More Corporate Ratings Are Taking The PlungeGene Koretz
The 1990 scorecard on Standard & Poor's Corp.'s ratings of corporate debt issues is in, and it doesn't make pretty reading. S&P reports that downgrades outnumbered upgrades by more than four to one last year. The company lowered a record 768 ratings totaling $510 billion, compared with 419 downgrades totaling $174.4 billion in 1989. At the same time, upgrades declined from 308 with a face value of $168.3 billion in 1989 to 189 and $112.9 billion in 1990.
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