Bangkok--13 Aug--Standard & Poor's, Standard & Poor's U.S. investment-grade composite credit spread tightened to 264 basis points (bps) yesterday, 3 bps tighter than Friday's figure. By comparison, this is more than 75% wider than the five-year moving average and 29% wider than at 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, on the other hand, widened slightly to 764 bps, 33% wider than the start of the year and 79% 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]