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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.
- Alliance Boots Ltd.
- Hexion Inc.
- Bristol-Myers Squibb Co.
- Brown Shoe Co. Inc.
- CNA Financial Corp.
- Campbell Soup Co.
- Carolina Telephone & Telegraph Co.
- Dole Food Co. Inc.
- Centel Corp.
- CenturyLink Inc.
- Cincinnati Bell Inc.
- Cincinnati Financial Corp.
- 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 Lease Finance Corp.
- International Paper Co.
- 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.
- 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.
- Chiquita Brands International Inc.
- Universal Corp.
- VICORP Restaurants Inc.
- Wendy's International Inc.
- Cargill Inc.
- Di Giorgio Corp.
- Government Development Bank for Puerto Rico
- Mark IV Industries Inc.
- Service Corp. International
- US Airways Group Inc.
- Universal Health Services Inc.
- BellSouth Corp.
- Canadian Imperial Bank of Commerce
- Peoples Energy LLC
- Svenska Cellulosa Aktiebolaget SCA
- Swiss Reinsurance Co. Ltd.
- Victor Co. of Japan Ltd. (JVC Corp.)
- Loews Corp.
- Southwestern Energy Co.
- Italy (Republic of)
- Alaska Air Group Inc.
- Emmis Communications Corp.
- Cardinal Health Inc.
- Altria Group Inc.
- Viskase Cos. Inc.
- Navistar International Corp.
- Health Management Associates Inc.
- Pohjola Bank PLC
- Electronic Data Systems Corp.
- Constellation Brands Inc.
- Carrols Corp.
- Unisys Corp.
- CA Technologies
- Telephone and Data Systems Inc.
- Metaldyne LLC
- 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.
- Millipore Corp.
- 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.
- Nationwide Mutual Insurance Co.
- Toshiba Corp.
- BAA Ltd.
- Sealed Air Corp.
- Orica Ltd.
- Symbion Health Ltd.
- American Media Operations Inc.
- Duquesne Light Holdings Inc.
- Aztar Corp.
- TransCanada PipeLines Ltd.
- Beckman Coulter Inc.
- Deluxe Corp.
- Cable & Wireless Ltd.
- Norsk Hydro ASA
- Bombardier Inc.
- BASF SE
- Bayer AG
- Security Mutual Life Insurance Co. of NY
- Britannia Building Society
- Investor AB
- Repsol S.A.
- Pioneer Corp.
- Volkswagen AG
- Endesa S.A.
- Alliance One International Inc.
- Sinclair Broadcast Group Inc.
- Skandia Insurance Co. Ltd.
- Deutsche Lufthansa AG
- Encana Corp.
- American United Life Insurance Co.
- Alcatel-Lucent
- Hill-Rom Holdings Inc.
- Hungary
- Aeroports de Paris
- General Nutrition Centers Inc.
- RentPath Inc.
- Visa International Service Assn.
- 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.
- Atlantic Mutual Insurance Co.
- Buckeye Technologies Inc.
- TriMas Corp.
- Allstate Corp.
- SEACOR Holdings Inc.
- Accor S.A.
- Jemena Ltd.
- CIMIC Group Ltd.
- Eye Care Centers of America Inc.
- West Fraser Timber Co. Ltd.
- Isle of Capri Casinos 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
- Protection One Alarm Monitoring Inc.
- Transpower New Zealand Ltd.
- Softbank Corp.
- Danka Business Systems PLC
- Vector Ltd.
- Mashantucket (Western) Pequot Tribe
- Talisman Energy Inc.
- CITIC Ltd.
- Cott Corp.
- American Safety Razor Co.
- 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.
- World Color Press Inc.
- Koninklijke KPN N.V.
- Cofiroute
- Bally Technologies Inc.
- 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.
- Unifrax Corp.
- Spectrum Brands Inc.
- Kinetek Holdings Corp.
- Fairfax Media Ltd.
- Vermont Elec Coop Inc
- Reader's Digest Assn. Inc.
- Concentra Inc.
- FAGE International S.A
- Nippon Sheet Glass Co. Ltd.
- Affinity Group Holding Inc.
- Vitro S.A.B. de C.V.
- Ameristar Casinos Inc.
- GCI Inc.
- Hollywood Theaters Inc.
- Pinnacle Entertainment Inc.
- B&G Foods Inc.
- Antenna Group S.A.
- Cascades Inc.
- COREALCREDIT BANK AG
- Eneco Holding N.V.
- NBTY Inc.
- iHeartCommunications Inc.
- Big Lots Inc.
- Cenveo Inc.
- Leidos, Inc.
- Corporacion Nacional del Cobre de Chile
- Sanyo Electric Co. Ltd.
- Buckeye Partners L.P.
- Actavis, Inc.
- The McClatchy Co.
