Bangkok--5 Aug--Standard & Poor's
The number of entities poised for upgrades decreased by five from our most recent report to 283 as of July 29, said an article published today by Standard & Poor's Global Fixed Income Research, titled "Global Potential Upgrades: Total Count Decreases For The Second Consecutive Month."
"This marks the first time since March 2009 that we have seen two consecutive months of declines in the number of potential upgrades," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research.
The count of potential upgrades has increased steadily since the low of 136 in March 2009 and is up from 260 in July 2010. Since November 2010, the number of potential upgrades has remained between 273 and 289. We define potential upgrades as issuers that have either positive outlooks or ratings on CreditWatch with positive implications across rating categories 'AA+' to 'B-'.
The composition of the potential upgrades list has changed slightly. The number of issuers with ratings on CreditWatch positive decreased to 35 from 45, while the number of entities with positive outlooks increased to 248 from 243.
"The ratio of issuers with positive outlooks to those with ratings on CreditWatch positive increased to 7.08 to 1 from 5.40 to 1," said Ms. Vazza. "An increase in this ratio implies that it may take more time for the upgrades to occur."
The sectors that account for the largest proportions of the potential bond upgrades list are high technology and media and entertainment, with 23 issuers each.
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