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Credit Trends: Downgrade Potential Across Credit Grades And Sectors Dec 06
Standard & Poors, Dec 2006
Abstract
This month, we note the following key points: The number of entities at risk of potential downgrades reached 660 in mid-December, 14 more than the number reported last month and eight more than the average of the last 12 months. Of the total number of entities, 83% are based in the U.S. or Europe, 67% of which are in the U.S. The telecommunications, media and entertainment, and automotive sectors have the highest ratio of issuers with a negative bias relative to their respective total rated universe. Subsequently, these sectors are most vulnerable to credit-quality deterioration. Many of the entities at risk of potential downgrades are in the consumer discretionary domain, where momentum is expected to decelerate. Examples of this domain...
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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