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Upgrade Keys For Japan's Budding Rising Stars
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
(Editor's note: The report published Sept. 16, 2005 contained incorrect data in Tables 2 and 3. A corrected version follows.) Japan's super-low interest rates have left bond investors scratching around for suitable investment options. Over the past few years, the bond market has suffered a drop in the total value of issuance, redemptions have increased, and issuer credit quality risen. As a result, bond spreads remain narrow. In this climate, one option that has been traditionally shunned by the Japanese investing community-bonds rated 'BB+' or lower-is being rethought. Spurred in particular by Standard & Poor's Ratings Services downgrade of General Motors (BB/Negative/B-1) to high-yield territory in May 2005, investors are reassessing bonds with ratings previously considered to be speculative. In...
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