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Credit Trends: U.S. High Yield Prospects Dec 06
Standard & Poors, Dec 2006
Abstract
Of the 1,235 U.S. high yield parent level issuers rated by Standard & Poor's Ratings Services at the end of November 2006, we evaluate the prospects for 1,188 issuers with outstanding debt. A study of their CreditWatch and outlook status identified 138 issuers as potential upgrade candidates (five more than last month), with nine issuers-three each in the utility and insurance sectors and one each for the capital goods, chemicals and health care-seen as potential rising star candidates. While 56% of issuers present a stable profile, 30% are seen as subject to downgrade risks; these proportions are 1% lower than seen in October, but higher than a year ago. Firms in media and entertainment, consumer products, retail and restaurants, health...
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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