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 Arce

To continue reading...

You must be signed in to use this feature.

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 indvidual account here: