Bangkok--7 Aug--Standard & Poor's European corporate credit quality has eroded in 2008, as demonstrated by proprietary ratings-based indicators of Standard & Poor's Global Fixed Income Research, said an article released yesterday in Europe. The article, which is titled "Europe Credit Comment: Accelerating Downgrades Will Include More Defaults (Premium)," says that downgrades in Europe through the first seven months of 2008 are outpacing upgrades at roughly a two-to-one rate. "This is a reversal of last year, when upgrades were dominant, particularly during the first half of the year," noted Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "Downgrades are likely to continue, as more than 20% of entities in Europe have a negative outlook or ratings on CreditWatch with negative implications." This article is part of our premium Global Fixed Income Research content, which is available to premium subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. 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 Analyst Contacts: Diane Vazza, New York (1) 212-438-2760