Terex Corporation http://www.alacrastore.com/company-snapshot/Terex_Corporation-1016505 Tuesday, December 02, 2008 5:25:23 AM 1016505 Terex Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/8379spcred/8379normThe latest News from S&Pglobalstructured11/22/2008 3:07:55 AM100News8379United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsNewsNY -- Standard&Poor's CreditWire 8/7/97 -- Standard&Poor's today has placed its single-'B'-minus corporate credit rating and its single-'B'-minus senior secured debt rating of Terex Corp. on CreditWatch with positive implications. Rated debt securities affected total $250 million. The CreditWatch placement follows completion of the primary sale of five million shares of the company's common stock. Proceeds from this transaction will be used to redeem $83 million of senior secured notes and will thus improve Terex's financial profile. Westport, Conn.-based Terex has grown through debt-financed acquisitions, and the product line includes earthmoving machinery, mining equipment, aerial platforms, and mobile cranes. Although not a market leader, Terex benefits from well known brand names and large in-service fleets supportingUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXNEWSGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/611779spcred/611779normThe latest News from S&Pglobalstructured11/22/2008 3:07:19 AM100News611779United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsNewsNEW YORK (Standard&Poor's) Nov. 6, 2007--Standard&Poor's Ratings Services said today that it affirmed its ratings on Terex Corp., including the 'BB' corporate credit rating and the 'B+' issue rating on the existing senior subordinated notes due 2014. The outlook is stable. At the same time, Standard&Poor's assigned its 'B+' subordinated debt rating to the company's proposed $500 million senior subordinated notes to be issued in a combination of eight- and ten-year maturities. "The ratings on Westport, Conn.-based Terex reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile," said Standard&Poor's credit analyst John Sico. "These factors are mitigated by the company's satisfactory business positionUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXNEWSGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/611780spcred/611780normThe latest Research Update from S&Pglobalstructured11/22/2008 3:07:19 AM175Research Update611780United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsResearch UpdateOn Nov. 6, 2007, Standard&Poor's Ratings Services affirmed its ratings on Terex Corp., including the 'BB' corporate credit rating and the 'B+' issue rating on the existing senior subordinated notes due 2014. The outlook is stable. At the same time, Standard&Poor's assigned its 'B+' subordinated debt rating to the company's proposed $500 million senior subordinated notes to be issued in a combination of eight- and ten-year maturities. The ratings on Westport, Conn.-based Terex reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile. These factors are mitigated by the company's satisfactory business position as a major provider of construction equipment and by its good geographic and product diversity.USA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXRESUPDGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/603071spcred/603071normThe latest Summary from S&Pglobalstructured11/22/2008 3:07:16 AM175Summary603071United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsSummaryThe ratings on Westport, Conn.-based Terex Corp. reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile. These factors are mitigated by the company's satisfactory business position as a major provider of construction equipment and its good geographic and product diversity. Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Its business strengths include well-known brands with expanding global market shares, a highly variable cost structure, low-cost products, and significant after-market parts sales. Through a number of acquisitions, Terex has grown to become a leading global construction equipment company, with more than $8 billion in sales in the 12 months ended June 30, 2007, compared with aboutUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/570130spcred/570130normThe latest Full Report from S&Pglobalstructured11/22/2008 3:07:04 AM400Full Report570130United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesStructured FinanceGlobal IssuersCorporationsAsset-Backed SecuritiesCapital GoodsFull ReportLeading construction equipment manufacturer; Low-cost manufacturer; high variable-cost component; and Leading brand names, with large positions in cranes, aerial work platforms (AWPs), and road construction equipment markets. Operation in the highly cyclical and competitive construction equipment market; Exposure to raw material price increases and availability, especially steel; and Active consolidator with aggressive financial policy. The ratings on Westport, Conn.-based Terex Corp. reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile. These factors are mitigated by the company's satisfactory business position as a major provider of construction equipment and its good geographic and product diversity. Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Its business strengthsUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXFULLSTRUCGLOBISSCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/568284spcred/568284normThe latest Summary from S&Pglobalstructured11/22/2008 3:07:03 AM175Summary568284United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesStructured FinanceGlobal IssuersAsset-Backed SecuritiesCorporationsCapital GoodsSummaryThe ratings on Westport, Conn.-based Terex reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile. These factors are mitigated by the company's satisfactory business position as a major provider of construction equipment and its good geographic and product diversity. Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Its business strengths include well-known brands with expanding global market shares, a highly variable cost structure, low-cost products, and significant aftermarket parts sales. Through a number of acquisitions, Terex has grown to become a leading global construction equipment company, with $7.6 billion in annual sales in 2006, up from just about $2 billion in 2001. It has enhancedUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYSTRUCGLOBISSABSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/537421spcred/537421normThe latest Summary from S&Pglobalstructured11/22/2008 3:06:44 AM175Summary537421United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceAsset-Backed SecuritiesCorporationsCapital GoodsSummaryThe ratings on Westport, Conn.-based Terex reflect the company's participation in the highly cyclical and competitive construction equipment industry and its aggressive financial profile. These factors are mitigated by the company's satisfactory business position as a major provider of construction equipment and its good geographic and product diversity. Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Its business strengths include well-known brands with expanding global market shares, a highly variable cost structure, low-cost products, and significant aftermarket parts sales. Through a number of acquisitions, Terex has grown to become a leading global construction equipment company, with $6 billion in annual sales in 2005, up from just $2 billion in 2001. It has enhanced itsUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYGLOBISSSTRUCABSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/516803spcred/516803normThe latest Research Update from S&Pglobalstructured11/22/2008 3:06:33 AM175Research Update516803United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsResearch UpdateOn June 23, 2006, Standard&Poor's Ratings Services raised the ratings on construction equipment manufacturer Terex Corp. including the corporate credit rating to 'BB' from 'BB-'. In addition, ratings were removed from CreditWatch where they were placed with positive implications on June 7, 2006. The upgrade reflects Terex's improved operating performance and our expectation for near-term debt reduction. At the same time we assigned our 'BB' loan rating to Terex's proposed $900 million senior secured credit facilities due in 2013. The loan rating is the same as the corporate credit rating. We also assigned a recovery rating of '2' indicating our expectation of substantial recovery (80%-100%) in the event of a default. The ratings on the existing credit facilitiesUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXRESUPDGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/516802spcred/516802normThe latest News from S&Pglobalstructured11/22/2008 3:06:32 AM100News516802United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsNewsNEW YORK (Standard&Poor's) June 23, 2006--Standard&Poor's Ratings Services raised the ratings on construction equipment manufacturer Terex Corp. including the corporate credit rating to 'BB' from 'BB-'. In addition, ratings were removed from CreditWatch where they were placed with positive implications on June 7, 2006. "The upgrade reflects Terex's improved operating performance and our expectation for near-term debt reduction," said Standard&Poor's credit analyst John R. Sico. At the same time we assigned our 'BB' loan rating to Terex's proposed $900 million senior secured credit facilities due in 2013. The loan rating is the same as the corporate credit rating. We also assigned a recovery rating of '2' indicating our expectation of substantial recovery (80%-100%) inUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXNEWSGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/513383spcred/513383normThe latest Research Update from S&Pglobalstructured11/22/2008 3:06:30 AM175Research Update513383United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsResearch UpdateJune 7, 2006, Standard&Poor's Ratings Services placed its ratings on Terex Corp., including its 'BB-' corporate credit rating on CreditWatch with positive implications. This action follows the filing of the company's first quarter Form 10Q and Terex's current status on all of its regulatory fillings and reflects the company's improved operating performance and debt reduction plans. The company has called for redemption $100 million of its $300 million 10.375% notes that are currently callable and said that it expects to redeem the remaining notes in the near future. The 'B-1' short-term rating was not placed on CreditWatch. Terex has just become current on all of its filings with the SEC following an extended period of internal review andUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXRESUPDGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/513382spcred/513382normThe latest News from S&Pglobalstructured11/22/2008 