Standard & Poor's investment-grade composite spread remained unchanged at 224 basis points (bps), and the speculative-grade composite narrowed by 2 bps to 721 bps. By rating, the 'AA' spread remained unchanged at 148 bps, and the 'A' and 'BBB' spreads widened by 1 bp each to 197 bps and 283 bps, respectively. The 'BB' spread remained flat at 507 bps, the 'B' spread contracted by 1 bp to 767 bps, and the 'CCC' spread tightened by 3 bps to 1,204 bps. By industry, financial institutions, industrials, and telecommunications remained flat at 358 bps, 339 bps, and 359 bps, respectively. Utilities expanded by 1 bp to 219 bps and banks tightened by 1 bp to 409 bps. The investment-grade and speculative-grade...
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.