Bangkok--22 Sep--Standard & Poor's Standard & Poor's U.S. investment-grade composite credit spread widened marginally to 299 basis points (bps) yesterday, still strongly elevated but not as dramatic as previous days, particularly in the lower end of the investment-grade spectrum. Standard & Poor's speculative-grade spread, on the other hand, has soared to five-year record highs three days in a row, clocking in at 870 bps yesterday. By comparison, this is more than double the five-year moving average and 51% wider than at the beginning of the year. 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 spread in the 'CCC' rating category skyrocketed to 1,539 bps, a whopping 153 bps wider than Tuesday's figure. Similarly, led by banks and financial institutions, the 'A' spread widened 60 bps to 334 bps, a new five-year high. All other rating categories widened by an average of 20 bps. 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]