3:06:30 AM100News513382United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsNewsNEW YORK (Standard&Poor's) June 7, 2006--Standard&Poor's Ratings Services placed its ratings on construction equipment provider Terex Corp., including its 'BB-' corporate credit rating on CreditWatch with positive implications. "The CreditWatch placement follows the filing of the company's first quarter Form 10Q, Terex's current status on all of its regulatory fillings, and reflects the company's improved operating performance and debt-reduction plans," said Standard&Poor's credit analyst John R. Sico. The company has called for redemption $100 million of its $300 million 10.375% notes that are currently callable and said that it expects to redeem the remaining notes in the near future. The 'B-1' short-term rating was not placed on CreditWatch. Terex has just become current onUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXNEWSGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/497248spcred/497248normThe latest Summary from S&Pglobalstructured11/22/2008 3:06:25 AM175Summary497248United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsSummaryThe ratings on Terex Corp. reflect the company's highly cyclical and competitive construction equipment end markets and its aggressive financial profile. These factors are mitigated by the company's satisfactory business position as a provider of construction equipment and its good geographic and product diversity. Westport, Conn.-based Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Its business strengths include well-known brands with expanding global market shares, a highly variable cost structure, low-cost products, and significant aftermarket parts sales. Through a number of acquisitions, Terex has grown to become a leading global construction equipment company, with $6 billion in annual sales. It has enhanced its business mix while maintaining good geographic diversity; more than half ofUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/497247spcred/497247normThe latest Full Report from S&Pglobalstructured11/22/2008 3:06:25 AM400Full Report497247United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesStructured FinanceGlobal IssuersCorporationsAsset-Backed SecuritiesCapital GoodsFull ReportThe company is a leading construction equipment manufacturer. It is a low-cost manufacturer with a high variable-cost component. It carries leading brand names, with large positions in cranes, aerial work platforms (AWPs), and road-construction equipment markets. It operates in the highly cyclical and competitive construction equipment market. It has exposure to rising prices and shortages of raw materials, especially steel. It has been an active consolidator with an aggressive financial policy. The company has had lengthy delays in filing its financial statements. Its 2004 Form 10K was filed recently, as were its restated 2004 Form 10Qs. The company has not yet filed any of its 2005 Form 10Qs. And it expects to delay the filing of the 2005 Form 10KUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXFULLSTRUCGLOBISSCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/484207spcred/484207normThe latest Summary from S&Pglobalstructured11/22/2008 3:06:21 AM175Summary484207United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsSummaryThe ratings on Terex Corp. reflect the company's highly cyclical and competitive construction equipment end markets and an aggressive financial profile. These factors are mitigated by Terex's satisfactory business position as a provider of construction equipment and its good geographic and product diversity. Westport, Conn.-based Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Terex's business strengths include its well-known brands with expanding global market shares, a highly variable cost structure, low-cost products, and significant aftermarket parts sales. Through a number of acquisitions, Terex has grown to become a leading global construction equipment company, with $6 billion in annual sales. It has enhanced its business mix while maintaining good geographic diversity; more than half ofUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/462526spcred/462526normThe latest Summary from S&Pglobalstructured11/22/2008 3:06:16 AM175Summary462526United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsSummaryThe ratings on Terex Corp. reflect the company's highly cyclical and competitive construction equipment end markets and an aggressive financial profile. These factors are mitigated by Terex's satisfactory business position as a provider of construction equipment and its good geographic and product diversity. Westport, Conn.-based Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Terex's business strengths include its well-known brands with expanding global market shares, a highly variable cost structure, low-cost products, and significant aftermarket parts sales. Through a series of acquisitions during the past few years, Terex has grown to become a leading global construction equipment company, with $5 billion in sales. It has enhanced its business mix while maintaining good geographic diversity;USA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/435124spcred/435124normThe latest Summary from S&Pglobalstructured11/22/2008 3:06:10 AM175Summary435124United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceAsset-Backed SecuritiesCorporationsCapital GoodsSummaryThe ratings on Terex Corp. reflect the company's highly cyclical and competitive end markets and an aggressive financial profile. These factors are mitigated by Terex's satisfactory business position as a provider of construction equipment and its good geographic and product diversity. Westport, Conn.