Bangkok--31 Jul--Standard & Poor's Standard & Poor's U.S. investment-grade composite credit spread tightened to 262 basis points (bps) yesterday, a 9-bp change from Monday's widened figure. With continued pressure on financial institutions and banks, the investment-grade credit spread is expected to remain range-bound at present high levels. Standard & Poor's U.S. speculative-grade composite credit spread tightened very mildly to 747 bps, roughly the same level as the beginning of last week. By comparison, this is 30% wider than the start of the year and 77% wider than the five-year moving average. Speculative-grade credit spreads are 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