Credit Trends: U.S. Distressed Debt Monitor (Premium) May 11

  • ID: 1806599
  • May 2011
  • Region: United States
  • Standard & Poors
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After tumultuous events in the Middle East and Japan earlier in the year, markets appear to be on a stronger footing, despite an increase in defaults during April. At the end of April, the speculative-grade corporate default rate in the U.S. was 2.55%, little changed from 2.47% at the end of March. Also, the U.S. speculative-grade corporate bond spread increased only slightly, to 489 basis points (bps) on May 16 from 475 bps a month earlier. With the increase in the corporate bond spread, the distress ratio also rose, to 3.65% on May 16 from 3.56% a month earlier (see chart 1). Standard & Poor's distress ratio is defined as the number of distressed securities divided by the total number...

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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