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Banks Hurt but Not Downgraded by Telecommunications Slide Sep 02
Standard & Poors, Sep 2002
Abstract
Continuing a financial decline that began two years ago, the telecommunications and cable industry has left disillusioned investors with massive exposures. Banks around the world figure prominently among the institutional losers that will have to collectively write off billions of dollars of bad debts to telecom and cable companies and take a hit to earnings. However, these losses are currently not large enough, in and of themselves, to lead to a downgrade in the credit ratings of any financial institution. 'Telecommunications is the one sector that is still demonstrating deterioration and is pushing the nonperformers higher,' observed Tanya Azarchs, managing director in Financial Institutions Ratings at Standard & Poor's. The trend should continue at least through year end. This prognosis...
Companies mentioned in this report are: Bank of New York Mellon Corp.,Bank of America Corp.,Toronto-Dominion Bank,FleetBoston Financial Corp.,JPMorgan Chase & Co.,Citigroup Inc.,MCI Inc.,Global Crossing Ltd.
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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