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Credit Trends: U.S. High-Yield Prospects Oct 06
Standard & Poors, Oct 2006
Abstract
Of the 1,208 U.S. high-yield parent level issuers rated by Standard & Poor's at the end of September 2006, we evaluate the prospects for 1,060 issuers with rated debt. A study of their CreditWatch and outlook status identifies 123 issuers as potential upgrade candidates, with 12 issuers-primarily in the utility and insurance sectors-seen as potential rising star candidates. Although 55% of issuers present a stable profile, a substantial 31% are seen as subject to downgrade risks, with 2% showing developing risks. While firms in the media and entertainment industry, along with consumer products, health care and high technology, are susceptible to the highest downgrade risks, these same large industries (with the exception of health care) also contain the most potential...
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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