Bangkok--29 Apr--Standard & Poor's
Since our most recent fallen angels report, Standard & Poor's Ratings Services downgraded two issuers, Gulf Investment Corp. G.S.C. and Phillips-Van Heusen Corp., to speculative grade ('BB+' and lower) from investment grade ('BBB-' and higher).
This brings the 2010 year-to-date tally of fallen angels to four issuers, accounting for rated debt worth US$2.79 (?2.06) billion, said an article published today by Standard & Poor's Global Fixed Income Research, titled "Global Potential Fallen Angels (Premium)."
"Our tally of global potential fallen angels decreased by five since our previous report to 66 issuers with US$199.52 billion, or ?147.94 billion, in rated debt," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "Since last month, we removed eight issuers from our list and added another three."
U.S.-based student loan originator, servicer, and collector of student loans and S&P 500 constituent SLM Corp. (formerly known as Sallie Mae) remains the largest potential fallen angel this month, with US$36.32 (?26.93) billion in rated debt. Currently, the leading global corporate fallen angel by rated debt volume is Kuwait-based Gulf Investment Corp., a government-related entity with US$1.04 (?0.77) billion in rated debt.
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,
[email protected]
Analyst Contact:
Diane Vazza, New York (1) 212-438-2760