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S&P Credit Research1455 word report
published Aug 25, 2008
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S&P Credit Research
| Abstract: | Distressed credits are speculative-grade rated issues that have option-adjusted spreads of more than 1,000 basis points (bps) relative to Treasuries. Highlights from this month's distressed credit report are: Following on the heels of last month's 10% increase, the Standard&Poor's distress ratio has advanced again to 24.8% (see Chart 1). In the year to date, the distress ratio has expanded nearly 19% from December's level. The distress ratio is at its highest level since March 2003, and the 12-month moving average has hit 13.8%. This increase runs alongside the recent rise in speculative-grade spreads, which were at 780 bps on Aug. 15 from 763 bps a month earlier. By debt volume, the finance companies and media and entertainment sectors
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| Brief Excerpt: | RESEARCH Ratings Definitions Credit Trends: U.S. Distressed Debt Monitor: Distress Ratio Advances To Nearly 25% In August Publication date: 25-Aug-2008 Global Fixed Income Research: Diane Vazza, Managing Director, New York (1) 212-438-2760;...
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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.
