Bangkok--29 Jul--Standard & Poor's Standard & Poor's U.S. investment-grade composite credit spread tightened to 252 basis points (bps) on Friday, still 68% wider than at the five-year moving average and 24% wider than the beginning of the year. With continued pressure on financial institutions and banks, investment-grade credit spreads are expected to remain range-bound at present high levels. Standard & Poor's U.S. speculative-grade composite credit spread also tightened, though more subtly, to 731 bps. By comparison, this is 27% wider than the start of the year and 72% wider than the five-year moving average. The speculative-grade credit spread is poised for continued volatility, commensurate with an escalation in speculative-grade defaults over the course of this year. Media Contact: Mimi Barker, New York (1) 212-438-5054, [email protected] Analyst Contacts: 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]