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'CCC' Rating Population Multiplying As Downturn Extends Dec 08
Standard & Poors, Dec 2008
Abstract
The number of credits in the 'CCC' category is swelling in light of unfavorable business, financial, and economic conditions. Of all corporate U.S. and Canadian issuers we rate, a little more than 3.5% currently are in the 'CCC' category. The expected rise in default rates already is reflected in significant downward ratings actions (see Default Rate Pushes Past 3% In November, Article Says), published Dec. 3, 2008, on RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis. As credit quality deteriorates, the 'CCC' category will become larger. For U.S. corporate issuers that defaulted since the beginning of 2007, the average rating six months prior to default was 'CCC+'. Our review of companies currently in...
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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