Page 18
Fixed Income Quarterly—Outlook
Rating Agency Activity
Canadian Corporate Debt: Ratings Trends 2002 – YTD 2014
70
60
50
40
30
20
10
0
10
20
30
40
50
60
70
80
90
Upgrades
Pos
CW - Pos.
CW - Dev.
Chart 2.1
Upgrades Pos
CW - Pos.
CW - Dev. Downgrades Neg
CW - Neg.
Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1-Q2-Q3-Q4-Q1- 02 02 02 02 03 03 03 03 04 04 04 04 05 05 05 05 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 10 10 11 11 11 11 12 12 12 12 13 13 13 13 14
7 3 2 4 3 2 5 2 2 4 1 2 3 6 8 6 20 8 5 32 30 14 9 3 3 10 4 1 5 5 5 4 2 4 3 13 1 7 3 4 2 3 1 4 3 2 1 4 1
154 6115 817134 3 711105 41312159151310510512132 4 510104145 3 3 6 9 7 2 3 1 5 5 6 7 4 5
4 2 2 5 1 0 3 1 0 2 0 1 1 6 4 8 1 5 2 10 11 7 7 2 2 0 1 4 2 0 0 0 3 0 1 5 0 0 2 1 3 0 4 0 0 0 0 2 2
7 0 0 0 0 1 2 0 2 0 0 0 0 0 0 4 1 1 2 1 1 0 0 2 1 0 6 4 3 0 0 0 1 0 0 1 0 0 0 0 1 0 0 0 0 0 1 0 0
Downgrades2028222731191210115 1221111120161015127121016139 3 727152 7 8 6 7 6 2 3 8135126 7104 2122
Neg 1010102710118 3 3 7 2135201417184 9 6 3 3 620131461821183 4112 7 2 3 5 6117108 1 5 9 5 5 1
CW - Neg. 12 8 8 28 26 12 3 1 3 7 12 16 2 11 12 19 18 15 14 7 5 18 10 10 1 13 6 9 17 10 2 8 1 1 3 6 0 9 0 3 8 4 5 8 2 4 9 1 0
Source: BMO Capital Markets, DBRS, S&P, Moody’s As at March 31, 2014