Bangkok--24 Apr--Standard & Poor's
Globally, 14 issuers have crossed over to investment grade from speculative grade in the year to date, five more than the total year to date reported last month, affecting debt worth US$18.9 (?14) billion, according to an article published by Standard & Poor's. The report, titled "Global Potential Rising Stars," also says that the additions since the March report were broadly dispersed, spread out over five sectors and four countries, and two of the five upgrades were attributable to M&A activity.
"Though it is still early in the year, rising stars have overtaken fallen angels by a margin of six entities in 2007 to date," noted Diane Vazza head of Standard & Poor's Global Fixed Income Research Group. "This is in contrast with the 2006 pattern but in line with the trend witnessed in 2004 and 2005."
As of April 13, 2007, 26 rated entities globally were best placed to acquire rising-star status, three more than the number reported in March and seven more than the number one year ago. Together, these 26 entities constitute US$61 (?45) billion in rated debt.
Ms. Vazza added, "globally, high technology, utilities, insurance, and capital goods rank high on the list of potential rising stars, with three entities each. All three entities in insurance, two of the three entities each in high technology and utilities and one entity in capital goods are based in the U.S."
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