Abstract: Fallen angels are issuers downgraded to speculative grade ('BB+' and lower) from investment grade ('BBB-' and higher), whereas rising stars move in the opposite movement. The key points from this month's fallen angels report are: Globally, 42 entities with rated debt totaling US$91.66 (€58.92) billion are listed as potential fallen angels, defined as entities rated 'BBB-' with either a negative outlook or on CreditWatch with negative implications. This tally is higher than the annual average count of potential fallen angels of 39 in 2007 and one less than 43 in 2006. However, the rate of actual fallen angels (as a proportion of total-rated credits) is presently running well below last year's levels and those in 2001-2002, the last recessionary period.

Brief Excerpt: RESEARCH Ratings Definitions Credit Trends: Global Potential Fallen Angels Publication date: 21-Mar-2008 Global Fixed Income Research: Diane Vazza, Managing Director, New York (1) 212-438-2760; diane_vazza@standardandpoors.com Devi...

Report Type: Commentary
Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Corporations, Financial Institutions, Global Issuers, Insurance, International Public Finance, Public Finance, Real Estate Companies, Residential MBS, Servicer Evaluations, Sovereigns, Structured Finance, Utilities
Free Sample: Click Here to Download

Enter the keyword(s) which you would like to search for within this document and click "Search"

 

 S&P Credit Research
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.