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As Some U.S. Corporate Issuers Move To Unload Debt, Others Load Up To Pursue Growth Apr 10
Standard & Poors, April 2010
Abstract
It was only a matter of time before the quest for more attractive yields in the U.S. nonfinancial corporate bond market would result in increasing investor appetite for higher risk. In fact, the speculative-grade U.S. bond market has been remarkably resilient and accommodating to nonfinancial corporate issuers in the past few quarters. In the first quarter of 2010, speculative-grade companies' (those rated 'BB+' and lower) debt issuance increased nearly four times from the same period in 2009 and exceeded $46 billion. This rivals the strong speculative-grade bond issuance levels of 2007. The implications for credit quality are beneficial to low speculative-grade issuers, as they have been able to refinance or extend maturities and fund business needs. Standard & Poor's Ratings...
Companies mentioned in this report are: Allegheny Energy Inc.,Bemis Co. Inc.,Momentive Specialty Chemicals Inc.,Standard Pacific Corp.,Xerox Corp.,Sara Lee Corp.,Consol Energy Inc.,Affiliated Computer Services Inc.,Sonic Automotive Inc.,FirstEnergy Corp.,Sirius XM Radio Inc.,XM Satellite Radio Holdings Inc.,XM Satellite Radio Inc.,Kraft Foods Inc.,Continental Alloys & Services Inc.,Cadbury PLC
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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