Bangkok--20 Sep--Standard & Poor's The prevailing credit-market volatility kept the lid on global potential rising stars, with no issuers added this month to the potential rising stars list, according to an article published today by Standard & Poor's. The report, titled "Global Potential Rising Stars," said that rising stars have outpaced fallen angels by a margin of five in 2007 year to date. This is in contrast with the 2006 pattern but in line with trends in 2004 and 2005. "As of Sept. 11, 2007, 31 globally rated entities are well positioned to ascend to investment grade, one fewer than the number reported in August and two less than a year ago," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "Together, these 31 entities account for a total of $157 billion in rated debt, of which $99 billion was attributed to sovereigns." The only rising star this month is China-based Towngas China Co. Ltd., a member of our potential rising stars list last month, which was upgraded primarily because of its sound financial and business profile. Based on rated debt volume, U.S.-based Freeport-McMoRan Copper & Gold Inc., the second-largest copper producer in the world and a member of the S&P 500, is the largest corporate issuer poised to ascend to investment grade, with US$13 billion in rated debt. Globally, 29 issuers have moved into investment-grade territory from speculative-grade in the year to date, compared with 21 in the comparable period of 2006. This is an increase of one entity since last month's report and affected debt worth US$57 (?41) billion. Financials led the charge with eight entities. Sectors displaying the highest number of potential rising stars include utilities, insurance, sovereigns, and oil and gas and exploration and production sectors with three entities each. Ms. Vazza added, "Strong economic growth and solid financial health have kept emerging-market credits well positioned in the universe of rising stars. There were 11 rising stars recorded in emerging markets, which now account for 38% of global rising stars reported year to date. With no additions recorded since last month, the number of rising stars in the U.S. remains static at 11." 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