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Credit Trends: U.S. Composite Credit Spreads Daily (April 29, 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 remained unchanged on Thursday at 162 basis points (bps), while the speculative-grade composite spread expanded by 5 bps to 483 bps. By rating, the 'AA' and 'BBB' spreads each widened by one basis point to 112 bps and 193 bps, respectively. The 'A' spread remained unchanged at 143 bps. The 'BB' and 'B' spreads expanded by 5 bps each to 348 bps and 507 bps, respectively. The 'CCC' spread widened by 4 bps to 725 bps. By industry, financial institutions, industrials, utilities, and telecommunications each expanded by one basis point to 246 bps, 244 bps, 171 bps, and 257 bps, respectively. Banks remained unchanged at 203 bps. Spreads have tightened overall since the beginning...