Bangkok--19 May--Standard & Poor's
Since last month's report on potential fallen angels, Standard & Poor's Ratings Services has downgraded two companies to speculative grade from investment grade, said an article published today by Standard & Poor's Global Fixed Income Research.
"One of these new fallen angels is from the U.S., and the other is from Japan, though the rating actions on the companies did not result from the outlook revisions on the sovereign ratings on the U.S. and Japan," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "These two downgrades bring the number of global fallen angels in 2011 (through May 11) to 18. The fallen angels account for US$145.1 billion, or ?102.3 billion, in rated debt."
This total is significantly more than the US$48.2 (?34.0) billion in rated debt attributable to the 16 rising stars--issuers upgraded to investment grade--that have emerged so far this year.
The two new fallen angels since our most recent report are Kawasaki Kisen Kaisha Ltd. from Japan and NGPL PipeCo. LLC from the U.S., according to the article, titled "Global Fallen Angels: New Fallen Angels In The U.S. And Japan." Kawasaki Kisen was on the potential fallen angels list last month.
The global tally of potential fallen angels fell to 51 as of May 11, a decrease of one from our most recent report. These issuers have a total of US$360.7 (?254.3) billion in rated debt. Potential fallen angels are issuers rated 'BBB-' with either negative outlooks or ratings on CreditWatch negative.
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