S&P Report: Salad Days for Emerging-Market Issuance Aug 03

Standard & Poors, August 2003

Abstract
NEW YORK (Standard & Poor's) Aug. 19, 2003The appetite for emerging-market securities has risen sharply this year, based on an intensified search for yield among investors and a concomitant decline in risk aversion, Standard & Poor's Ratings Services today said. Meanwhile, liquidity conditions in global capital markets have remained benign, with most major central banks maintaining an accommodative stance. Factors such as low interest rates, improving credit quality, and rising investor demand have prompted a healthy pipeline of new bond issues from the emerging markets, even though volumes are still well below levels seen prior to the Asian financial crisis. Improving credit quality has also impacted emerging-market issuance positively; downgrades accounted for 54% of all emerging-market rating actions in the...

Companies mentioned in this report are:
- Hutchison Whampoa Ltd.
- Petroleos Mexicanos
- Gazprom OAO

Action: S&P Event

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Hutchison Whampoa Ltd.
- Petroleos Mexicanos
- Gazprom OAO

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