- Woolworths Ltd.
- Tyco International PLC
- Eagle Family Foods Inc.
- Live Nation Entertainment Inc.
- Brand Services Inc.
- Tommy Hilfiger U.S.A. Inc.
- Victor Technologies Group Inc.
- Per-Se Technologies Inc.
- Intelsat Corp.
- Alderwoods Group Inc.
- Nabi Biopharmaceuticals
- DFS Deutsche Flugsicherung GmbH
- Hines Horticulture Inc.
- KCS Energy Inc.
- Dairy Farmers of America Inc.
- AMF Bowling Worldwide Inc.
- HDI Haftpflichtverband der Deutschen Industrie VaG
- The Reynolds & Reynolds Co.
- Tandus Flooring Inc.
- TravelCenters of America Inc.
- MMI Products Inc.
- Christchurch International Airport Ltd.
- Leiner Health Products Inc.
- The CitiPower Trust
- EMI Group PLC
- BASF Speciality Chemicals Holding GmbH
- Landsvirkjun
- Amscan Holdings Inc.
- Suzuki Motor Corp.
- Ameren Corp.
- Australian Gas Networks Ltd.
- Ultrapetrol (Bahamas) Ltd.
- Mediacom Communications Corp.
- IPC Systems Inc.
- Radiologix Inc.
- Millar Western Forest Products Ltd.
- FairPoint Communications Inc.
- Telesat Canada
- GulfMark Offshore Inc.
- AWB Ltd.
- KeySpan Corp.
- InSight Health Services Corp.
- PostNL N.V.
- Progressive Gaming International Corp.
- ArcelorMittal
- Portugal Telecom SGPS S.A.
- Rent-A-Center Inc.
- True Temper Sports Inc.
- UniCredit Bank AG
- 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.
- 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.
- 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.
- Blyth Inc.
- Sociedad General de Aguas de Barcelona S.A.
- Petro Stopping Centers Holdings L.P.
- Head N.V.
- Experian Finance PLC
- Liberty Interactive Corp.
- The Nielsen Co. B.V.
- Linde AG
- USI Holdings Corp.
- Manila Electric Co.
- Cleco Corp.
- Radian Group Inc.
- Conexant Systems Inc.
- ASAT Holdings Ltd.
- IASIS Healthcare Corp.
- 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
- Agrokor d.d.
- MetLife Inc.
- Furniture Brands International Inc.
- Dayton Superior Corp.
- FastenTech Inc.
- Vestel Elektronik Sanayi Ve Ticaret A.S.
- ONEOK Partners L.P.
- Visteon Corp.
- USEC Inc.
- Invesco Holding Co. Ltd.
- Rural Cellular Corp.
- National Oilwell Inc.
- TW Telecom Inc.
- Journal Register Co.
- Linens 'n Things Inc.
- PSEG Energy Holdings LLC
- Empresa Nacional de Telecomunicaciones S.A.
- Sensient Technologies Corp.
- King Pharmaceuticals Inc.
- HYPO NOE Gruppe Bank AG
- Team Health Inc.
- HYPO TIROL BANK AG
- Nexstar Broadcasting Group Inc.
- Standard Motor Products Inc.
- Technicolor S.A.
- Bell Aliant Inc.
- Cheung Kong (Holdings) Ltd.
- Getronics N.V.
- Telvent DTN Inc.
- Cirsa Gaming Corp. S.A.
- Dobson Communications Corp.
- Oriental Trading Co. Inc.
- Solo Cup Co.
- Union Fenosa S.A.
- Stillwater Mining Co.
- Meritor Inc.
- Verizon Communications Inc.
- Vought Aircraft Industries Inc.
- Waddell & Reed Financial 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.
- Reno De Medici SpA
- Manitoba Telecom Services Inc.
- Atlantia SpA
- Intelsat S.A.
- Hudson's Bay Co.
- Norske Skogindustrier ASA
- Dresser Inc.
- Royal Group Technologies Ltd.
- Extendicare Inc
- 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.
- Vitamin Shoppe Industries Inc.
- Dave & Buster's Inc.
- MetoKote Corp.
- Nexans S.A.
- Pilkington PLC
- 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.
- National Grid PLC
- 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.
- BT Group PLC
- GXS Worldwide Inc.
- CFR Marfa S.A.
- Banca Popolare di Vicenza ScpA
- Sappi Ltd.
- RWE Npower PLC
- daa plc
- Metro Inc.
- Emera Inc.
- RRI Energy Inc.
- TNS Inc.
- Terasen Inc.
- Aeroporti di Roma SpA
- FHC Health Systems Inc.
- Keystone Automotive Operations Inc.
- Global Automotive Logistics S.A.S.
- Valentia Telecommunications upc
- Rotech Healthcare Inc.