-based Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Terex's business strengths include its well-known brands with expanding global market shares, a highly variable cost structure, low-cost products, and significant aftermarket parts sales. Through a series of acquisitions during the past few years, Terex has grown to become a leading global construction equipment company, with $5 billion in sales. It has enhanced its business mix while maintaining good geographic diversity; more thanUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYGLOBISSSTRUCABSCORPCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/421764spcred/421764normThe latest Summary from S&Pglobalstructured11/22/2008 3:06:08 AM175Summary421764United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsSummaryThe ratings on Terex Corp. reflect the company's highly cyclical and competitive end markets and an aggressive financial profile mitigated by its average business position as a provider of construction equipment and good geographic and product diversity. Westport, Conn.-based Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Terex's business strengths include its well-known brands with expanding global market shares, its highly variable cost structure, low-cost products, and significant aftermarket parts sales. Through a series of acquisitions during the past few years, Terex has grown to become a leading global construction equipment company, with nearly $5 billion in sales. It has enhanced its business mix while maintaining good geographic diversity; more than half of itsUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/421763spcred/421763normThe latest Full Report from S&Pglobalstructured11/22/2008 3:06:07 AM400Full Report421763United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsFull ReportLeading construction equipment manufacturer; Low-cost manufacturer; high variable-cost component; and Leading brand names, with large positions in cranes, aerial work platforms (AWPs), and road construction equipment markets Operation in the highly cyclical and competitive construction equipment market; Exposure to rapidly rising raw material prices and availability, especially steel; and Active consolidator with aggressive financial profile The ratings on Terex Corp. reflect the company's highly cyclical and competitive end markets and an aggressive financial profile mitigated by its average business position as a provider of construction equipment and good geographic and product diversity. Westport, Conn.-based Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Terex's business strengths include its well-known brands with expanding global market shares,USA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXFULLGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/414599spcred/414599normThe latest Summary from S&Pglobalstructured11/22/2008 3:06:06 AM175Summary414599United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsSummaryThe ratings on Terex Corp. reflect the company's highly cyclical and competitive end markets and an aggressive financial profile mitigated by its average business position as a provider of construction equipment and good geographic and product diversity. Westport, Conn.-based Terex manufactures a broad range of equipment for the construction, infrastructure, and mining industries. Terex's business strengths include its well-known brands with expanding global market shares, its highly variable cost structure, low-cost products, and significant aftermarket parts sales. Through a series of acquisitions during the past few years, Terex has grown to become a leading global construction equipment company, with about $4 billion in sales. It has enhanced its business mix while maintaining good geographic diversity; more than half of itsUSA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXSUMMARYGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/404004spcred/404004normThe latest News from S&Pglobalstructured11/22/2008 3:06:04 AM100News404004United StatesConstruction & Farm Machinery & Heavy TrucksEmerging MarketsLatin AmericaUnited StatesGlobal IssuersStructured FinanceCorporationsAsset-Backed SecuritiesCapital GoodsNewsNEW YORK (Standard&Poor's) Oct. 29, 2004--Terex Corp. (BB-/Stable/--) announced that it is resolving an imbalance in certain intercompany accounts. Standard&Poor's Ratings Services said today that the announcement has no immediate impact on the company's rating or outlook because of the non-cash impact of the various accounting issues and the seemingly immaterial effects. Improving business trends and ongoing debt reduction further mitigate these factors. A restatement may be required, depending on the amount of these imbalances and when these entries were made. If the filing is delayed, it would require waivers from the company's banks and bondholders, depending on the length of the delay. Standard&Poor's expects that the company will obtain such waivers if required.USA88077988078F20106010 201060 2010 20Terex Corp.300783EMERGINGLATAMERICAUSATEXNEWSGLOBISSSTRUCCORPABSCapitalCredit & Investment ResearchS&P Credit Research