Bangkok--15 Oct--Standard & Poor's
Globally, seven more entities moved to speculative-grade territory since our last monthly fallen angels report, said an article published today by Standard & Poor's. The article, which is titled "Global Potential Fallen Angels (Premium)," says that this pushed the tally for the year to date to 33 and affected US$194.43 (?142.46) billion in rated debt, 44% more than the total debt affected by fallen angels all of last year.
As of Oct. 10, 2008, 47 entities, two more than last month, with rated debt worth US$116.96 (?85.67) billion have been identified as potential fallen angels, which are entities rated 'BBB-' with either a negative outlook or with ratings on CreditWatch with negative implications. "These movements are commensurate with the increased momentum of fallen-angel activity since the five-year low in July 2007," noted Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group.
Sectors poised to lead fallen-angel incidence include utilities with seven entities, followed by forest products and building materials with six entities, transportation with five entities, and consumer products and retail/restaurants sectors with four entities each.
RatingsDirect is the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. The standard version of this article is part of our standard Global Fixed Income Research content. The premium version contains expanded analysis of the article's most significant points, typically broken out by sector and region. Also in the premium version are in-depth charts and tables, the underlying data of which are available for download. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. Members of the media may request a copy of this report by contacting the media representative provided.
Media Contact:
Mimi Barker, New York (1) 212-438-5054, [email protected]
Analyst Contacts:
Diane Vazza, New York (1) 212-438-2760