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S&P Credit Research2429 word report
published Apr 20, 2009
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S&P Credit Research
| Abstract: | The downward trend in the credit quality of Japanese companies that emerged in 3Q 2008 (July 1 to Sept. 2008) became more pronounced in 1Q 2009 (Jan. 1 to March 31, 2009). Downgrades in the Japanese corporate and financial sectors overwhelmingly outnumbered upgrades in 1Q 2009 by 24 to one. Since 4Q 2008 (Oct. 1 to Dec. 31, 2008), when downgrades outnumbered upgrades by nine to one, the weakening trend in the credit quality of Japanese corporations and financial institutions has continued unabated. From 2004 until 2Q 2008 (April 1 to June 30, 2008), upgrades had exceeded downgrades. However, this situation reversed in 3Q 2008 (July 1 to Sept. 30, 2008), and the number of downgrades has since outnumbered upgrades.
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| Brief Excerpt: | RESEARCH Ratings Definitions Weakening Of Credit Quality Among Japanese Corporate And Financial Institutions More Pronounced In 1Q 2009 Publication date: 20-Apr-2009 Primary Credit Analyst: Ryoji Yoshizawa, Tokyo (81) 3-4550-8453;...
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| Report Type: | Commentary
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| Sector: | Global Issuers, Structured Finance
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| Free Sample: |
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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.
