Bangkok--27 May--Standard & Poor's
Globally, the number of issuers positioned to migrate up the credit spectrum to investment grade remained at 14 in May, with US$14.26 (?10.46) billion in rated debt, said an article published today by Standard & Poor's, titled "Global Potential Rising Stars (Premium)."
On the other hand, the count of entities about to cross over in the opposite direction (potential fallen angels) increased to 75 issuers, after having risen to an 18-year record high of 82 issuers in March, largely as a result of a sharp escalation in materialized fallen angel activity.
Since the beginning of 2009, eight issuers globally have crossed over to investment grade from speculative grade, affecting debt worth US$15.97 (?11.72) billion.
"So far this year, fallen angels have exceeded rising stars by a margin of 35 issuers," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "The volatility in the credit markets, coupled with overall downward pressure, especially noted by the sharp decline in potential rising stars and general malaise regarding global economic and credit circumstances, maintains our belief that crossover credit quality is more strongly poised for credit deterioration rather than improvement."
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Media Contact:
Mimi Barker, New York (1) 212-438-5054, [email protected]
Analyst Contacts:
Diane Vazza, New York (1) 212-438-2760