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Credit Trends: U.S. Composite Credit Spreads Daily (May 3, 2011) Product Image

Credit Trends: U.S. Composite Credit Spreads Daily (May 3, 2011)

  • ID: 1753850
  • May 2011
  • Region: United States
  • Standard & Poors

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.

Abstract
Standard & Poor's investment-grade composite spread remained flat on Monday at 162 basis points (bps), while the speculative-grade composite spread contracted by one basis point to 481 bps. By rating, the 'AA', 'A', 'BBB', 'BB', and 'B' spreads were unchanged at 112 bps, 143 bps, 192 bps, 348 bps, and 507 bps, respectively. The 'CCC' spread expanded by one basis point to 724 bps. By industry, financial institutions, banks, industrials, and utilities each were unchanged at 246 bps, 203, bps, 244 bps, and 170 bps, respectively. Telecommunications tightened by 2 bps to 255 bps. Spreads have tightened overall since the beginning of 2011, and the speculative-grade composite spread is hovering around its tightest levels since late 2007. We expect continued...

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