Bangkok--30 Apr-- The global count of weakest links reached a 19-month high of 122 entities on April 15, 2008, according to an article published today by Standard & Poor's. The report, titled "U.S. Credit Comment: Rising Weakest Links Signal Higher Default Rates," says that of the 122 weakest links, 101 entities are from the U.S., logging the sixth consecutive increase for the U.S., and is significantly higher than just the 78 weakest links at the end of 2007 and a near 10-year low of 64 entities in July 2007. "It is not surprising that the increase in weakest links in recent months has coincided with the sharp rise in volatility in the credit markets," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "The unfolding recessionary conditions in the U.S. and lingering tight lending conditions have resulted in credit deterioration and revisions to outlooks and CreditWatch status to negative." The U.S. speculative-grade default rate remains relatively low by historical standards, but reached a 10-month high of 1.40% in March, after increasing for three consecutive months from a 25-year low of 0.97% at the end of 2007. The increase in weakest links in the 2001 recession was accompanied by a sharp rise in default occurrences. In 2008, 16 of the 21 entities that have defaulted through April 15 were weakest links before defaulting. Ms. Vazza added, "We track weakest links closely because our historical analysis shows that the likelihood of default escalates sharply once companies qualify as weakest links vis-?-vis the rest of speculative-grade segment." 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] Analyst 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 23 countries and markets, 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]