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Credit Trends: U.S. Composite Credit Spreads Daily (May 18, 2011)
Standard & Poors, May 2011
Standard & Poor's investment-grade composite spread remained flat on Tuesday at 162 basis points (bps), while the speculative-grade composite spread widened by 3 bps to 492 bps. By rating, the 'AA' spread widened by one basis point to 114 bps, and 'A' and 'BBB' remained unchanged at 144 bps and 193 bps, respectively. The 'BB' spread expanded by 2 bps to 359 bps, 'B' widened by 4 bps to 525 bps, and 'CCC' widened by 5 bps to 744 bps. By industry, financial institutions and industrials remained unchanged at 249 bps and 246 bps, respectively. Banks expanded by 2 bps to 209 bps. Utilities and telecommunications each narrowed by one basis point, to 170 bps and 259 bps, respectively. Spreads...
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.