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Credit Trends: Downgrade Potential Across Credit Grades And Sectors Mar 07
Standard & Poors, March 2007
Abstract
This month, we note the following key points: The number of entities at risk of downgrades dropped to 613 in mid-March 2007, 17 fewer than reported in February and 44 fewer than the average of the last 12 months. Of the total number of entities, 69% are based in the U.S. and 15% in Europe. The automotive, media and entertainment, telecommunications, health care and consumer products sectors have the highest ratio of issuers with a negative bias relative to their respective total rated universes, indicating that these sectors are potentially most vulnerable to credit-quality deterioration. Many of the entities at risk of downgrades are in the consumer discretionary domain, where momentum is expected to decelerate. Examples of this domain include...
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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