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Rising stars running ahead of fallen angels for first time since 1998, S&P says
New York, July 14 - The number of companies upgraded to investment grade is outpacing the number cut to junk for the first time since 1998, according to Standard & Poor's.
For 2004 through July 13 there have been 22 rising stars around the world compared to 13 fallen angels.
The same period of 2003 had only 10 rising stars and 40 fallen angels.
The 22 upgrades to investment grade affected $34.8 billion of rated debt. S&P noted that the number of companies in the list has increased 13 since its last report on the subject on May 18.
The United States has accounted for 13 of the 22 upgrades - largely because it has more rated companies, S&P said.
Asia-Pacific and Eastern Europe/Middle East/Africa recorded three each, the rest of Europe two and Latin America one.
The list of potential rising stars now totals 29, up one from the report on May 18. To qualify, issuers must be rated BB+ and be on CreditWatch positive or have a positive outlook. Five issuers were added to the list in the past two months and four removed, all of them because they were lifted to investment grade.
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