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Default, Transition, and Recovery: S&P Global Bond Markets' Weakest Links And Monthly Default Rates
Standard & Poors, Oct 2002
Abstract
Standard & Poor's today identified 58 of the weakest-rated global issuers, representing US$44 billion in rated bonds. This is an increase of five issuers but a decrease of US$2 billion in rated bonds from one month ago. These weakest-rated issuers have Standard & Poor's credit rating designations of triple-'C' or lower and are either on CreditWatch with negative implications or have a negative outlook. This group represents the lowest category before default. Globally, default rates, driven by Argentine defaults and continuing weak credit conditions in Europe, will surpass last year's investment-grade ratio of 0.24% and rival 2001's speculative-grade rate of 8.89%. Estimates for U.S. default rates this year have been revised. The downward revised forecast for the U.S. speculative-grade default...
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.
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