Credit Trends: Global Potential Fallen Angels (Premium) Jan 10
Standard & Poors, January 2010
Abstract
The number of global fallen angels, or issuers downgraded to speculative grade ('BB+' and lower) from investment grade ('BBB' and higher), increased by one issuer since our previous report to a total of 75 as of year-end 2009. Together, these issuers have rated debt worth US$240.1 (-167.3) billion. This past year was the second-most active for fallen angel activity, both by issuer tally and debt volume, since our series began in 1987. By issuer count, 2009 trails the record-high 84 fallen angels recorded in 2002. By debt volume, 2009 comes in second to the US$520.1 (-358.5) billion in full-year 2005. The record number of fallen angels in 2002 was largely a result of the previous recession, while 2005's record-high fallen...
Companies mentioned in this report are: CIT Group Inc.,Ford Motor Co.,Sunoco Inc.,Weyerhaeuser Co.,Duquesne Light Holdings Inc.,Lend Lease Corp. Ltd.,Public Power Corp. S.A.,Wilmington Trust Corp. ,Sovran Self Storage Inc.,Grupo Mexico S.A.B. de C.V.,Cimpor Cimentos de Portugal, S.G.P.S. S.A.,SLM Corp.,JSC Gazprom Neft,RusHydro (OJSC)
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.
CIT Group Inc.,Ford Motor Co.,Sunoco Inc.,Weyerhaeuser Co.,Duquesne Light Holdings Inc.,Lend Lease Corp. Ltd.,Public Power Corp. S.A.,Wilmington Trust Corp. ,Sovran Self Storage Inc.,Grupo Mexico S.A.B. de C.V.,Cimpor Cimentos de Portugal, S.G.P.S. S.A.,SLM Corp.,JSC Gazprom Neft,RusHydro (OJSC)
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