Bangkok--19 Nov--Standard & Poor's
Standard & Poor's Ratings Services downgraded two issuers to speculative grade since our most recent fallen angels report. This raises the total number of global fallen angels to 16, said an article published today by Standard & Poor's Global Fixed Income Research, titled "Global Potential Fallen Angels (Premium)."
"These 16 fallen angels account for US$398.83 billion, or ?286.32 billion, in rated debt," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "In comparison, 25 rising stars--with rated debt worth US$60.77 billion, or ?43.36 billion--have been recorded so far this year." Rising stars are issuers upgraded to investment grade.
Since our previous report, the tally of global potential fallen angels decreased by one to 54 issuers, with a total of US$258.59 (?185.64) billion in rated debt. Potential fallen angels are issuers rated 'BBB-' with either negative outlooks or ratings on CreditWatch negative.
Since our previous report, we removed five issuers from our list of potential fallen angels and added four.
"We believe that the sectors poised to lead fallen angel incidence are banks with nine issuers, followed by transportation and consumer products with six entities each," said Ms. Vazza.
Greece-based financial services provider Alpha Bank A.E. remains this year's largest fallen angel by debt volume, with US$29.22 (?20.98) billion in rated debt. The Republic of Hungary remains the largest potential fallen angel this month, with US$55.61 (?39.92) billion in rated debt.
The standard version of this article is part of our standard Global Fixed Income Research content. The premium version contains expanded analysis of the article's most significant points, typically broken out by sector and region. Also in the premium version are in-depth charts and tables, the underlying data of which are available for download. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.
Media Contact:
Mimi Barker, New York (1) 212-438-5054,
[email protected]
Analyst Contact:
Diane Vazza, New York (1) 212-438-2760