Bangkok--29 Apr--Standard & Poor's
Standard & Poor's Ratings Services downgrade of the Republic of Portugal to 'BBB-' on March 29 created one new fallen angel and added six Portuguese companies plus the Republic of Portugal to the list of potential fallen angels, said an article published today by Standard & Poor's, titled "Global Fallen Angels: Total Continues To Rise As Tensions Unfold In Europe And The Middle East."
As we noted last month, economic tensions among European sovereigns and social unrest in the Middle East continue to weaken credit quality and contribute to the growing number of fallen angels in 2011.
"Since our previous report, five new fallen angels were downgraded to speculative grade from investment grade through April 14," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "Three of these companies were downgraded as a result of European and Middle Eastern tensions. This brings the number of global fallen angels in 2011 to 16."
The fallen angels account for US$141.0 (?96.2) billion in rated debt. This total is significantly more than the US$44.4 (?30.3) billion in rated debt attributable to this year's 13 rising stars--issuers upgraded to investment grade.
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 Contact:
Diane Vazza, New York (1) 212-438-2760