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Credit Trends: Downgrade Potential Across Credit Grades And Sectors May 06
Standard & Poors, May 2006
Abstract
This month, we note the following key points: The number of entities at risk of potential downgrades settled at 657 in mid-May, lower than the peak of 663 in mid-April, but higher than the 620 at the start of the year. Entities based in the U.S. or Europe accounted for 85% of those at risk of downgrades. Telecommunications and media and entertainment 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. Many of the entities at risk of potential downgrades were in the consumer discretionary domain (automotive, media and entertainment, consumer products, and retail/restaurants), where pressures have been building (owing to greater...
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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