Bangkok--23 Apr--Standard & Poor's
Standard & Poor's Ratings Services downgraded 115 global corporate issuers and upgraded 83 in first-quarter 2010. This brought the downgrade ratio to 58%--the same as fourth-quarter 2009, said an article published today by Standard & Poor's Global Fixed Income Research, titled "Global Corporate And Sovereign Rating Actions: First-Quarter 2010 (Premium)."
Of the rating actions in the first quarter, 60% were in the U.S., followed by Europe with 20%, the emerging markets with 14%, and the other developed region (Australia, Canada, Japan, and New Zealand) with 6%.
With the exception of the emerging markets, each region saw its downgrade ratio peak in the first quarter of 2009 and then taper off before hitting a low for the year in the fourth quarter. The emerging markets' downgrade ratio peaked in second-quarter 2009 at 97%.
"The downgrade ratios in all sectors hit their record highs in the first and second quarters of 2009 and have declined since," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "But, not all sectors have seen the same drop--the ratio for financial issuers remains high, while industrials and sovereigns are at half their levels of early 2009."
This article is part of our premium Global Fixed Income Research content, which is available to premium subscribers to RatingsDirect on the Global Credit Portal at www.globalcreditportal.com and to RatingsDirect at www.ratingsdirect.com. 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,
[email protected]
Analyst Contacts:
Diane Vazza, New York (1) 212-438-2760