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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.

- Alberto-Culver Co.
- Alcoa Inc.
- Wachovia Corporation
- Fremont General Corp.
- GATX Corp.
- Harris Corp.
- Hilton Hotels Corp.
- Kinder Morgan Inc.
- Westar Energy Inc.
- Levi Strauss & Co.
- Panasonic Corp.
- Moog Inc.
- Bank of America Corp.
- National Australia Bank Ltd.
- 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.
- Australia and New Zealand Banking Group Ltd.
- Cargill Inc.
- Westpac Banking Corp.
- Commonwealth Bank of Australia
- Hewlett-Packard Co.
- Terra Industries Inc.
- PHH Corp.
- Commerzbank AG
- ARAMARK Corp. (Old)
- 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.
- India (Republic of) (Unsolicited Ratings)
- State Bank of India
- JPMorgan Chase & Co.
- Lear Corp.
- Citigroup Inc.
- Sotheby's
- Kingfisher PLC
- Banco Santander S.A.
- Mitsui Fudosan Co. Ltd.
- Chiba Bank Ltd.
- Fujitsu Ltd.
- Nippon Life Insurance Co.
- Joyo Bank Ltd. (Unsolicited Ratings)
- Banco Espirito Santo S.A.
- Freeport-McMoRan Inc.
- Dell Inc.
- Thomas & Betts Corp.
- The ServiceMaster Co.
- General Nutrition Centers Inc.
- Doral Financial Corp.
- Legrand France
- Oman (Sultanate of)
- Caisse Centrale du Credit Mutuel
- Colombia (Republic of)
- Banco de Sabadell S.A.
- Suncorp-Metway Ltd.
- People's United Bank
- Locindus S.A.
- Financiera de Desarrollo Nacional S.A.
- Valassis Communications Inc.
- Banco de Comercio Exterior de Colombia S.A.
- Dean Foods Co.
- Poland (Republic of)
- Cott Corp.
- Foster Wheeler AG
- Xerox Business Services LLC
- NOVA Chemicals Corp.
- Sanmina Corp.
- Integrys Energy Group Inc.
- Qatar (State of)
- Bank of India
- 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.
- Briggs & Stratton Corp.
- Vitro S.A.B. de C.V.
- Gallaher Group PLC
- Ainsworth Lumber Co. Ltd.
- Leslie's Poolmart Inc.
- Empresa Distribuidora Y Comercializadora Norte S.A.
- Interconexion Electrica S.A. E.S.P. (ISA)
- Hankyu Hanshin Holdings Inc.
- Odakyu Electric Railway Co. Ltd.
- Reuters Group Ltd.
- Level 3 Communications Inc.
- Radio One Inc.
- Great Lakes Dredge & Dock Corp.
- Celestica Inc.
- Metsa Board Corp.
- Kinder Morgan Energy Partners L.P.
- Blockbuster Inc.
- Inmarsat Solutions Ltd.
- Corrections Corp. of America
- Triad Hospitals Inc.
- Stagecoach Group PLC
- LifePoint Hospitals Inc.
- Amkor Technology Inc.
- The Estee Lauder Cos. Inc.
- BankMuscat S.A.O.G.
- Sociedad General de Aguas de Barcelona S.A.
- Japan Tobacco Inc.
- Linde AG
- Nagoya Railroad Co. Ltd.
- Smiths Group PLC
- Sbarro LLC
- Furukawa Electric Co. Ltd.
- Mitchell International Inc.
- Dollar General Corp.
- Meritor Inc.
- Ecuador (Republic of)
- International Industrial Bank
- Progress Energy Inc.
- Banca Lombarda SpA
- Canadian Natural Resources Ltd.
- Belden Inc.
- Port Townsend Paper Corp.
- United States Steel Corp.
- Tele Norte Leste Participacoes S.A.
- United Surgical Partners International Inc.
- ICICI Bank Ltd.
- Cooper Industries Ltd.
- Nikko Cordial Corp.
- Oreck Corp.
- Towngas China Co. Ltd.
- TK Aluminum Ltd.
- Genesis HealthCare Corp.
- Merck KGaA
- EPL Oil & Gas Inc.
- Suedzucker AG
- Cameroon (Republic of)
- Alere Inc.
- Titan Petrochemicals Group Ltd.
- Banca Padovana Credito Cooperativo S.C.
- Smurfit Kappa Group Ltd.
- Sojitz Corp.
- TI Automotive Ltd.
- Hospira Inc.
- ADESA Inc.
- Seitel Inc.
- Gildemeister AG
- Harvest Energy Trust
- Ahern Rentals Inc.
- Simmons Co.
- SITEL Worldwide Corp.
- Movie Gallery Inc.
- Focus DIY (Finance) PLC
- Fraser Papers Inc.
- Sunstate Equipment Co. LLC
- Insurance Auto Auctions Inc.
- Hawaiian Telcom Communications Inc.
- Global Tel*Link Corp.
- Eddie Bauer Holdings Inc.
- Arias Acquisitions Inc.
- Lenox Group Inc.
- Claymont Steel Inc.
- Allis-Chalmers Energy Inc. (Unsolicited Ratings)
- Nuance Communications Inc.
- Electricidad Argentina S.A.
- SOURCECORP Inc.
- Axis Bank Ltd.
- CEVA Group PLC
- MAAX Holdings Inc.
- Health Management Associates Inc.
- American Color Graphics Inc.
- EMI Group PLC
- COREALCREDIT BANK AG
- Tokyu Corp.
- Tobu Railway Co. Ltd.
- Citation Corp.
- Fresh Del Monte Produce Inc.
- Renaissance Capital Holdings Ltd.
- Rotech Healthcare Inc.
- gategroup Financial Services S.a.r.l
- New Century Financial Corp.
- Pinnacle Foods Group LLC
- Banca Popolare Italiana Societa Cooperativa
- Sino-Forest Corp.
- Coleman Cable Inc.
- Propex Inc.

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