S&P: Fallen angels mark at two for 2010 after power company downgrade

By Jennifer Chiou

New York, March 22 - Standard & Poor's said in a new report that following the downgrade of one issuer, Greek power company Public Power Corp. SA, to speculative grade from investment grade, the year-to-date tally of fallen angels has risen to two issuers.

They account for rated debt worth $1.35 billion, according to an article from the agency's global fixed-income research team.

"Our tally of global potential fallen angels remains unchanged since our previous report at 71 issuers with $202.16 billion, or €148.28 billion, in rated debt," Diane Vazza, head of S&P's global fixed-income research, said in a press release.

These issuers are rated BBB- and have either a negative outlook or ratings on CreditWatch negative. Since this past month, the agency said it removed six issuers from its list and added another six.

"Sectors poised to lead fallen angel incidence are banks with 16 entities, followed by consumer products with 10 and transportation with six," she added.

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