Credit Trends: U.S. Composite Credit Spreads Daily (Dec. 29, 2011) Dec 11
Standard & Poors, December 2011
Abstract
Standard & Poor's investment-grade composite spread narrowed by 1 basis point (bp) to 224 bps, and the speculative-grade composite widened by 5 bps to 723 bps. By rating, the 'AA' spread remained unchanged at 148 bps, and 'A' and 'BBB' tightened by 1 bp each to 196 bps and 282 bps, respectively. The 'BB' and 'B' spreads expanded by 6 bps each to 507 bps and 768 bps, respectively, and 'CCC' widened by 7 bps to 1,207 bps. By industry, financial institutions, industrials, and telecommunications contracted by 1 bp each to 358 bps, 339 bps, and 359 bps, respectively. Utilities remained flat at 218 bps. Banks tightened by 2 bps to 410 bps. The investment-grade and speculative-grade spreads are both...
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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