Bangkok--27 Aug--Standard & Poor's
Standard & Poor's Ratings Services has downgraded two issuers to speculative grade since our previous fallen angels report, according to an article published today by Standard & Poor's Global Fixed Income Research.
"This raises the total number of global fallen angels to 13 issuers, accounting for $393.2 (?298.4) billion in rated debt," Diane Vazza, head of Standard & Poor's Global Fixed Income Research, in an article titled "Global Potential Fallen Angels (Premium)."
In comparison, 17 rising stars (issuers upgraded to investment grade)--with rated debt worth US$32.6 (?24.7) 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 (?22.16) billion in rated debt.
The tally of potential fallen angels decreased by six since our previous fallen angels report, to 58 issuers worldwide. These 58 issuers have US$285.80 (?216.86 billion) in rated debt. Potential fallen angels are issuers rated 'BBB-' with either a negative outlook or ratings on CreditWatch negative. Sectors poised to lead fallen angel incidence are banks with 11 issuers, followed by transportation with six entities and consumer products, insurance, and oil and gas exploration and production with five each.
For subscribers who have access to the Global Credit Portal, click here for the article "Global Potential Fallen Angels." For subscribers who have access to premium Global Fixed Income Research content, find the article here: "Global Potential Fallen Angels (Premium)." For more information or data inquiries, please call Client Services at 1-877-772-5436.
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