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Credit Trends: U.S. Composite Credit Spreads Daily (May 6, 2011)
Standard & Poors, May 2011
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.
Standard & Poor's investment-grade composite spread remained unchanged on Thursday at 162 basis points (bps), while the speculative-grade composite spread widened by 4 bps to 488 bps. By rating, the 'AA' spread expanded by one basis point to 112 bps, and 'A' and 'BBB' remained flat at 143 bps and 192 bps, respectively. The 'BB' and 'B' spreads expanded by 4 bps each to 355 bps and 516 bps, respectively, and 'CCC' widened by 7 bps to 730 bps. By industry, financial institutions, banks, industrials, and utilities each widened by one basis point, to 246 bps, 203 bps, 244 bps, and 170 bps, respectively. Telecommunications expanded by 2 bps to 258 bps. Spreads have tightened overall since the beginning of...