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Australia and New Zealand Ratings Round Up, First Half 2006 Sep 06
Standard & Poors, Sep 2006
Abstract
For the first two quarters of 2006 the ratio of downgrades to upgrades moved above one, after being less than one in the last three quarters of 2005. Moreover, the ratio at the end of the first half was 1.17 to 1, comparing unfavorably with a ratio of 0.7 to 1 for all of 2005. However, mitigating this move is the small number of issuers subject to rating actions and the diverse reasons for the actions taken, which are discussed in more detail below. Suffice it to say, a downgrade-to-upgrade ratio of 1.17 to 1 compares favorably with the annual ratios seen for Australia and New Zealand since Standard & Poor's first measured downgrades to upgrades in 1996. While chart...
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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