Australia & New Zealand 2006 Annual Default & Rating Transitions Study Feb 07

Standard & Poors, February 2007

Abstract
The credit environment of 2006 remained accommodating in Australia and New Zealand. This may explain the reversal in the downgrade-to-upgrade ratio, which fell to 0.9 for 2006, from 1.7 for 2005. The 2006 ratio came in slightly above the global ratio of 0.7. There was one default in 2006, as there was in 2005. There were no defaults recorded in 2004. This compares with global default figures of 29 in 2006 and 39 in 2005. The global result for 2006 is the lowest for defaults since 1997. Overall, the credit quality of the Australia and New Zealand rating pool remains high with only 10% of the pool carrying speculative-grade credit ratings. More than 83% of ratings assigned in 2006 were...

Companies mentioned in this report are: Australia (Commonwealth of) (Unsolicited Ratings),New Zealand

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.

Australia (Commonwealth of) (Unsolicited Ratings),New Zealand

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