Bangkok--8 Aug--Standard & Poor's Standard & Poor's U.S. investment-grade composite credit spread tightened to 263 basis points (bps) yesterday, a 2-bp change from Tuesday's widened figure and 29% 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 tightened 3 bps to 757 bps on Wednesday. By comparison, this is 31% wider than the start of the year and 78% 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