Bangkok--19 Feb--Standard & Poor's
Standard & Poor's Ratings Services downgraded one issuer, U.S. regional bank Wilmington Trust Corp., to speculative grade ('BB+' and lower) from investment grade ('BBB-' and higher) since our most recent fallen angels report, said an article published today by Standard & Poor's Global Fixed Income Research.
Wilmington Trust Corp., with debt worth US$809 (576) million, is the only fallen angel so far in 2010, according to the article, titled "Global Potential Fallen Angels (Premium)."
"Our tally of global potential fallen angels decreased by one since our previous report to 71 issuers with US$186.89 billion, or 133.14 billion, in rated debt," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. These companies are rated 'BBB-' and have either a negative outlook or ratings on CreditWatch with negative implications.
"Sectors that we currently believe are poised to lead fallen angel incidence are banks with 15 entities, followed by consumer products with 10 and metals, mining, and steel and transportation with six entities each," said Ms. Vazza.
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 by using the Ratings search box located in the left column at www.standardandpoors.com. 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,
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Analyst Contact:
Diane Vazza, New York (1) 212-438-2760
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