Bangkok--15 Jun--Standard & Poor's
Globally, the number of issuers positioned to migrate up the credit spectrum to investment grade declined by one this month to 13 issuers, with US$13.57 (9.60 billion pounds) in rated debt, said an article published today by Standard & Poor's, titled "Global Potential Rising Stars (Premium)."
"All of the 13 potential rising stars this month, except for one, have a positive outlook," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "This is indicative of credit improvement over the longer term--up to one year for speculative-grade-rated companies--rather than the shorter term."
On the other hand, the count of entities about to cross over in the opposite direction (potential fallen angels) is at 72 issuers in June, 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. The 72 potential fallen angels this month have rated debt worth US$293.01 (214.97 billion pounds).
Globally, no new rising star has emerged since our previous report, leaving the 2009 year-to-date tally at eight rising stars, with affected rated debt worth US$15.97 (11.30 billion pounds). All of these rising stars have been attributed to well-performing individual credits and acquisitions by issuers with stronger credit standing, as opposed to any systematic decoupling of risk.
So far this year, fallen angels have exceeded rising stars by a margin of 36 issuers.
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 Ratings in the left navigation bar, select Find a Rating. Members of the media may request a copy of this report by contacting the media representative provided.
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