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Rising stars nearly double 2004 pace, S&P says
New York, June 14 - The number of rising stars is running at nearly double the 2004 pace, with 25 so far this year, Standard & Poor's said Tuesday.
The upgrades to investment grade have benefited $78.3 billion of debt.
For the same period - through June 13 - 20 companies with $486.2 billion of debt have been downgraded to junk. While more companies have been heading upwards, the dollar amount of debt is far bigger in the downward direction due to the reductions in ratings of General Motors Corp. and Ford Motor Co.
As of June 13, 39 companies with $91.7 billion of debt were classed as potential rising stars. To qualify, the issuers must be rated BB+ and have a positive outlook or be on CreditWatch positive.
The number of potential rising stars is unchanged from a month ago.
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