Bangkok--25 Aug--Standard & Poor's Standard & Poor's U.S. investment-grade composite credit spread remained at 272 basis points (bps) yesterday. By comparison, this is more than 80% wider than the five-year moving average and 33% 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 retracted slightly to 775 bps after sharp widening to 780 bps earlier this week. By comparison, this is 35% wider than the start of the year and 82% 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. Standard & Poor's composite rating category spreads moved the most in the 'BB' and 'B' categories, tightening to 485 bps and 834 bps, respectively. Both tightened 3 bps from Wednesday's figures and are more than 18% and 34% wider, respectively, than at the beginning of the year. Media Contact: David Wargin, New York (1) 212-438-1579, [email protected] Analyst Contacts: Diane Vazza, New York (1) 212-438-2760