Default, Transition, and Recovery: U.S. Distressed Debt Monitor Jul 06
Standard & Poors, July 2006
Abstract
The key points from this month's distressed credit report are listed below. (Distressed credits are defined as speculative-grade-rated issues that have option-adjusted spreads of more than 1,000 bps relative to Treasuries. In contrast, average spreads on speculative-grade bonds were 350 bps in mid-July.) Distress in the U.S. speculative-grade bond market declined to 3.2% in July from 3.7% in June (per the conventional definition). The distress ratio is at its lowest level since May 1998, and has been falling since its most recent 5.7% high in February. At 3.2%, the distress ratio is noticeably lower than the 6.1% average recorded in full-year 2005 and 7.4% in 2004. Low distress levels are also mirrored in the U.S. leveraged loan market, where the...
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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.
- Motors Liquidation Co. (fka General Motors Corp.)
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