Credit Market Commentary: CDS Daily Overview: Spreads Tighten Despite Equity Market Decline Jul 09
Standard & Poors, July 2009
Abstract
Standard & Poor's Market, Credit, and Risk Strategies (MCRS) group is introducing a new daily comment of the state of the credit default swap (CDS) market and its effect on companies' Market Derived Signals (MDS). (For more information on MDS, see the article titled, "Report Explains Standard & Poor's Market-Derived Signals Model," published June 8, 2009, on RatingsDirect.) The tightening trend continued yesterday, despite the equity markets' return of Monday's gains. Yesterday, the S&P 500 Equity Index gave back the 8 points from the day before, and declined 0.85% for the day. The weakness in the equity markets was possibly induced by a decline in consumer confidence, according to the Conference Board, and a rise in prime mortgage delinquencies, according...
Companies mentioned in this report are:
- American International Group Inc.
- Gannett Co. Inc.
- Nordstrom Inc.
- Northern Rock (Asset Management) PLC
- NRG Energy Inc.
- PolyOne Corp.
- Exelon Generation Co. LLC
- TRW Automotive Inc.
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.
- American International Group Inc.
- Gannett Co. Inc.
- Nordstrom Inc.
- Northern Rock (Asset Management) PLC
- NRG Energy Inc.
- PolyOne Corp.
- Exelon Generation Co. LLC
- TRW Automotive Inc.
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