S&P Credit Research



Title:

Credit Trends: U.S. Ratings Distribution: Glut Of Low-Rated Issuers Could Mean Escalating Default Rates (Premium)

Price:$500.00
Publication Date:May 12, 2008
Report Type:Commentary
Abstract:Our current ratings universe of U.S. corporates that are not in default decreased by 23 to 3,174 at the end of the first quarter of 2008 from 3,197 at the end of 2007. Thirty-five speculative-grade rated firms either defaulted or had their ratings withdrawn, and 12 firms were assigned first-time investment-grade ratings. The U.S. ratings population remains predominantly speculative grade by count, with 50.41% of firms rated speculative grade at the end of the first quarter of 2008, 3% higher than reported during the comparable period in 2006 and 12% higher than a decade ago. An increase in both defaults and downgrades and a drop of newly rated entities have affected the ratings distribution during the last quarter. Indeed, the
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Word Count:296
Sector:Global Issuers, Structured Finance, Public Finance, Financial Institutions, Insurance, Sovereigns, Corporations, International Public Finance, Utilities, Servicer Evaluations, Asset-Backed Securities, Collateralized Debt Obligations, Real Estate Companies, Asset-Backed Commercial Paper, Commercial MBS, Residential MBS
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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.

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