Bangkok--22 Jun--Standard & Poor's Defaults by issuers with short-term ratings are an even greater rarity than defaults by those with long-term ratings, with only 77 defaults recorded globally in the 26.5 years covered by this study, according to an article published today by Standard & Poor's. The report, titled "Global Short-Term Default Study And Rating Transitions," concludes that short-term ratings appear to display a high degree of stability, though stability rates are slightly lower than those recorded for long-term ratings. "Consistent with all of Standard & Poor's Ratings Services' default studies, this study of short-term ratings confirms that the higher the rating, the greater the stability and the lower the probability of default and vice versa," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "Over a three-month horizon, 'A-1+' rated entities had a 0.0% default rate, whereas 'A-1', 'A-2', and 'A-3' had default rates of 0.01%, 0.02%, and 0.08%. This pattern holds even for longer time periods of up to one year." Nonfinancials have been effective in terms of driving the shift in ratings concentration down to 'A-2' by 2007 from 'A-1' in 1995 and 'A-1+' in 1990. The dominance of 'A-2' paper is a reflection of the ongoing shift in the nonfinancial ratings landscape since the early 1990s that has resulted in a deteriorating trend in median long- and short-term ratings across most developed regions. 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] . Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com ; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. 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