Bangkok--13 Dec--Standard & Poor's Ratings
Standard & Poor's latest "Global Potential Fallen Angels" report says the number of fallen angels--issuers that were downgraded to speculative grade from investment grade--grew this year, with 46 fallen angels recorded through Dec. 6, 2006, on rated debt worth US$67.1 (?50.5) billion. This is an increase of six from last month's report.
"Fallen angels' share of total downgrades increased to 10% in the year to date, compared with 8% in 2005 and 6% in 2004," noted Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. Fallen angel activity should accelerate in line with the anticipated economic slowdown.
"In addition, 43 entities globally are at risk of becoming fallen angels, with rated debt totaling US$76.4 (?57.4) billion," Ms. Vazza added. This is the same as last month but three fewer than in December 2005.
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