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Credit Trends: Global Credit Trends: Quarterly Wrap-Up And Forecast Update Jan 04
Standard & Poors, Jan 2004
Abstract
Global credit quality maintained an encouraging trend last year, in contrast to the pattern seen in 2002, with improvements driven by a deceleration in downgrades rather than an increase in upgrades. Downgrades outpaced upgrades by a 2.6-to-1 margin in 2003, lower than the 4.2-to-1 margin established in 2002. Global default rates also displayed a substantial drop from the record levels posted in 2002. A benign economic and financial environment added luster to supply and demand conditions in the bond market. Low interest rates and declining corporate spreads prompted a burst of issuance activity, particularly in Europe, Canada, and the U.S. The latest distribution of outlooks and CreditWatch listings displays a reduction in negative bias, implying a continuation of positive rating...
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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