Research And Markets Research And Markets

Default, Transition, and Recovery: Most Of The Global Defaulters In 2011 Were Weakest Links Jan 12

  • ID: 2042308
  • January 2012
  • Region: Global
  • Standard & Poors
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  • Alpha Bank A.E.
  • Brookstone Inc.
  • Cinram International Inc.
  • Eastman Kodak Co.
  • General Maritime Corp.
  • Piraeus Bank S.A.
  • MORE

The number of global weakest links has dropped significantly from the record high in the first half of 2009. As of Dec. 31, 2011, 129 global corporate issuers were weakest links, meaning they were rated 'B-' or lower with either negative outlooks or ratings on CreditWatch with negative implications. The 129 weakest links have combined rated debt worth $174 billion. By contrast, weakest links peaked in March 2009 at 309 entities with more than $500 billion in outstanding debt, and they totaled 107 at the beginning of 2011--with $113 billion in debt outstanding. Of these 107 weakest links, 19 entities defaulted in 2011 and 52 remained weakest links as of Dec. 31, 2011. Of the remaining entities, five are currently...

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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- American Airlines Group Inc.
- Eastman Kodak Co.
- Energy Future Holdings Corp.
- Hovnanian Enterprises Inc.
- CEMEX S.A.B. de C.V.
- William Lyon Homes
- Alpha Bank A.E.
- National Bank of Greece S.A.
- Atrium Cos. Inc.
- Empresa Distribuidora Y Comercializadora Norte S.A.
- Eurobank Ergasias S.A
- Kate Spade & Co.
- Piraeus Bank S.A.
- Grupo Posadas S.A.B. de C.V.
- General Maritime Corp.
- Cinram International Inc.
- SEAT PagineGialle SpA
- Trailer Bridge Inc.
- Delta Petroleum Corp.
- Brookstone Inc.
- Yioula Glassworks S.A.
- PT Berlian Laju Tanker Tbk.
- Expro Holdings U.K. 3 Ltd.
- The New Reclamation Group Pty Ltd.
- Rede Ferroviaria Nacional REFER E.P.E.
- Real Mex Restaurants Inc.

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