Count of fallen angels passes 2004 pace, number at risk higher too, S&P says

New York, June 8 - The number of fallen angels so far this year has overtaken the count at the same point in 2004, Standard & Poor's said Wednesday.

In addition, the number of issuers at risk of being downgraded to junk is also higher.

However there have still been more rising stars this year than companies moving in the opposite direction.

Through June 8, a total of 18 companies had been cut to speculative grade from investment grade by S&P. The downgrades affected $485.5 billion of debt.

For the same period of 2004, there were 12 issuers moving down to junk.

Also as of June 8, there were 48 issuers at risk of losing their investment-grade status with $83.8 billion of debt. That total is up three from a month earlier and six more than at the same stage in June 2004.

S&P considers issuers rated BBB- and having either a negative outlook or being on CreditWatch negative as potential fallen angels.

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