Bangkok--16 Jan--Standard & Poor's In 2008, $206 billion of investment-grade debt will mature, and $195 billion will mature in 2009, according to an article published today by Standard & Poor's. The report, titled "Refunding Outlook For U.S. Corporate Bonds: Maturities Increase In 2008 (Premium)," says that for speculative-grade debt, $31 billion will mature in 2008 and $47 billion in 2009. "In total, maturities should be up approximately 14% over last year. Refunding pressures due to maturing bonds will pick up over the next few years, with 2011 through 2014 experiencing exceptionally high volumes of maturing bonds," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "We expect that investment-grade maturities will average $156 billion a year and speculative-grade will average $92 billion a year between 2011 and 2014, based on our current maturity calendar. Maturities should spike in 2011, as a glut of bonds mature that were issued during the issuance bubble in 2001." U.S. corporate bond issuance set records in 2007, with just over $1 trillion in rated issuance. A record $136.6 billion in high-yield and $913 billion in investment-grade bonds was issued in 2007. However, the high-yield market has slowed considerably since the summer, and we expect new deals to remain fairly light in the first quarter of this year, as investment banks focus on moving bonds and loan commitments from last year off their balance sheets. Ms. Vazza added, "Consumer discretionary will face the most speculative-grade refunding pressure, with close to $9 billion in bonds maturing this year. The slowing economy will increase the credit risk in this sector, and if consumer spending slows considerably, expect credit quality to decline and relative refinancing costs to increase." The report is available to RatingsDirect subscribers who have upgraded their package to include the Global Fixed Income Research add-on. RatingsDirect is 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 with the Global Fixed Income Research add-on, please contact your local Standard & Poor's representative or [email protected] for further information. 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] Contact: Diane Vazza, New York (1) 212-438-2760 Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com. Key Contacts: Americas Media Relations: (1) 212-438-6667 media_ [email protected] Americas Customer Service: (1) 212-438-7280 [email protected]