ThyssenKrupp downgrade prompts spread widening

S&P lowered its long-term corporate credit rating on German industrial conglomerate ThyssenKrupp to BB+ from BBB and its short-term rating to B from A-2. The agency said the downgrade was due to a rising pension funding gap. This afternoon, five-year credit default swaps on the name were trading off this morning's wides at around 340/380bp, about 100bp wider than at yesterday’s close.

Other European corporates on the S&P creditwatch list due to pension concerns include French steelmaker Arcelor

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

Register

Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here