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Credit Trends: Global Corporate And Sovereign Rating Actions: First Quarter 2007 Apr 07 Product Image

Credit Trends: Global Corporate And Sovereign Rating Actions: First Quarter 2007 Apr 07

  • ID: 1752010
  • April 2007
  • Region: Global
  • Standard & Poors

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Abstract
Global corporate credit quality improved in the first quarter of 2007 reversing its trend of mild deterioration witnessed in 2006, with upgrades ending ahead of downgrades for the first time since the third quarter of 2005. Most major regionsthe U.S., Europe, and emerging marketssaw improvements in credit quality, although in the U.S., upgrades are still lower than downgrades. Globally, 124 upgrades and 109 downgrades were logged among globally rated corporates in the first quarter of this year, compared with 121 upgrades and 122 downgrades in fourth–quarter 2006 and 111 upgrades and 123 downgrades in the first quarter of 2006. The global corporate downgrade ratiodefined as the ratio of downgrades to total rating actionsdeteriorated to 47% in first-quarter 2007 from 50%...

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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- Alberto-Culver Co.
- Alcoa Inc.
- Wachovia Corporation
- Signature Group Holdings Inc.
- GATX Corp.
- Harris Corp.
- Hilton Hotels Corp.
- Kinder Morgan Inc.
- Westar Energy Inc.
- Levi Strauss & Co.
- Panasonic Corp.
- Moog Inc.
- Wells Fargo & Co.
- Covanta Energy Corp.
- Freeport-McMoRan Corp
- Energy Future Holdings Corp.
- Toronto-Dominion Bank
- Sprint Communications Inc.
- VICORP Restaurants Inc.
- Legacy Vulcan Corp.
- The Williams Cos. Inc.
- Cargill Inc.
- Westpac Banking Corp.
- Hewlett-Packard Co.
- Terra Industries Inc.
- PHH Corp.
- Commerzbank AG
- ARAMARK Corp. (Old)
- Health Management Associates Inc.
- Constellation Brands Inc.
- Hexcel Corp.
- Mitsubishi Electric Corp.
- Telephone and Data Systems Inc.
- DPL Inc.
- Atlantis Plastics Inc.
- Cooper Cos. Inc.
- Pilgrim's Pride Corp.
- State Bank of India
- JPMorgan Chase & Co.
- Lear Corp.
- Citigroup Inc.
- Sotheby's
- Kingfisher PLC
- Banco Santander S.A.
- Chiba Bank Ltd.
- American Color Graphics Inc.
- Fujitsu Ltd.
- Banco Espirito Santo S.A.
- Freeport-McMoRan Inc.
- Dell Inc.
- Thomas & Betts Corp.
- The ServiceMaster Co.
- General Nutrition Centers Inc.
- Doral Financial Corp.
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- Colombia (Republic of)
- Banco de Sabadell S.A.
- Financiera de Desarrollo Nacional S.A.
- Valassis Communications Inc.
- Dean Foods Co.
- Poland (Republic of)
- Cott Corp.
- Foster Wheeler AG
- Xerox Business Services LLC
- NOVA Chemicals Corp.
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- Integrys Energy Group Inc.
- Qatar (State of)
- El Paso Holdco LLC
- Ryerson Inc.
- SGL Carbon SE
- Gray Television Inc.
- Spectrum Brands Inc.
- Hawk Corp.
- Steinway Musical Instruments Inc.
- Schneider Electric S.E.
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- Vitro S.A.B. de C.V.
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- Ainsworth Lumber Co. Ltd.
- Leslie's Poolmart Inc.
- EMI Group PLC
- COREALCREDIT BANK AG
- Tokyu Corp.
- Tobu Railway Co. Ltd.
- Odakyu Electric Railway Co. Ltd.
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- Radio One Inc.
- Great Lakes Dredge & Dock Corp.
- Celestica Inc.
- Fresh Del Monte Produce Inc.
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- Kinder Morgan Energy Partners L.P.
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- Corrections Corp. of America
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- The Estee Lauder Cos. Inc.
- BankMuscat S.A.O.G.
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- Japan Tobacco Inc.
- Linde AG
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- Smiths Group PLC
- Sbarro LLC
- Mitchell International Inc.
- Dollar General Corp.
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- Progress Energy Inc.
- Banca Lombarda SpA
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- Belden Inc.
- Port Townsend Paper Corp.
- United States Steel Corp.
- Tele Norte Leste Participacoes S.A.
- United Surgical Partners International Inc.
- Rotech Healthcare Inc.
- ICICI Bank Ltd.
- Cooper Industries Ltd.
- Nikko Cordial Corp.
- gategroup Financial Services S.a.r.l
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- Towngas China Co. Ltd.
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- Genesis HealthCare Corp.
- Merck KGaA
- EPL Oil & Gas Inc.
- Suedzucker AG
- New Century Financial Corp.
- Pinnacle Foods Group LLC
- Alere Inc.
- Titan Petrochemicals Group Ltd.
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- Hospira Inc.
- Seitel Inc.
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- Harvest Energy Trust
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- Movie Gallery Inc.
- Focus DIY (Finance) PLC
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- Sunstate Equipment Co. LLC
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- Hawaiian Telcom Communications Inc.
- Global Tel*Link Corp.
- Eddie Bauer Holdings Inc.
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- Lenox Group Inc.
- Allis-Chalmers Energy Inc. (Unsolicited Ratings)
- Nuance Communications Inc.
- Electricidad Argentina S.A.
- SOURCECORP Inc.
- Axis Bank Ltd.
- CEVA Group PLC
- Claymont Steel Inc.
- Bank of America Corp.
- National Australia Bank Ltd.
- Australia and New Zealand Banking Group Ltd.
- Commonwealth Bank of Australia
- India (Republic of) (Unsolicited Ratings)
- Mitsui Fudosan Co. Ltd.
- Nippon Life Insurance Co.
- Joyo Bank Ltd. (Unsolicited Ratings)
- Banco de Comercio Exterior de Colombia S.A.
- Oman (Sultanate of)
- Caisse Centrale du Credit Mutuel
- Suncorp-Metway Ltd.
- People's United Bank
- Locindus S.A.
- Bank of India
- Empresa Distribuidora Y Comercializadora Norte S.A.
- Interconexion Electrica S.A. E.S.P. (ISA)
- Hankyu Hanshin Holdings Inc.
- Reuters Group Ltd.
- Citation Corp.
- Triad Hospitals Inc.
- Furukawa Electric Co. Ltd.
- Ecuador (Republic of)
- International Industrial Bank
- Renaissance Capital Holdings Ltd.
- Cameroon (Republic of)
- Banca Popolare Italiana Societa Cooperativa
- Sojitz Corp.
- ADESA Inc.
- Sino-Forest Corp.
- Propex Inc.
- MAAX Holdings Inc.

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