Bangkok--21 Jul--Standard & Poor's
Since last month's report on potential fallen angels, Standard & Poor's Ratings Services has downgraded three companies to speculative grade from investment grade. These three downgrades bring the number of global fallen angels in 2011 (through July 8) to 24, said an article published today by Standard & Poor's Global Fixed Income Research, titled "Global Fallen Angels: Three U.S. Companies Become The Latest Fallen Angels."
"The fallen angels in 2011 account for US$222.7 billion, or ?156.9 billion, in rated debt," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "This total is significantly more than the US$60.9 billion, or ?42.9 billion, in rated debt attributable to the 20 rising stars--issuers upgraded to investment grade--that have emerged so far this year."
The three new fallen angels since our most recent report are SEACOR Holdings Inc., MDC Holdings Inc., and Toll Brothers Inc. All of the fallen angels this month were identified as potential fallen angels in last month's report.
The global tally of potential fallen angels fell to 41 as of July 8, a decrease of six from our most recent report. These issuers have a total of US$317.6 (?223.8) 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