Bangkok--22 Oct--Standard & Poor's There were no additions to the potential fallen angels list this month, according to a report published today by Standard & Poor's. The article, which is titled "Global Potential Fallen Angels," also said that the number of entities at risk of slipping into speculative-grade territory has declined by three compared with a month ago, owing to downgrades. Globally, 37 entities with rated debt totaling US$64.7 (?45.8) billion are listed as potential fallen angels, four fewer than recorded 12 months ago. (Potential fallen angels are defined as entities rated 'BBB-' with either a negative outlook or on CreditWatch with negative implications.) Globally, fallen angels lag rising stars in the year to date. "However, this masks a divergence of trends in crossover activity in the U.S. compared with crossover worldwide," explained Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "In the U.S., fallen angels have exceeded rising stars each year since 2005, in sharp contrast with the trend observed in other markets." M&A activity has played a key role in the crossover of companies from investment grade to speculative grade, with one new addition this month attributed to M&A activity. As of Oct. 3, 2007, there have been 27 fallen angels this year, affecting rated debt worth US$80.8 (?57.3) billion. This is an increase of four issuers from the previous month. At the same point a year ago, 38 issuers were downgraded to speculative grade, with US$56.9 (?40.3) billion in rated debt. 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