.
- Petro Stopping Centers Holdings L.P.
- Head N.V.
- Experian Finance PLC
- Liberty Interactive Corp.
- The Nielsen Co. B.V.
- Linde AG
- Standard Motor Products Inc.
- USI Holdings Corp.
- Manila Electric Co.
- American International Group Inc.
- CNA Financial Corp.
- Carolina Telephone & Telegraph Co.
- Cincinnati Financial Corp.
- International Lease Finance Corp.
- Marsh & McLennan Cos.
- Nash Finch Co.
- Newpark Resources Inc.
- Nicor Inc.
- Chiquita Brands International Inc.
- Cargill Inc.
- Mark IV Industries Inc.
- Peoples Energy LLC
- Swiss Reinsurance Co. Ltd.
- Loews Corp.
- Emmis Communications Corp.
- Viskase Cos. Inc.
- Carrols Corp.
- Metaldyne LLC
- Millipore Corp.
- Edison Funding Co.
- Nationwide Mutual Insurance Co.
- Victor Technologies Group Inc.
- Orica Ltd.
- American Media Operations Inc.
- Cable & Wireless Ltd.
- Pioneer Corp.
- Deutsche Lufthansa AG
- American United Life Insurance Co.
- General Nutrition Centers Inc.
- Visa International Service Assn.
- FUJIFILM Holdings Corp.
- Per-Se Technologies Inc.
- Buckeye Technologies Inc.
- Intelsat Corp.
- Eye Care Centers of America Inc.
- Alderwoods Group Inc.
- Pathmark Stores Inc.
- Danka Business Systems PLC
- DFS Deutsche Flugsicherung GmbH
- American Safety Razor Co.
- Hines Horticulture Inc.
- KCS Energy Inc.
- Dairy Farmers of America Inc.
- AMF Bowling Worldwide Inc.
- World Color Press Inc.
- Bally Technologies Inc.
- HDI Haftpflichtverband der Deutschen Industrie VaG
- Unifrax Corp.
- The Reynolds & Reynolds Co.
- Reader's Digest Assn. Inc.
- TravelCenters of America Inc.
- MMI Products Inc.
- Leiner Health Products Inc.
- The CitiPower Trust
- EMI Group PLC
- COREALCREDIT BANK AG
- BASF Speciality Chemicals Holding GmbH
- Amscan Holdings Inc.
- Ameren Corp.
- Australian Gas Networks Ltd.
- Mediacom Communications Corp.
- Tommy Hilfiger U.S.A. Inc.
- IPC Systems Inc.
- Invesco Holding Co. Ltd.
- Rural Cellular Corp.
- InSight Health Services Corp.
- National Oilwell Inc.
- TW Telecom Inc.
- Portugal Telecom SGPS S.A.
- Journal Register Co.
- True Temper Sports Inc.
- Linens 'n Things Inc.
- PSEG Energy Holdings LLC
- Sensient Technologies Corp.
- King Pharmaceuticals Inc.
- HYPO NOE Gruppe Bank AG
- Central Parking Corp.
- Comverse Technology Inc.
- Cracker Barrel Old Country Store Inc.
- HYPO TIROL BANK AG
- Nexstar Broadcasting Group Inc.
- Sociedad General de Aguas de Barcelona S.A.
- Cleco Corp.
- Radian Group Inc.
- Conexant Systems Inc.
- Technicolor S.A.
- IASIS Healthcare Corp.
- Rent-Way Inc.
- Haights Cross Communications Inc.
- Interpublic Group of Cos. Inc.
- Alinta 2000 Ltd.
- Barbados
- BPB PLC
- Oberoesterreichische Landesbank AG
- Nobina AB
- RWE AG
- Enel SpA
- Telvent DTN Inc.
- Agrokor d.d.
- Dayton Superior Corp.
- Cirsa Gaming Corp. S.A.
- ONEOK Partners L.P.
- Dobson Communications Corp.
- Oriental Trading Co. Inc.
- Stillwater Mining Co.
- Meritor Inc.
- Verizon Communications Inc.
- BRISA Auto-Estradas de Portugal S.A.
- Telecom Italia SpA
- Duratek Inc.
- Massey Energy Co.
- Exelon Corp.
- Canwest Media Inc.
- EnerSys
- AT&T Mobility II LLC
- L-3 Communications Holdings Inc.
- Elisa Corp.
- WGL Holdings Inc.
