Standard & Poor's investment-grade composite spread narrowed by 1 basis point (bp) to 215 bps yesterday, and the speculative-grade composite spread contracted by 2 bps to 675 bps. By rating, the 'AA' and 'BBB' spreads narrowed by 1 bp each to 142 bps and 267 bps, respectively, and 'A' remained unchanged at 188 bps. The 'BB' and 'B' spreads narrowed by 1 bp each to 481 bps and 727 bps, respectively, and 'CCC' tightened by 5 bps to 1,104 bps. By industry, financial institutions and industrials contracted by 1 bp each to 332 bps and 316 bps, respectively, and banks narrowed by 3 bps to 354 bps. Utilities and telecommunications remained flat at 217 bps and 347 bps, respectively. The...
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.