Bangkok--26 Sep--Standard & Poor's
Distress in the U.S. speculative-grade bond market inched down to 3.0% in September from 3.1% in August (per the conventional definition), according to an article published today by Standard & Poor's Ratings Services. The article, which is titled "U.S. Distressed Debt Monitor," says that the distress ratio is at its lowest level since April 1998 and has been falling since its most recent 5.7% high in February.
"The low distress levels are also mirrored in the U.S. leveraged loan market," noted Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "In that market, the percentage of performing loans trading at prices less than 80 cents on the dollar has remained at or near zero since April."
In the U.S., telecommunications and automotive--sectors that have consistently been at the top of the distressed list in recent months--showed the highest propensity for distress as a share of total speculative-grade rated issues. In third place were consumer products and media and entertainment.
The report is available to subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com . If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-9823 or sending an e-mail to [email protected] . The report is also available at www.sandp.com/gfir , listed under Global Fixed Income Research. If you have not previously registered with the site, you will need to do so to access this material. Registration requires minimal information and is free. Members of the media may request a copy of this report by contacting the media representative name provided.
Media Contact:
Mimi Barker, New York (1) 212-438-5054, [email protected]
Analyst Contacts:
Diane Vazza, New York (1) 212-438-2760
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