April consumer credit rose $6.2 billion, which is the eighth straight gain after 19 consecutive months of declines. It was larger than the consensus expectation of a $5.0 billion increase, though near our forecast of a $6 billion increase for the month. Nonrevolving credit was up $7.2 billion, increasing for the ninth month in a row. Revolving credit, in contrast, remains notably weak, falling $0.9 billion in April and is now down 30 of the past 32 months. The report suggests that the worst may be behind us and that people are willing to borrow again, though likely still at a slow pace....
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.