Credit Trends: Global Potential Fallen Angels (Premium) Nov 08

  • ID: 2051790
  • November 2008
  • Region: Global
  • Standard & Poors
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  • Ageas SA/NV
  • CITIC Group Corp.
  • DDR Corp.
  • Gazprombank JSC
  • HeidelbergCement AG
  • Nufarm Ltd.
  • MORE

Fallen angels are issuers downgraded to speculative grade ('BB+' and lower) from investment grade ('BBB-' and higher), whereas rising stars move in the opposite direction. Highlights from this month's fallen angels report are: Globally, seven more entities moved to speculative-grade territory since our most recent report, bringing the year-to-date tally to 40 issuers, affecting US$205.97 (€160.51) billion in rated debt, already a sizable 57% more than the total debt affected by fallen angels in 2007. Such an increase is in line with our expectations, where fallen angels were poised to overtake rising stars, particularly amid the current credit environment. This month, fallen angels indeed exceeded rising stars by two issuers and 22% of debt. As of Nov. 6, 2008, 57...

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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- Commonwealth Edison Co.
- NCR Corp.
- Lehman Brothers Holdings Inc.
- Fiat SpA
- CEMEX S.A.B. de C.V.
- CITIC Group Corp.
- DDR Corp.
- The New York Times Co.
- Romania
- Nufarm Ltd.
- Banca Comerciala Romana
- Colonial BancGroup Inc.
- Citizens Republic Bancorp Inc.
- GRUMA S.A.B. de C.V.
- Ageas SA/NV
- GKN Holdings PLC
- iStar Inc.
- HeidelbergCement AG
- Coventry Health Care, Inc.
- Gazprombank JSC
- Drax Power Ltd.
- Wyndham Worldwide Corp.
- Primus Guaranty Ltd.
- Nine Dragons Paper (Holdings) Ltd.
- Phoenix Cos. Inc.

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