Credit Trends: Fallen Angels In Emerging And Developed Markets, Including The U.S. And Europe: The Count Doubled Over The Past Month Mar 12
Standard & Poors, March 2012
Abstract
The number of global fallen angels for 2012 is 10 as of March 8--twice as many as the previous reporting period. We define fallen angels as issuers Standard & Poor's Ratings Services downgrades to speculative grade from investment grade. Four of these are based in Portugal, including the sovereign itself. The number of potential fallen angels rose to 41--the first monthly increase since September 2011, which indicates that we may see a further increase fallen angels. Potential fallen angels are issuers rated 'BBB-' with either negative outlooks or ratings on CreditWatch with negative implications. The highlights since the last report are: The fallen angel count through March 8, 2012, is the same as the total for the same period in...
Companies mentioned in this report are:
- Eksportfinans ASA
- ING U.S., Inc.
- SEMCO Energy Inc.
- Edison SpA
- ArcelorMittal
- AmerenEnergy Generating Co.
- Banco Santander Totta S.A.
- F&C Asset Management PLC
- REN-Redes Energeticas Nacionais SGPS S.A.
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.
- Eksportfinans ASA
- ING U.S., Inc.
- SEMCO Energy Inc.
- Edison SpA
- ArcelorMittal
- AmerenEnergy Generating Co.
- Banco Santander Totta S.A.
- F&C Asset Management PLC
- REN-Redes Energeticas Nacionais SGPS S.A.
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