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S&P Credit Research2058 word report
published Nov 04, 2009
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S&P Credit Research
| Abstract: | AT&T's CDS volatility, relative to the benchmark, began to kick into gear after September 2008. Prior to then, AT&T's CDS spread traded in line with the 'A' telecommunication services CDS benchmark. After September 2008, AT&T's CDS spread widened to trade in line with the 'BBB' telecommunication services CDS benchmark by November 2008. Subsequently, its CDS traded between these two benchmark levels, but did manage to bump into the 'A' benchmark in December 2008 as well as in January and July 2009. Since the last time it touched the 'A' benchmark in July, AT&T's CDS widened again and is almost in line with the wider 'BBB' benchmark (see chart 1). In terms of its spread, AT&T's CDS was widest at 228
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| Brief Excerpt: | RESEARCH Ratings Definitions Credit Market Commentary: Market Derived Signal: Investors Should Take AT&T's CDS Off Hold Publication date: 04-Nov-2009 Market, Credit, and Risk Strategies: Michael Thompson, Managing Director, New York...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Public Finance, Structured Finance
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
