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

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

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