Bangkok--4 Apr--Standard & Poor's
Standard & Poor's Ratings Services upgraded three issuers to investment grade from speculative grade in February as credit measures continued to improve, said an article published today by Standard & Poor's Global Fixed Income Research, titled "Global Rising Stars: Three More Companies Upgraded To Investment Grade."
"The number of global rising stars in 2011 rose to eight (through March 15)," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "They account for US$13.7 billion, or ?9.7 billion, in rated debt. This is significantly less than the US$92.6 billion, or ?65.3 billion, in rated debt attributable to the 11 fallen angels so far this year." Fallen angels are issuers downgraded to speculative grade.
The three new rising stars are Tyson Foods Inc., Gerresheimer AG, and Atlas Energy Resources LLC.
The eight total rising stars this year outnumber the five rising stars--with $5.7 (?4.0) billion in rated debt--at this time in 2010.
"Five of these eight rising stars were upgraded following strategic corporate actions," said Ms. Vazza. "The other three companies were upgraded as a result of their improved credit measures."
Meanwhile, the count of potential rising stars has risen by two, to 21, accounting for US$60.9 (?43.0) billion in rated debt. We define potential rising stars as entities that are poised for upgrades to investment grade, currently rated 'BB+' with either positive outlooks or ratings on CreditWatch with positive implications.
By contrast, the count of entities on the cusp of speculative grade (potential fallen angels) is at 50, with rated debt worth US$208.2 (?146.9) billion.
The report is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to
[email protected]. 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 Contacts:
Diane Vazza, New York (1) 212-438-2760