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Credit Trends: Global Potential Fallen Angels Jul 10
Standard & Poors, July 2010
Standard & Poor's Ratings Services downgraded two issuers to speculative grade since our previous report, raising the total number of global fallen angels to 11. These 11 issuers account for US$390.72 (-308.47) billion in rated debt. In comparison, 16 rising stars (issuers upgraded to investment grade)--with rated debt worth US$32.43 (-25.79) billion--have been recorded so far this year. Highlights from this month's report are: Greek financial services provider Alpha Bank A.E. remains this year's largest fallen angel by debt volume, with US$29.21 (-23.06) billion in rated debt. The tally of potential fallen angels decreased by two since our previous report to 64 issuers worldwide. These 64 issuers have US$230.6 (-182.03) billion in rated debt. Potential fallen angels are issuers rated...
Companies mentioned in this report are: Marsh & McLennan Cos.,Universal Health Services Inc.,Anadarko Petroleum Corp.,SEACOR Holdings Inc.,Ralcorp Holdings Inc.,Alpha Bank A.E.,First American Corp. ,QEP Resources Inc.,SLM Corp.
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.
Marsh & McLennan Cos.,Universal Health Services Inc.,Anadarko Petroleum Corp.,SEACOR Holdings Inc.,Ralcorp Holdings Inc.,Alpha Bank A.E.,First American Corp. ,QEP Resources Inc.,SLM Corp.