Bangkok--20 Feb--Standard & Poor's
Globally, an 18-year record high of 75 entities, with rated debt totaling US$174.47 (?134.17) billion, are listed as potential fallen angels, said an article published today by Standard & Poor's.
"By comparison, 2008 averaged 47 potential fallen angels each month," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "This number has increased steadily since the second quarter of 2007, a trend likely to continue as recessionary economic and credit conditions worsen to their eventual trough."
Potential fallen angels are defined as entities rated 'BBB-' with either a negative outlook or with ratings on CreditWatch with negative implications.
Sectors poised to lead fallen-angel incidence include nonwater utilities with nine entities, followed by consumer products with eight entities and finance companies and media and entertainment with seven entities each, according to the article, titled "Global Potential Fallen Angels (Premium)."
By debt volume, the line-up among potential fallen angels is led by finance companies, followed by the forest products and building materials and retail and restaurants sectors.
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