- Evonik Degussa GmbH
- CMC Magnetics Corp.
- Plains Exploration & Production Co.
- Swift & Co.
- Japan Airlines Corp.
- AmeriPath Inc.
- ATAC SpA
- Hunter Fan Co.
- Altegrity Inc.
- Aspen Insurance Holdings Ltd.
- Montpelier Re Holdings Ltd.
- Fresenius SE & Co. KGaA
- Singapore Post Ltd.
- JetBlue Airways Corp.
- IT Holding SpA
- Nycomed S.C.A. SICAR
- Universal American Corp.
- Boardwalk Pipeline Partners L.P.
- Magellan Midstream Partners L.P.
- Psychiatric Solutions Inc.
- PNM Resources Inc.
- Hilcorp Energy I L.P.
- Morris Publishing Group LLC
- Asia Aluminum Holdings Ltd.
- Graphic Packaging International Inc.
- HM Publishing Corp.
- Inn of the Mountain Gods Resort and Casino
- SIRVA Inc.
- North American Energy Partners Inc.
- Pinnacle Foods Group LLC
- El Pollo Loco Inc.
- Blue Ridge Paper Products Inc.
- Meiji Yasuda Life Insurance Co.
- ASM Brescia SpA
- OFG Bancorp
- Atlantic Broadband Finance LLC
- Reddy Ice Holdings Inc.
- Schefenacker AG
- Ply Gem Industries Inc.
- Smurfit Kappa Group Ltd.
- Newark Group Inc. (The)
- Human Touch LLC
- ITV PLC
- US LEC Corp.
- Caribbean Restaurants LLC
- Pure Fishing Inc.
- TI Automotive Ltd.
- 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.
- Harry & David Operations Corp.
- K2 Inc.
- Wornick Co. (The)
- AAT Communications Corp.
- Alion Science and Technology Corp.
- Heckler & Koch GmbH
- SSA Global Technologies Inc.
- Jean Coutu Group (PJC) Inc.
- Plastech Engineered Products Inc.
- Hilite International Inc.
- Rede Ferroviaria Nacional REFER E.P.E.
- Oriental Land Co. Ltd.
- Minebea Co. Ltd.
- Knowledge Universe Education LLC
- National Mentor Holdings Inc.
- Banca Mediocredito del Friuli-Venezia Giulia SpA
- DUET Group
- National Beef Packing Co. LLC
- MedCath Holdings Corp.
- Cinram International Inc.
- AMN Healthcare Inc.
- Aleris International Inc.
- New Century Financial Corp.
- KazMunayGas International N.V.
- Securus Technologies Inc.
- Autoroutes Paris-Rhin-Rhone S.A.
- Standard Aero Ltd.
- Marquee Holdings Inc.
- SAZKA a.s.
- 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.
- Integrated Alarm Services Group Inc.
- Novelis Inc.
- International Mill Service Inc.
- Landry's Inc.
- Iowa Telecommunications Services Inc.
- Affinia Group Inc.
- InterDent Inc.
- Apptis (DE) Inc.
- MAAX Holdings Inc.
- Black Gaming LLC
- Hera SpA
- Safety Products Holdings Inc.
- CIMB Group Holdings Bhd.
- Wyle Services Corp.
- Del Laboratories 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
- Navarre Corp.
- AmWINS Group, LLC.
- Diagnostic Imaging Group LLC
- 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.
- Pregis Corp.
- Brookstone Inc.
- Susser Holdings LLC
- COMSYS IT Partners Inc.
- Hellas Telecommunications (Luxembourg) II
- Berkline/BenchCraft Holdings LLC
- MarkWest Energy Partners L.P.
- Windsor Quality Food Co. Ltd.
- WRG Finance PLC
- Dollarama Group LP
- Simmons Co.
- Spheris Inc.
- Stanadyne Holdings Inc.
- Cognis Holding GmbH
- Uno Restaurant Holdings Corp.
- Consolidated Communications Holdings Inc.
- Masonite International Inc.
- Focus DIY (Finance) PLC
- Fraser Papers Inc.
- American Tire Distributors Inc.
- MAPCO Express Inc.
- Lenox Group Inc.
- The NASDAQ OMX Group Inc.
- Ethan Allen Interiors Inc.
- CCS Medical Inc.
- SS&C Technologies Inc.
- Weatherford International Ltd.
- Greektown Holdings LLC
- CapRock Holdings Inc.
- Wm. Bolthouse Farms Inc.
- Montecito Broadcast Group LLC
- Dunkin' Brands Inc.
- Angiotech Pharmaceuticals Inc.
- NPC International Inc.
- Billing Services Group Ltd.
- Reynolds American Inc.
- Solera Holdings Inc.
- RGIS LLC
- IPC Holdings Ltd.
- SGS International Inc.
- 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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