- George Weston Ltd.
- Time Warner Inc.
- Laurentian Bank of Canada
- Canadian Natural Resources Ltd.
- Caribbean Utilities Co. Ltd.
- Sears Canada Inc.
- Manitoba Telecom Services Inc.
- Atlantia SpA
- Intelsat S.A.
- Hudson's Bay Co.
- Norske Skogindustrier ASA
- Royal Group Technologies Ltd.
- Essent N.V.
- Select Medical Corp.
- MGOC Inc.
- DRS Technologies Inc.
- Superior Plus LP
- ThyssenKrupp AG
- Television Francaise 1 S.A.
- Canadian Oil Sands Ltd.
- Monitronics International Inc.
- GTECH S.p.A.
- Black Hills Corp.
- GTECH Holdings Corp.
- Telenor ASA
- Altadis S.A.
- US Oncology Inc.
- Aurelia Energy N.V.
- Evonik Degussa GmbH
- Synagro Technologies Inc.
- Jarden Corp.
- Deutsche Post AG
- New York Community Bancorp Inc.
- Roundy's Supermarkets Inc.
- D&E Communications Inc.
- PEPCO Holdings Inc.
- Workflow Management Inc.
- Regal Entertainment Group
- Constar International Inc.
- MedQuest Inc.
- GXS Worldwide Inc.
- Japan Airlines Corp.
- AmeriPath Inc.
- ATAC SpA
- Altegrity Inc.
- Aspen Insurance Holdings Ltd.
- Fresenius SE & Co. KGaA
- Singapore Post Ltd.
- JetBlue Airways Corp.
- IT Holding SpA
- Universal American Corp.
- Banca Mediocredito del Friuli-Venezia Giulia SpA
- Boardwalk Pipeline Partners L.P.
- Magellan Midstream Partners L.P.
- Hilcorp Energy I L.P.
- National Beef Packing Co. LLC
- Morris Publishing Group LLC
- Asia Aluminum Holdings Ltd.
- Graphic Packaging International Inc.
- Aleris International Inc.
- HM Publishing Corp.
- SIRVA Inc.
- Pinnacle Foods Group LLC
- Meiji Yasuda Life Insurance Co.
- ASM Brescia SpA
- OFG Bancorp
- Atlantic Broadband Finance LLC
- Reddy Ice Holdings Inc.
- Ply Gem Industries Inc.
- Smurfit Kappa Group Ltd.
- Newark Group Inc. (The)
- Human Touch LLC
- ITV PLC
- US LEC Corp.
- TI Automotive Ltd.
- LBC Holdings LLC
- AdvancePierre Foods Inc.
- VeriFone Inc.
- KazMunayGas International N.V.
- Harry & David Operations Corp.
- K2 Inc.
- Wornick Co. (The)
- Alion Science and Technology Corp.
- SSA Global Technologies Inc.
- Securus Technologies Inc.
- Marquee Holdings Inc.
- FGX International Inc.
- Abertis Infraestructuras S.A.
- Triumph HealthCare Holdings Inc.
- Kerasotes Showplace Theatres Holdings LLC
- Polypore International Inc.
- Banco Mercantil Do Brasil S.A.
- MarkWest Energy Partners L.P.
- Integrated Alarm Services Group Inc.
- Novelis Inc.
- Landry's Inc.
- Iowa Telecommunications Services Inc.
- Affinia Group Inc.
- InterDent Inc.
- Apptis (DE) Inc.
- Black Gaming LLC
- Dollarama Group LP
- Spheris Inc.
- Stanadyne Holdings Inc.
- Safety Products Holdings Inc.
- CIMB Group Holdings Bhd.
- Del Laboratories Inc.
- PQ Corp.
- Mauser Beteiligungs GmbH
- CPI International Inc.
- Sears Holdings Corp.
- Xerium Technologies Inc.
- Focus DIY (Finance) PLC
- Ardagh Packaging Group Ltd.
- Gerresheimer AG
- Fraser Papers Inc.
- Bell Aliant Inc.
- ASAT Holdings Ltd.
- Cheung Kong (Holdings) Ltd.
- DoubleClick Inc.
- Getronics N.V.
- Leap Wireless International Inc.
- MetLife Inc.
- Furniture Brands International Inc.
- FastenTech Inc.
- Vestel Elektronik Sanayi Ve Ticaret A.S.
- Visteon Corp.
