Bangkok--29 Aug--Standard & Poor's Standard & Poor's U.S. investment-grade composite credit spread tightened marginally back to 272 basis points (bps), the same level as four of the previous 10 days. By comparison, this is more than 80% wider than the five-year moving average and 34% wider than at the beginning of the year. 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, while still elevated, tightened back to 780 bps, retracting from Tuesday's six-month high of 790 bps. By comparison, yesterday's spread was 35% wider than at the start of the year and 83% 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. While Standard & Poor's composite 'AA', 'A', and 'BBB' spreads remained stable, the 'BB', 'B', and 'CCC' spreads tightened eight, nine, and 12 bps, respectively. Despite this, speculative-grade rating spreads remain elevated to the widest levels seen in several months. Media Contact: Adam Tempkin, New York (1) 212-438-7530, [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]