Credit Trends: Potential Bond Rating Upgrades Inch Down Dec 05
Standard & Poors, December 2005
Abstract
Globally, fewer entities (335) were poised to benefit from potential upgrades in December 2005 compared with the 339 mentioned in our previous report. The potential for upgrade activity is lower than its summer peak of 348 but still remains higher than the 321 recorded toward the beginning of 2005. By sector, insurance, banks, and aerospace and defense appeared especially well placed for potential upgrades. Even though credit fundamentals remain benevolent at this late stage of the credit cycle, the roster of issuers expected to benefit from potential upgrades will diminish over time. Factors that are supportive of potential upgrade momentum are weakening from peak levels. Credit spreads, which have already expanded from recent lows, will maintain their slow upward creep...
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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.
- Allegheny Energy Inc.
- American Greetings Corp.
- Black & Decker Corp.
- Credit Agricole S.A.
- Con-way Inc.
- Deere & Co.
- Emerson Electric Co.
- FMC Corp.
- GATX Corp.
- Goodrich Corp.
- Rayonier Inc.
- Westar Energy Inc.
- Nash Finch Co.
- J.C. Penney Co. Inc.
- Agilysys Inc.
- Safeco Corp.
- Zenith National Insurance Corp.
- Bear Stearns Cos. LLC
- Burger King Corp.
- Land O'Lakes Inc.
- New York Life Insurance Co.
- Societe Generale
- U.S. Bancorp
- BB&T Corp.
- KCP&L Greater Missouri Operations Co.
- American Commercial Lines Inc.
- Sanpaolo IMI SpA
- NV Energy Inc.
- Bluegreen Corp.
- Park-Ohio Industries Inc.
- Marubeni Corp.
- Warnaco Group Inc.
- DPL Inc.
- Legg Mason Inc.
- Selective Insurance Group Inc.
- Pilgrim's Pride Corp.
- Gerdau Ameristeel Corp.
- Banco Santander S.A.
- Silgan Holdings Inc.
- Lyondell Chemical Co.
- Jefferies Group LLC
- BancorpSouth Inc.
- Carnival Corp.
- ITOCHU Corp.
- Northern Rock (Asset Management) PLC
- The Goldman Sachs Group Inc.
- Bank of Western Australia Ltd.
- Joyo Bank Ltd. (Unsolicited Ratings)
- Vattenfall AB
- AXA
- Consol Energy Inc.
- Solectron Corp.
- HSBC Holdings PLC
- MBNA Corp.
- Legrand France
- CA Consumer Finance
- Orbital Sciences Corp.
- Caisse Centrale du Credit Mutuel
- Enterprise Holdings Inc.
- Jorgensen (Earle M.) Co.
- Hudson United Bancorp
- State Automobile Mutual Insurance Co.
- British Sky Broadcasting Group PLC
- Equitable Life Assurance Society (The)
- Takefuji Corp.
- The Pantry Inc.
- Giant Industries Inc.
- Alderwoods Group Inc.
- People's United Bank
- Fidelity National Financial Inc.
- J.B. Poindexter & Co. Inc.
- CEZ a.s.
- Aftermarket Technology Corp.
- Del Monte Corp.
- Pan American Energy LLC
- Enersis S.A.
- Alliant Techsystems Inc.
- SK Corp.
- MCI Inc.
- Westlake Chemical Corp.
- Vintage Petroleum Inc.
- United Overseas Bank Ltd.
- Knoll Inc.
- Alcatel-Lucent USA Inc.
- Quintiles Transnational Corp.
- Petroleum Geo-Services ASA
- El Paso Corp.
- Net Servicos de Comunicacao S.A.
- PT Bank Negara Indonesia (Persero) Tbk.
- Total Access Communication Public Co. Ltd.
- Nav Canada
- Banco Nacional de Desenvolvimento Economico e Social
- North Fork Bancorp
- Range Resources Corp.
- Kobe Steel Ltd.
- Nippon Steel & Sumitomo Metal Corp.
- Sumitomo Metal Industries Ltd.
- RBS TV Comunicacoes S.A.e Empresas Combinadas
- Elizabeth Arden Inc.
- Lithuania (Republic of)
- LUKoil OAO
- Espirito Santo Centrais Eletricas S.A.
- Speedway Motorsports Inc.
- AEP Industries Inc.
- Estonia (Republic of)
- Penn National Gaming Inc.
- Intermec Inc.
- Graham Packaging Holdings Co.
- Universal Compression Holdings Inc.
- Res-Care Inc.
- Standard Parking Corp.
- Yum! Brands Inc.
- Jafra Cosmetics International Inc.
- Telesat Canada
- Cumulus Media Inc.
- Veneto Banca SCPA
- National Wine & Spirits Inc.
- ACOM Co. Ltd.
- Sepracor Inc.
- Linde AG
- Lamar Advertising Co.
- Weight Watchers International Inc.
- NSTAR LLC
- Piraeus Bank S.A.
- KBC Group N.V.
- RailAmerica Inc.
- Takashimaya Co. Ltd.
- Chuo Mitsui Trust & Banking Co. Ltd.
- CNET Networks Inc. (Unsolicited Ratings)
- Dollar General Corp.
- Wind Telecomunicazioni SpA
- Manulife Financial Corp.
- BTA Bank J.S.C.
- Findomestic Banca SpA
- EnBW Energie Baden-Wuerttemberg AG
- Knorr-Bremse AG
- Aeroports de Montreal
- Modern Times Group (MTG) AB
- Standard Chartered PLC
- Western Oil Sands Inc.
- Gold Kist Inc.
- mmO2 PLC
- Alamosa Holdings Inc.
- Indymac Bancorp
- ResMed Inc.
- Alon USA Energy Inc.
- United Surgical Partners International Inc.
- Siliconware Precision Industries Co. Ltd.
- Befimmo S.A.
- Cephalon Inc.
- H&E Equipment Services Inc.
- Chittenden Corp
- Cooper Industries Ltd.
- PT Indofood Sukses Makmur Tbk
- Chinatrust Financial Holding Co.
- Kaufman & Broad S.A.
- Bord Gais Eireann
- Headwaters Inc.
- F. van Lanschot Bankiers N.V.
- Compass Minerals International Inc.
- Energie Steiermark AG
- NSK Ltd.
- Safilo SpA
- Colfax Corp.
- Axtel S.A.B. de C.V.
- JFE Holdings Inc.
- River Rock Entertainment Authority
- Roper Industries Inc.
- Orthofix International N.V.
- American Casino & Entertainment Properties LLC
- Global Cash Access Inc.
- MultiPlan Inc.
- Sun Sage B.V.
- Renal Care Group Inc.
- Endurance Specialty Holdings Ltd.
- Hospira Inc.
- Waste Services Inc.
- Seneca Gaming Corp.
- EnviroSolutions Holdings Inc.
- Freescale Semiconductor Inc.
- Intertape Polymer Group Inc.
- Regus Group PLC
- Seminole Tribe of Florida
- DJO Global Inc.
- Harvest Energy Trust
- Dresser-Rand Group Inc.
- Ahern Rentals Inc.
- Inmarsat Holdings Ltd.
- SI International Inc.
- DynCorp International LLC
- White Birch Paper Co.
- Infor Global Solutions Holdings Ltd.
- MTU Aero Engines Holding AG
- Pernod Ricard S.A.
- Evraz Group S.A.
- Tronox Inc.
- Avago Technologies Finance Pte. Ltd.
- Mozambique (Republic of)
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