Nur 6 Nicht-Finanz-Unternehmen im S&P haben die Kredit-Rating-Note von AAA. Vor 15 Jahren sind es 25 gewesen.
More than 50% of industrial firms are now speculative grade issuers (i.e. BB+ rated and below), a cadre in which media, automotive, telecoms and high-tech firms are prominent. Include financial firms, mandated to maintain AAA by regulators, and still only half of U.S. issues make investment grade. In 1992, that number was 72%. The median rating dropped from A- in 1992 to BBB-, the lowest investment grade rating.
Die 6 Unternehmen sind: United Parcel Service (UPS), Pfizer, Exxon Mobil, General Electric, Automatic Data Processing und Johnson & Johnson.
Der Grund: fallende Zinsen auch für weniger bonitätsstarke Unternehmen. Aber noch gilt:
Despite all this, the default rate at the end of September was just 1.3%. S&Ps Vazza says that is likely to increase to 3.4% by the end of September 2008, which would imply 56 issues will default. Her worst case scenario: default rates will hit the long-term average of 4.5%.
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