Bangkok--13 Sep--Standard & Poor's
The number of global fallen angels, or issuers downgraded to speculative grade from investment grade, remains unchanged at 13 this year, said an article published today by Standard & Poor's, titled "Global Potential Fallen Angels (Premium)."
These 13 fallen angels account for US$393.21 (?309.46) billion in rated debt. In comparison, 20 rising stars (issuers upgraded to investment grade)--with rated debt worth US$41.59 (?32.73) billion--have been recorded so far this year.
"The tally of potential fallen angels decreased by two since our previous report to 56 issuers worldwide," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "Together, these issuers have US$279.68 billion, or ?220.11 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 10 issuers, followed by transportation and consumer products with six entities each and insurance with five entities," said Ms. Vazza.
Greek financial services provider Alpha Bank A.E. remains this year's largest fallen angel by debt volume, with US$29.21 (?22.99) billion in rated debt. The Republic of Hungary remains the largest potential fallen angel this month, with US$53.76 (?42.91) 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:
David Wargin, New York (1) 212-438-1579,
[email protected]
Analyst Contact:
Diane Vazza, New York (1) 212-438-2760