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Leveraged Finance: Reshuffling The Debt: Why Some U.S. Spec-Grade Corporate Issuers Maintained Stable Credit Quality Through The Downturn Apr 11 Product Image

Leveraged Finance: Reshuffling The Debt: Why Some U.S. Spec-Grade Corporate Issuers Maintained Stable Credit Quality Through The Downturn Apr 11

  • Published: April 2011
  • Region: United States
  • Standard & Poors

FEATURED COMPANIES

  • Blount Inc.
  • Carestream Health Inc.
  • CPM Holdings Inc.
  • DISH Network Corp.
  • Dycom Industries Inc.
  • EnerSys
  • MORE

Abstract
In the years leading up to the credit crunch, speculative-grade debt (i.e., debt rated 'BB+' or lower) issuance had grown tremendously. Prior to the collapse of Lehman Brothers in September 2008, Standard & Poor's Ratings Services' median credit rating for nonfinancial U.S. corporations was 'BB-' (versus 'BBB-' in 1997 and 'A' in 1980), and it remains at the 'BB-' level currently. In fact, by September 2008, speculative-grade ratings constituted the majority of all but three U.S. nonfinancial corporate industry sectors (see chart 1). Speculative-grade ratings peaked in 2007, when Standard & Poor's rated 67% of all rated U.S. nonfinancial corporations at a speculative-grade level. The figure has since come down, but only marginally, to about 64%. By their nature, speculative-grade...

Companies mentioned in this report are:
- Community Health Systems Inc.
- DISH Network Corp.
- GCI Inc.
- Blount Inc.
- RSC Equipment Rental Inc.
- WESCO International Inc.
- EnerSys
- Insight Communications Co. Inc.
- H&E Equipment Services Inc.
- Dycom Industries Inc.
- Carestream Health Inc.
- CPM Holdings Inc.

Standard and Poors READ MORE >

- Community Health Systems Inc.
- DISH Network Corp.
- GCI Inc.
- Blount Inc.
- RSC Equipment Rental Inc.
- WESCO International Inc.
- EnerSys
- Insight Communications Co. Inc.
- H&E Equipment Services Inc.
- Dycom Industries Inc.
- Carestream Health Inc.
- CPM Holdings Inc.

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