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Credit Trends: Global Rising Stars Begin 2005 On High Note Jan 05

  • ID: 1710791
  • January 2005
  • Region: Global
  • Standard & Poors
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FEATURED COMPANIES

  • Adecco Group AG
  • Cogentrix Energy Inc.
  • International Paper Co.
  • Kazakhstan (Republic of)
  • Obayashi Corp.
  • ThyssenKrupp AG
  • MORE

Abstract
This year has started on a high note, with upgrades peaking in 2004, which is in line with the credit-quality improvement that was a central theme throughout the year. Globally, the proportion of entities listed with a positive bias has been increasing steadily in the last 12 months. In 2004, the number of rising stars exceeded the number of fallen angels for the second time since 1998. A total of 43 rising stars were recorded globally in 2004, affecting rated debt worth US$58.2 (€44.6) billion. The volume of debt affected by these actions is a record high even though the count of rising stars remains below the historical peak of 55 in 1997. So far in 2005, only one rising...

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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- Dana Holding Corp.
- Pivotal Utility Holdings
- Illinois Power Co.
- Indianapolis Power & Light Co.
- International Paper Co.
- Kansas Gas & Electric Co.
- Westar Energy Inc.
- Louisiana-Pacific Corp.
- Marsh & McLennan Cos.
- Pacific Gas & Electric Co.
- Gas Transmission Northwest Corp
- KEB Hana Bank
- IPALCO Enterprises Inc.
- Ericsson (Telefonaktiebolaget L.M.)
- Hasbro Inc.
- Unisys Corp.
- The Gap Inc.
- NVR Inc.
- ITOCHU Corp.
- Northumbrian Services Ltd.
- XTO Energy Inc.
- KASIKORNBANK PCL
- Dean Foods Co.
- RHB Bank Bhd.
- Kazakhstan (Republic of)
- PacifiCare Health Systems LLC
- Hyundai Motor Co.
- Nippon Steel & Sumitomo Metal Corp.
- Briggs & Stratton Corp.
- Kawasaki Kisen Kaisha Ltd.
- Mitsui O.S.K. Lines Ltd.
- Pioneer Natural Resources Co.
- Whole Foods Market Inc.
- Yum! Brands Inc.
- ArcelorMittal
- Ball Corp.
- Obayashi Corp.
- Caesars Entertainment Inc.
- Adecco Group AG
- Mitsui Mining & Smelting Co. Ltd.
- Jabil Circuit Inc.
- Takashimaya Co. Ltd.
- Chuo Mitsui Trust & Banking Co. Ltd.
- VERITAS Software Corp.
- Dollar General Corp.
- AmBev - Companhia de Bebidas das Americas
- ThyssenKrupp AG
- AmerisourceBergen Corp.
- Western Oil Sands Inc.
- Westport Resources Corp.
- Biogen Inc.
- Roper Technologies Inc.
- Freescale Semiconductor Inc.
- Mobiltel AD
- JFE Holdings Inc.
- National City Corp.
- Pogo Producing Co.
- Vivendi S.A.
- Cogentrix Energy Inc.
- Western Financial Bank
- Fisher Scientific International Inc.
- Nextel Communications Inc.
- Bank of China Ltd.
- Capital One Financial Corp.
- Bangkok Bank Public Co. Ltd.
- Siam Commercial Bank Public Co. Ltd.
- Polska Telefonia Cyfrowa Sp. z o.o.
- GRUMA S.A.B. de C.V.
- Bulgaria (Republic of)
- General Growth Properties, Inc.
- iStar Inc.
- Coventry Health Care, Inc.
- Sekisui Chemical Co. Ltd.
- Yahoo! Inc.

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