Credit Trends: Global Potential Downgrades: A Slight Increase For The Second Month In A Row Jun 11

Standard & Poors, June 2011

Abstract
The number of entities globally that are most at risk of downgrades has increased by one since last month to 458 as of May 26. The total remains far below its peak of 1,028 in April 2009, but this month marks the second consecutive increase in the number of potential downgrades. Despite this slight increase, ratings across most sectors appear more stable now than they have historically. Potential downgrades are entities that have either negative outlooks or ratings on CreditWatch with negative implications across rating categories 'AAA' to 'B-'. This month, we note the following key points: Since our last report, we removed 43 entities from the potential downgrades list, and we added 44. Standard & Poor's Ratings Services downgraded...

Companies mentioned in this report are:
- BP PLC
- Murphy Oil Corp.
- Alliance One International Inc.
- Alpha Bank A.E.
- National Bank of Greece S.A.
- Eurobank Ergasias S.A
- Hellenic Telecommunications Organization S.A.
- Piraeus Bank S.A.
- Marathon Oil Corp.
- Da-Lite Screen Co. Inc.
- Titan Cement Co. S.A.
- Petroplus Holdings AG
- Asset Acceptance Capital Corp.
- Canadian Pacific Railway Ltd.
- Gala Coral Group Ltd.
- Milagro Oil & Gas 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.

- BP PLC
- Murphy Oil Corp.
- Alliance One International Inc.
- Alpha Bank A.E.
- National Bank of Greece S.A.
- Eurobank Ergasias S.A
- Hellenic Telecommunications Organization S.A.
- Piraeus Bank S.A.
- Marathon Oil Corp.
- Da-Lite Screen Co. Inc.
- Titan Cement Co. S.A.
- Petroplus Holdings AG
- Asset Acceptance Capital Corp.
- Canadian Pacific Railway Ltd.
- Gala Coral Group Ltd.
- Milagro Oil & Gas Inc.

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