Research And Markets Research And Markets

Risk-to-Price Commentary: The R2P Fixed-Income Barometer: Dec. 9, 2011 Dec 11

  • ID: 2033327
  • December 2011
  • Standard & Poors
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  • Abengoa S.A.
  • Biomet Inc.
  • Dollar General Corp.
  • Elisa Corp.
  • Iron Mountain Inc.
  • Rock-Tenn Co.
  • MORE

Despite Friday's agreement to tighten European Union (EU) fiscal and budget controls in Brussels, uncertainty remains regarding implementation. Critics also worry about the potential longer-term effects of the U.K.'s refusal to agree with the plan. Amid current global uncertainty, credit risk increased and yield decreased during the week ended Dec. 9, 2011, in the fixed-income markets. As a result, risk-reward profiles--as measured by average Risk-to-Price (R2P) scores--improved in Europe, while profiles deteriorated in the U.S. (see table 1). In Europe, a decrease in the average bond price volatility offset the tightened option-adjusted spread (OAS) and increased probability of default (PD). This led to an improvement in the scores of 3% on average. The scores improved in all the sectors but...

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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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- Verizon New York Inc.
- Rite Aid Corp.
- Sunoco Inc.
- Service Corp. International
- Tennessee Gas Pipeline Co.
- Compagnie de Saint-Gobain
- Enable Oklahoma Intrastate Transmission, LLC
- Volvo Treasury AB
- The Scotts Miracle-Gro Co.
- Beazer Homes USA Inc.
- Ferrellgas Finance Corp.
- The Neiman Marcus Group Inc.
- Rock-Tenn Co.
- Airgas Inc.
- Iron Mountain Inc.
- Schneider Electric S.E.
- Sealy Mattress Co.
- Portugal Telecom International Finance B.V.
- EarthLink Inc.
- EDP Finance B.V.
- Dollar General Corp.
- Elisa Corp.
- Hertz Holdings Netherlands BV
- ThyssenKrupp AG
- National Grid PLC
- ThyssenKrupp Finance Nederland B.V.
- Thompson Creek Metals Co. Inc.
- Biomet Inc.
- Targa Resources Partners LP
- Campofrio Food Group S.A.
- Clear Channel Worldwide Holdings Inc.
- Abengoa S.A.
- CIR-Compagnie Industriali Riunite SpA
- Icahn Enterprises L.P.
- Fiat Chrysler Finance North America Inc.

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