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Strategies & Market Trends : Waiting for the big Kahuna

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To: Skeet Shipman who wrote (49858)	1/8/2001 10:40:34 AM
From: Bill Ounce	Read Replies (1) of 94695

more fat lady singing from USA Today usatoday.com [...] But chief financial officers say if there is one statistic they're keeping an eye on, it's bond downgrades. Downgrades, which mean companies are judged to be less likely to repay their loans, outpaced upgrades by a record ratio of 4.3-to-1 in 2000, according to Standard & Poor's. "We have now had 10 consecutive quarters where downgrades exceeded upgrades," says Vazza. "The last time we saw that was in 1989." [...] J.C. Penney bonds have been downgraded to one step above junk status. J.C. Penney leases 9.8% of the space of 39 major shopping centers owned by Westfield America. Westfield warned in a November filing with the SEC that "the bankruptcy, insolvency, or a downturn in the business" of anchor tenants could adversely affect income. [...]

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