Bangkok--27 Jul--Standard & Poor's
Standard & Poor's Ratings Services has downgraded two issuers to speculative grade since our previous fallen angels report, said an article published today by Standard & Poor's Global Fixed Income Research.
"This raises the total number of global fallen angels to 11 issuers, which account for US$390.72 billion, or ?308.47 billion, in rated debt," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research.
In comparison, 16 rising stars (issuers upgraded to investment grade)--with rated debt worth US$32.43 (?25.79) billion--have been recorded so far this year.
Greek financial services provider Alpha Bank A.E. remains this year's largest fallen angel by debt volume, with US$29.21 (?23.06) billion in rated debt, according to the article, titled "Global Potential Fallen Angels (Premium)."
The tally of potential fallen angels decreased by two since our previous report to 64 issuers worldwide. These 64 issuers have US$230.6 (?182.03) billion in rated debt. Potential fallen angels are issuers rated 'BBB-' with either a negative outlook or ratings on CreditWatch negative. In comparison, a total of 15 issuers are potential rising stars--rated 'BBB-' with a positive outlook or ratings on CreditWatch positive--with debt worth US$50.20 (?39.93) billion.
"Sectors poised to lead fallen angel incidence are banks with 12 issuers, followed by consumer products with eight and insurance and transportation with six 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,
[email protected]
Analyst Contacts:
Diane Vazza, New York (1) 212-438-2760