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Standard & Poor's Fundamentals of Corporate Credit Analysis Blaise, Ganguin
Publisher: McGraw-Hill

While investment banks are struggling and cutting jobs, ratings agencies such as S&P and Moody's are growing their revenues and hiring. Job News & Advice S&P, Moody's Creating Six-Figure Jobs in Finance. In fact, the credit rating agencies did not modify their credit risk assessment against the bonds issued by these countries, keeping the triple%A classification. While S&P, Moody's and the other mainstream ratings agencies have done a pretty good job on corporate and municipal debt ratings over the past century and more, when it comes to sovereigns and other highly politicized situations, their records are rather poor, if you'll forgive the But in the world of sovereign debt, S&P is forced to evaluate many more subjective facts than are involved in a simple analysis of the probability of default of, say, General Electric or IBM. And only point us towards a simpler way of addressing the problem: Standard and Poor's is a self-interested corporate entity and it is acting in accordance with what it perceives its self-interest to be, in precisely the way that self-interested corporate entities will consistently do. Perhaps because I'm not an economist, I can't at all interest myself in the question of whether the US “deserved” to have its credit rating downgraded (as Standard and Poor's has done). The outlook on the company is negative. Why did the spreads of countries with solid fiscal fundamentals rise with the financial crisis? Standard & Poor's Fundamentals of Corporate Credit Analysis 1st edition, Blaise Ganguin. Credit rating agency Standard & Poor's downgraded Hewlett-Packard's credit rating earlier this week, citing poor policies, a high turnover rate among top executives and an unclear strategy. It's totally fair for S&P to factor politics into their assessment of sovereign debt. Why did the The US corporate bond spread and the US implied stock market volatility (VIX) are generally used to measure outlook and credit watch) reported by Standard and Poor (S&P), Moodyps Investors. S&P, meanwhile, has bumped Sino-Forest's corporate credit rating and issue rating on its senior unsecured notes to CCC- from B. Credit ratings published by Moody's, Standard and Poor's and Fitch are meant to capture and categorize credit risk. €�We have concerns that HP's inconsistent growth strategies and high levels of board of director and senior management turnover have elevated the level of operational and execution risk in the near term,” S&P analyst Martha Toll Reed said in a statement. Download Standard & Poor's Fundamentals of Corporate Credit Analysis. However, institutional investors in corporate bonds often supplement these agency ratings with their own credit analysis.