Nov 21 - Since our previous report, the number of global fallen angels increased by two to 37 (through Nov. 9), said an article published today by Standard & Poor's Global Fixed Income Research, titled "Fallen Angels In Emerging And Developed Markets, Including The U.S. And Europe: Spain And Spanish Banks Join The Potential Fallen Angels." We define fallen angels as issuers that Standard & Poor's Ratings Services downgrades to speculative grade ('BB+' and lower) from investment grade ('BBB-' and higher). "In comparison, the count was 32 at this point last year and 16 two years ago," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research. "The 37 fallen angels account for US$267.8 (EUR210.7) billion in rated debt." 62.16% of fallen angels transitioned from a 'BBB-' rating to a 'BB+' rating to achieve the fallen angel status. The potential fallen angels--issuers rated 'BBB-' with either negative rating outlooks or ratings on CreditWatch with negative implications--count totals 53 and account for US$962.7 (EUR757.4) in rated debt. By region, Europe leads with 19 entities (or 36% of all potential fallen angels), the U.S. follows with 12 issuers (23%), and Asia-Pacific has 11 (21%). The Kingdom of Spain is one of the new potential fallen angels. The bank sector has the most potential fallen angels, with 24 issuers. We added 11 entities to the potential fallen angels list since our last report and removed four. On Oct. 10, 2012, Standard & Poor's lowered its sovereign credit ratings on Spain to 'BBB-/A-3' from 'BBB+/A-2'. The outlook on the long-term rating is negative. The downgrade reflected Standard & Poor's view of the mounting risks to Spain's public finances, due to rising economic and political pressures (For more information see "Research Update: Spain Ratings Lowered To 'BBB-/A-3' On Mounting Economic And Political Risks; Outlook Negative," published Oct. 10, 2012, on RatingsDirect on the Global Credit Portal). In addition, we added the following Spain-based entities to the list of potential fallen angels: Banco Bilbao Vizcaya Argentaria S.A., CaixaBank S.A., and Santander Consumer Finance S.A. The report is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to firstname.lastname@example.org. 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.