Rising Stars Increase By Three To A Total Of 10 Issuers Worldwide In 2010, Article Says

Since our most recent rising stars report, Standard & Poor's Ratings Services has upgraded three issuers to investment grade ('BBB-' and higher) from speculative grade ('BB+' and lower), said an article published Monday, June 21, 2010 by Standard & Poor's Global Fixed Income Research. These three issuers--National Semiconductor Corp., E-CL S.A., and the Republic of Panama--bring the year-to-date 2010 total to 10 rising stars with rated debt worth US$24.46 (€19.91) billion, according to the article, titled "Global Potential Rising Stars (Premium)." We define potential rising stars as entities rated 'BB+' with either a positive outlook or ratings on CreditWatch with positive implications. Since our previous report, we removed three issuers from our list of potential rising stars. We removed two after they were upgraded and the other because Standard & Poor's revised its outlook on the company to stable. In addition, we added AES Panama S.A. to the list after Standard & Poor's revised the CreditWatch status of its ratings on the company to positive following the May 25 upgrade of Panama (BBB-/Stable/A-3). "These changes reduced the number of issuers on our list of potential rising stars to 14 with US$23.49 billion, or €19.11 billion, in rated debt," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "By issuer count, this is one less than the average of the past 12 months." In contrast, the count of entities about to cross over in the opposite direction (potential fallen angels) is at 65, with rated debt worth US$219.55 (€177.21) billion, down from the 18-year record high of 82 in March 2009. "Fallen angel potential remains dominant over rising star potential at a ratio of 4 to 1," said Ms. Vazza. The standard version of this article is part of our standard Global Fixed Income Research content. The premium version contains expanded analysis of the article's most significant points, typically broken out by sector and region. Also in the premium version are in-depth charts and tables, the underlying data of which are available for download. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided. Media Contact: Mimi Barker, New York (1) 212-438-5054, [email protected] Analyst Contact: Diane Vazza, New York (1) 212-438-2760 Key Contacts: Americas Media Relations: (1) 212-438-6667 media_ [email protected] Americas Customer Service: (1) 212-438-7280 [email protected]

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