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Credit Trends: U.S. Composite Credit Spreads Daily (April 26, 2011)
Standard & Poors, April 2011
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.
Standard & Poor's investment-grade composite spread widened by one basis point to 162 basis points (bps), while the speculative-grade composite spread widened by 5 bps to 479 bps. By rating, the 'AA', 'A', and 'BBB' spreads each were unchanged at 111 bps, 143 bps, and 192 bps, respectively. The 'BB' spread expanded by one basis point to 342 bps. The 'B' spread widened by 6 bps to 504 bps, and the 'CCC' spread expanded by 4 bps to 722 bps. By industry, financial institutions, banks, and utilities each remained unchanged at 246 bps, 203 bps, and 169 bps, respectively. Industrials and telecommunications each expanded by one basis point to 242 bps and 257 bps, respectively. Despite recent increases, spreads have...