Providing data, analysis, and insight on global capital markets

To help evaluate your strategic portfolio positioning, develop your investment ideas, and identify potential gaps and opportunities, Global Fixed Income Research provides top down information on:

-- Global credit trends Macroeconomic conditions

-- Sector-specific developments that impact the global capital markets, including ratings transitions and anomalies

-- Distressed, default, and recovery research

topic image
  • Apr 16, 2014

A credit rating is an opinion about the creditworthiness of an issuer or the credit quality of an individual debt issue, from strongest to weakest, within a universe of credit risk. And the track record for Standard & Poor’s corporate ratings as indicators of default risk has been very strong. In… Watch

topic image
  • Apr 15, 2014

The number of entities poised for upgrades has increased for the fourth consecutive month, reaching 264 as of March 31, 2014, from 247 a month earlier. In this CreditMatters TV segment, Standard & Poor’s Associate Director Gregg Moskowitz explains the key trends and data points. Watch

topic image
  • Apr 15, 2014

Potential downgrades rose marginally to 508 as of March 31, 2014, from 505 as of Feb. 28, marking their first increase since November 2013. In this CreditMatters TV segment, Associate Director Gregg Moskowitz explains the key trends and data points. Watch

topic image
  • Apr 15, 2014

In the first quarter, we downgraded 122 issuers with more than $1 trillion in rated debt and upgraded 87 issuers with $271 billion in debt. Most of the downgrades occurred in nonfinancial industries. The outlook for global corporates, however, remains stable despite headwinds. In this CreditMatters … Watch

topic image
  • Apr 08, 2014
  • link

Standard & Poor’s downgraded a number of European sovereigns in 2013, including France and Italy, reflecting the continued challenges some parts of the region face despite improvements in overall economic activity. In this CreditMatters TV segment, Diane Vazza, Head of Global Fixed Income Research, … Watch

  • Mar 19, 2014

Despite market turmoil during the summer--mainly because of announcements from the Federal Reserve that it was considering beginning to taper its bond purchases--corporate borrowers ultimately had a relatively stable 2013. In the full year, 81 global corporate issuers defaulted, relatively unchanged from 83 in 2012. These 81 defaulted issuers accounted for a total of $97.3 billion in debt, up… More

topic image
  • Mar 25, 2014
  • link

Forty-six U.S. companies defaulted in 2013, and the number of distressed exchanges dropped to nine from 13 in 2012. In this CreditMatters TV segment, Standard & Poor's Associate Director Evan Gunter explains the results of our 2013 corporate default and rating transitions study. Watch

topic image
  • Apr 07, 2014
  • link

The U.S. distress ratio decreased to 4.8% in March from 5.1% in February, its lowest level since May 2011. In this CreditMatters TV segment, Standard & Poor's Associate Director Gregg Moskowitz explains the key trends and data points. Watch

  • Jul 25, 2013

Default rates among rated financial institutions fell below long-term averages in 2012, and stability rates improved by and large. This contrasts with the much higher-than-average downgrade and default rates among rated financial institutions during the financial crisis. Our global financial institutions default study--in line with other default studies we publish regularly--corroborates that… More

topic image
  • Apr 03, 2014
  • link

The speculative-grade default rate decreased in emerging markets last year. In addition, ratings stability remained relatively unchanged. In this CreditMatters TV segment, Standard & Poor’s Associate Director Sarab Sekhon discusses the key outcomes of our default and rating transitions study on… Watch

  • Apr 04, 2013

The credit quality of Canadian companies that Standard & Poor's Ratings Services rates deteriorated in 2012. The ratings on these companies were less stable, and downgrade activity increased. In fact, downgrades outnumbered upgrades by 3 to 1 last year--the highest margin since 2009, when Canada's economy was still struggling out of recessionary conditions.… More

  • May 13, 2013

Mexican corporate defaults rose to 12 in 2012 from none in 2011, taking the default rate for 2012 to 3.45%. The public finance sector accounted for 58% of total defaults. We believe that this was mainly a result of weak financial management, including a low level of fiscal transparency, limited long-term capital and financial planning, and a lack of a formal liquidity policy to address… More

  • Mar 27, 2014

Overall global structured finance credit quality fell again in 2013, once again led by U.S. residential mortgage-related securities, while credit performance varied by sectors and regions. However, credit deterioration has been slowing, as downgrades have been less severe in recent years. We expect this trend to continue, as global structured securities remain more stable and global economic… More

  • May 09, 2013

Mexican structured finance was born in 1999, when we assigned an 'mxAAA' national-scale rating to the first partial credit guarantee-enhanced transaction. We rated few other new transactions until 2003, when the local structured market really began to grow, with a total of 16 new transactions rated. Standard & Poor's Ratings Services is providing this inaugural study to examine and document the… More

  • Mar 31, 2014

Every year, Standard & Poor's publishes default studies that cover many different asset classes ranging from corporates, structured finance, public finance, and sovereigns, among others. Here, we will examine some of the more common questions we encounter regarding our annual global corporate default study. When using examples to clarify an answer, we will be referring to exhibits as they… More

topic image
  • Mar 19, 2014
  • link

Each year, we publish our global corporate default and rating transitions study. The performance of our global corporate ratings last year remains broadly in line with our expectations. In this CreditMatters TV segment, Global Head of Fixed Income Research Diane Vazza discusses the outcomes. Watch

  • Mar 25, 2014

U.S. corporate credit held strong in 2013 despite headwinds from the public sector. The U.S. economy experienced several fiscal shocks, including: sequestration-related cuts in federal spending, the debt ceiling standoff, and the federal government shutdown. Meanwhile, investors also began to prepare for reduced monetary stimulus, as the Federal Reserve discussed the eventual tapering of its… More

  • Apr 08, 2014

We downgraded a number of European sovereigns in 2013, including France and Italy, reflecting the continued challenges in some parts of the region despite improvements in overall economic stability. Among European corporates, 16 rated issuers defaulted in 2013, affecting debt worth $17.8 billion. More

  • Apr 03, 2014

Despite the high volatility in emerging markets during 2013, the region's rating stability and credit quality were relatively unchanged from 2012, and defaults decreased. In 2013, the number of defaults in the emerging markets declined to 16 from 24 in 2012. This brought the emerging markets corporate default rate for all rated entities to 1.08% in 2013, down from 1.41% in 2012. The emerging… More

  • Apr 02, 2013

Ratings continued to serve as effective indicators of relative credit risk in Asia-Pacific in 2012--in line with global trends. Standard & Poor's Global Fixed Income Research's annual study of corporate defaults in Asia-Pacific identified a clear negative correspondence between ratings and defaults: The higher the issuer credit rating, the lower the observed default frequency. Five corporate… More

  • Mar 28, 2014

Standard & Poor's Ratings Services' latest default study of ratings on Japanese entities confirms that issuer credit ratings are significant indicators of default risk, and that default rates in Japan are not significantly different from global levels while somewhat lower in many rating categories. The study involves 622 Japanese entities that have, or previously had, Standard & Poor's long-term… More

  • Mar 29, 2013

Standard & Poor's Ratings Services has updated its data on the performance and default rates of sovereign ratings through year-end 2012. (1) From our reading of the data, we conclude that, in general: The relative rank ordering of sovereign ratings has been consistent with historical default experience. Sovereign ratings have exhibited greater stability at higher rating levels than at… More

  • Mar 28, 2013

Standard & Poor's Ratings Services witnessed seven new defaults among non-U.S. local and regional governments (LRGs) in 2012, the highest number we have seen in a single year, over the 38-year period. Of the affected LRGs, two are already out of default; the rest remain in default. These recent defaults take the total number of LRG defaults over the past 38 years to 19. In 2012, of all non-U.S.… More

  • Apr 16, 2014

Since the financial crisis that began in late 2008 and the slow recovery since, more attention than ever is on credit ratings. But a key question that is often overlooked is: How well do credit ratings do the job they are designed for? The track record of Standard & Poor's Ratings Services' corporate ratings as indicators of default risk is very strong and has remained so over the long term. A… More

  • Apr 16, 2014
  • external link locked

The number of potential rising stars has increased for the first time in 2014 to 18 issuers as of April 8 from 16 issuers last month. We define potential rising stars as issuers rated 'BB+' with either positive outlooks or ratings on CreditWatch with positive implications. A positive outlook or a CreditWatch positive placement is a good leading indicator of actual upgrades because CreditWatch… More

  • Apr 16, 2014
  • external link locked

Of the fallen angels on our list, 40% were previously rated one notch higher at 'BBB-' (see table 5), while 60% were downgraded multiple notches to become fallen angels. We define fallen angels as issuers that Standard & Poor's Ratings Services downgrades to speculative-grade ('BB+' and lower) from investment-grade ('BBB-' and higher). Negative outlooks and CreditWatch negative placements are… More

  • Apr 17, 2014
  • external link locked

This article contains data compiled by Standard & Poor's Global Fixed Income Research group, provider of analytical and timely information on Standard & Poor's Ratings Services' secondary market yields for investment-grade and high-yield corporate bonds. More

  • Apr 16, 2014
  • external link locked

As of April 8, 2014, the U.S. region, which includes Bermuda and the Cayman Islands, accounted for 17 of the 52 global potential fallen angels. We define potential fallen angels as issuers rated 'BBB-' with either negative outlooks or ratings on CreditWatch with negative implications. Conversely, eight of the 18 potential rising stars were based in the U.S. More

  • Apr 16, 2014
  • external link locked

The global corporate default tally rose by two issuers to 15 since out last report. The two additions were Canada-based financial services company The Cash Store Financial Services Inc. and U.S.-based silicone and quartz producer Momentive Performance Materials Inc. The first default occurred on April 15, 2014, after The Cash Store Financial Services Inc. successfully sought creditor protection… More

  • Apr 17, 2014
  • external link locked

This article contains data compiled by Standard & Poor's Global Fixed Income Research, provider of analytical and timely information on Standard & Poor's Ratings Services' rating actions, new issuance activity, and secondary market yield spreads. Rating actions are tracked and analyzed. Credit trends are followed daily across seven broad industry sectors and numerous subsectors. More

X