Bangkok--18 Aug--Standard & Poor's
Since last month's report on potential fallen angels, Standard & Poor's Ratings Services has downgraded four companies to speculative grade from investment grade, said an article published today by Standard & Poor's Global Fixed Income Research, titled Global Fallen Angels: Total Rises To 28, Double The Number At This Time In 2010
These four downgrades bring the number of global fallen angels in 2011 (through Aug. 9) to 28, which is twice the number of fallen angels at this time last year.
"The fallen angels in 2011 account for US$226.3 billion, or ?157.3 billion, in rated debt," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "This total is significantly more than the US$68.1 billion, or ?48.1 billion, in rated debt attributable to the 23 rising stars that have emerged so far this year." Rising stars are issuers upgraded to investment grade.
The four new fallen angels since our most recent report are Yellow Media Inc., Polkomtel S.A., Sunoco Inc., and CITIC Pacific Ltd.
The global tally of potential fallen angels fell to 40 as of Aug. 9, a decrease of one from our most recent report. These issuers have a total of US$323.5 (?224.9) 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