- Solo Cup Co.
- Union Fenosa S.A.
- Vought Aircraft Industries Inc.
- Banca Popolare di Vicenza ScpA
- Waddell & Reed Financial Inc.
- Sappi Ltd.
- RWE Npower PLC
- daa plc
- Metro Inc.
- Reno De Medici SpA
- Emera Inc.
- Dresser Inc.
- RRI Energy Inc.
- TNS Inc.
- Extendicare Inc
- Terasen Inc.
- Aeroporti di Roma SpA
- Vitamin Shoppe Industries Inc.
- Dave & Buster's Inc.
- FHC Health Systems Inc.
- Keystone Automotive Operations Inc.
- MetoKote Corp.
- Nexans S.A.
- Pilkington PLC
- Global Automotive Logistics S.A.S.
- Valentia Telecommunications upc
- Rotech Healthcare Inc.
- National Grid PLC
- CMC Magnetics Corp.
- Plains Exploration & Production Co.
- Swift & Co.
- BT Group PLC
- CFR Marfa S.A.
- Plastech Engineered Products Inc.
- Hunter Fan Co.
- Hilite International Inc.
- Rede Ferroviaria Nacional REFER E.P.E.
- Montpelier Re Holdings Ltd.
- Oriental Land Co. Ltd.
- Minebea Co. Ltd.
- Knowledge Universe Education LLC
- National Mentor Holdings Inc.
- Nycomed S.C.A. SICAR
- Psychiatric Solutions Inc.
- PNM Resources Inc.
- DUET Group
- MedCath Holdings Corp.
- Cinram International Inc.
- AMN Healthcare Inc.
- Inn of the Mountain Gods Resort and Casino
- New Century Financial Corp.
- North American Energy Partners Inc.
- El Pollo Loco Inc.
- Blue Ridge Paper Products Inc.
- Schefenacker AG
- Caribbean Restaurants LLC
- Pure Fishing Inc.
- EuroFresh Inc.
- Wise Metals Group LLC
- Cornell Cos. Inc.
- Kabel Deutschland Vertrieb und Service GmbH
- Language Line Holdings Inc.
- AAT Communications Corp.
- Heckler & Koch GmbH
- Jean Coutu Group (PJC) Inc.
- Autoroutes Paris-Rhin-Rhone S.A.
- Standard Aero Ltd.
- SAZKA a.s.
- Berkline/BenchCraft Holdings LLC
- International Mill Service Inc.
- MAAX Holdings Inc.
- Windsor Quality Food Co. Ltd.
- WRG Finance PLC
- Simmons Co.
- Hera SpA
- Wyle Services Corp.
- Cognis Holding GmbH
- Uno Restaurant Holdings Corp.
- Consolidated Communications Holdings Inc.
- Bare Escentuals Beauty Inc.
- Masonite International Inc.
- AmWINS Group, LLC.
- Diagnostic Imaging Group LLC
- Mandra Forestry Finance Ltd.
- Damovo Group S.A.
- Foodcorp (Proprietary) Ltd.
- IAP Worldwide Services Inc.
- Riverdeep Holdings PLC
- Virgin Mobile USA LLC
- Eddie Bauer Holdings Inc.
- ORBIMAGE Inc.
- CCM Merger Inc.
- ACCO Brands Corp.
- Cardtronics Inc.
- LifeCare Holdings Inc.
- HIT Entertainment Ltd.
- The NASDAQ OMX Group Inc.
- Pregis Corp.
- Susser Holdings LLC
- Hellas Telecommunications (Luxembourg) II
- RGIS LLC
- SS&C Technologies Inc.
- Weatherford International Ltd.
- Greektown Holdings LLC
- SGS International Inc.
- Montecito Broadcast Group LLC
- Angiotech Pharmaceuticals Inc.
- Solera Holdings Inc.
- Reynolds American Inc.
- Billing Services Group Ltd.
- Navarre Corp.
- American Tire Distributors Inc.
- MAPCO Express Inc.
- Hawaiian Telcom Communications Inc.
- MSC - Medical Services Co.
- Lenox Group Inc.
- Brookstone Inc.
- COMSYS IT Partners Inc.
- Ethan Allen Interiors Inc.
- CCS Medical Inc.
- IPC Holdings Ltd.
- CapRock Holdings Inc.
- Wm. Bolthouse Farms Inc.
- Century Theatres Inc.
- NPC International Inc.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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