Fitch Solutions: Financial CDS Dominates Heavy Earnings Week

NEW YORK--(Business Wire)--
While various financial firms are showing signs of stability as earnings
announcements approach, increased stress is being felt by other notable
industrial entities that may be a harbinger of increased economic pressure
overall, according to Fitch Solutions in its latest update on Global CDS
Spreads/Liquidity Scores for companies scheduled to come out with earnings
announcements in the coming week.

'Improving financial CDS coinciding with a decline among various industrial
companies suggests that economic concerns are now moving from strictly the
financial sector to include the broader economy,' said Author and Fitch
Solutions Managing Director Thomas Aubrey.

Among the financial firms slated to report earnings in the coming week are as
follows:

North America:

CIT Group Inc.

Credit spreads have widened significantly over the last three months with the
five-year point widening from 1030 basis points (bps) to 2197 bps, an increase
of 53%. CIT Group Inc. remains one of the most liquid entities across the sector
trading in the second percentile. Its liquidity score improved slightly from
6.84 to 6.81 over the three-month period.

Bank of America Corporation

Credit spreads have tightened over the last three months with the five-year
point tightening from 315 bps to 210 bps, a decrease of 33%. In conjunction with
this tightening of spreads, liquidity on Bank of America Corporation remained
stable from trading within the first percentile with its liquidity score falling
slightly from 6.54 to 6.58 over the three-month period.

Merrill Lynch & Co., Inc

Credit spreads have tightened significantly over the last three months with the
five-year point tightening from 461 bps to 238 bps, a decrease of 48%. In
conjunction with this tightening of spreads, liquidity on Merrill Lynch & Co.,
Inc., decreased slightly from trading in the first percentile to the second
percentile. Its liquidity score fell slightly from 6.68 to 6.84 over the
three-month period.

Charles Schwab Corporation (The)

Credit spreads have tightened significantly over the last three months with the
five-year point tightening from 126 bps to 67 bps, a decrease of 47%. In
conjunction with this tightening of spreads, liquidity on Charles Schwab
Corporation remained stable and continued to trade within the 53rd percentile.
Its liquidity score improved only slightly from 9.48 to 9.29 over the
three-month period.

Goldman Sachs Group Inc.

Credit spreads have tightened over the last three months with the five-year
point tightening from 243 bps to 159 bps, a decrease of 35%. Liquidity on
Goldman Sachs Group Inc., increased slightly from trading in the sixth
percentile to the fifth percentile, with the liquidity score improving slightly
from 7.43 to 7.22 over the three-month period.

Citigroup Inc.

Credit spreads have tightened significantly over the last three months with the
five-year point tightening from 614 bps to 405 bps, a decrease of 34%. Despite
this tightening of spreads, Citigroup Inc. remains one of the most liquid
entities continuing to trade within the first percentile. Its liquidity score
improved slightly from 6.67 to 6.40 over the three-month period.

JPMorgan Chase & Co.

Credit spreads have tightened over the last three months with the five-year
point tightening from 179 bps to 105 bps, a decrease of 41%. In conjunction with
this tightening of spreads, liquidity on JPMorgan Chase & Co, Ltd decreased
significantly trading in the 10th percentile to the 19th percentile. Its
liquidity score decreased from 7.75 to 8.00 over the three-month period.

MGIC Investment Corporation

Credit spreads have tightened over the last three months with the five-year
point tightening from 1476 bps to 964 bps, a decrease of 35%. In conjunction
with this tightening of spreads, liquidity on MGIC Investment Corporation Ltd.
decreased slightly from trading in the third percentile to the fourth
percentile. Its liquidity score falling slightly from 7.06 to 7.14 over the
three-month period.

PNC Financial Services Group, Inc

Credit spreads have tightened slightly over the last one month with the
five-year point tightening from 139 bps to 137 bps, a decrease of 1.3%. In
conjunction with this tightening of spreads, liquidity on PNC Financial Services
Group Inc, decreased significantly falling from trading in the 80th percentile
to the 98th percentile. Its liquidity score decreased from 11.20 to 18.79 over
the one-month period.

Other North American industrial companies reporting this week include:

AMR Corporation

Credit spreads have widened over the last three months with the five-year point
widening from 3128 bps to 3723 bps, an increase of 15.8%. Despite this widening
of spreads, liquidity on AMR Corporation decreased from trading in the 27th
percentile to the 31st percentile. Its liquidity score increased only slightly
from 8.62 to 8.48 over the three-month period.

Marriott International, Inc.

Credit spreads have tightened over the last three months with the five-year
point tightening from 357 bps to 232 bps, a decrease of 35%. In conjunction with
this tightening of spreads, liquidity on Marriot International Inc. decreased
from trading in the eighth percentile to the 13th percentile. Its liquidity
score decreased slightly from 7.59 to 7.72 over the three-month period.

Gannett Co., Inc.

Credit spreads have widened over the last three months with the five-year point
widening from 1076 bps to 1281 bps, an increase of 19%. Despite this widening of
spreads, liquidity on Gannett Co., Inc decreased from trading in the 2nd
percentile to the 4th percentile. Its liquidity score decreased from 6.86 to
7.15 over the 3 month period.

General Electric Company

Credit spreads have tightened over the last three months with the five-year
point tightening from 627 bps to 343 bps, a decrease of 45%. In conjunction with
this tightening of spreads, liquidity on General Electric Company decreased from
trading in the 49th percentile to the 57th percentile. Its liquidity score
decreased slightly from 9.36 to 9.48 over the three-month period.

Crown Holdings, Inc.

Credit spreads have widened slightly over the last three months with the
five-year point widening from 207 bps to 214 bps, an increase of 3.4%. Despite
this widening of spreads, liquidity on Crown Holdings, Inc. decreased slightly
from trading in the 86th percentile to the 89th percentile. Its liquidity score
decreased slightly from 12.96 to 13.11 over the three-month period.

Sherwin-Williams Company (The).

Credit spreads have tightened over the last three months with the five-year
point tightening from 96 bps to 50 bps, a decrease of 43%. In conjunction with
this tightening of spreads, liquidity on Sherwin-Williams Company decreased from
trading in the 25th percentile to the 38th percentile. Its liquidity score
decreased slightly from 8.51 to 8.70 over the three-month period.

Fitch Solutions, a division of the Fitch Group, focuses on the development of
fixed-income products and services, bringing to market a wide range of data,
analytical tools and related services. The division is also the distribution
channel for Fitch Ratings content.

The Fitch Group also includes Fitch Ratings and Algorithmics, and is a
majority-owned subsidiary of Fimalac, S.A. For additional information, please
visit www.fitchsolutions.com; www.fitchratings.com; www.algorithmics.com; and
www.fimalac.com.

Fitch Ratings
Media Relations:
Peter Fitzpatrick, + 44 (0)20 7417 4364 (London)
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sandro.scenga@fitchratings.com

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