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Seven fallen angels year to date is well below 2003 pace, S&P says
New York, March 12 - Seven issuers have been downgraded to junk so far this year, well below the 20 recorded in the same period of 2003, according to Standard & Poor's.
The rating agency forecasts that creation of fallen angels will continue to slow.
As of March 11, 41 issuers were identified as at risk of downgrade to junk, down six from 47 a month ago. These issuers are rated BBB- and either have a negative outlook or are on CreditWatch negative.
Media and entertainment, insurance, and high technology were the sectors with most potential fallen angels.
Of the total, 21 are based in the United States, eight in the Asia-Pacific region, six in Europe, five in Canada and one in Latin America.
The seven issuers cut to junk so far this year had $6.7 billion of rated debt, S&P said.
The United States made up four of the fallen angels with $4.7 billion, Europe had two with $1.9 billion of debt and Latin America one with $160 million.
The issuers are, from the United States: Toys "R" Us Inc., Tommy Hilfiger USA Inc., Sun Microsystems Inc. and IKON Office Solutions Inc.; from Chile: Coca-Cola Embonor SA; from Ireland: Valentia Telecommunications upc; and from Finland: Metso Corp.
In 2003 as a whole there were 56 fallen angels with $77.3 billion of debt, down from 82 in 2002. Before that decrease, the number of downgrades to junk had risen every year since 1996.
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