Oct. 20, 2009 (Business Wire) -- In another heavy earnings week, the rising liquidity of several industrial and consumer sector entities is reflecting some uncertainty despite tightening spreads, 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.
"Though spreads continue to tighten in the consumer services and industrials sector, uncertainty surrounds airlines due to the volatility of oil prices as evidenced by rising liquidity," said Author and Managing Director Thomas Aubrey. "Additionally, the general rise in liquidity across several industrials companies highlights continued uncertainty in the pace of the economic recovery."
North America:
Altria Group Inc. (CONSUMER GOODS/Tobacco)
Credit spreads have widened over the last three months, with the five-year point widening from 89 bps to 90 bps, an increase of less than 1%. Liquidity on Altria Group Inc. decreased from trading in the 31st percentile to the 42nd percentile. Its liquidity score decreased from 8.38 to 8.88 over the three-month period.
AMR Corporation (CONSUMER SERVICES/Travel & Leisure)
Credit spreads have tightened over the last three months, with the five-year point tightening from 3547 bps to 1689 bps, a decrease of 52%. Liquidity on AMR Corporation increased from trading in the 38th percentile to the 33rd percentile. Its liquidity score increased from 8.62 to 8.54 over the three-month period.
Black & Decker Corporation (The) (CONSUMER GOODS/Household Goods)
Credit spreads have tightened over the last three months, with the five-year point tightening from 158 bps to 105 bps, a decrease of 34%. Liquidity on The Black & Decker Corporation decreased from trading in the 13th percentile to the 17th percentile. Its liquidity score decreased from 7.63 to 8.03 over the three-month period.
Boeing Company (The) (INDUSTRIALS/Aerospace & Defense)
Credit spreads have tightened over the last three months, with the five-year point tightening from 134 bps to 95 bps, a decrease of 29%. Liquidity on The Boeing Company increased from trading in the 27th percentile to the 24th percentile. Its liquidity score decreased from 8.27 to 8.28 over the three-month period.
Burlington Northern Santa Fe Corporation (INDUSTRIALS/Industrial Transportation)
Credit spreads have tightened over the last three months, with the five-year point tightening from 52 bps to 47 bps, a decrease of 11%. Liquidity on Burlington Northern Santa Fe Corporation increased from trading in the 19th percentile to the 13th percentile. Its liquidity score increased from 8 to 7.88 over the three-month period.
Coca-Cola Company (The) (CONSUMER GOODS/Beverages)
Credit spreads have tightened over the last three months, with the five-year point tightening from 48 bps to 35 bps, a decrease of 27%. Liquidity on The Coca-Cola Company increased from trading in the 45th percentile to the 29th percentile. Its liquidity score increased from 8.89 to 8.44 over the three-month period.
Continental Airlines, Inc. (CONSUMER SERVICES/Travel & Leisure)
Credit spreads have tightened over the last three months, with the five-year point tightening from 2869 bps to 1467 bps, a decrease of 49%. Liquidity on Continental Airlines, Inc. increased from trading in the 65th percentile to the 33rd percentile. Its liquidity score increased from 9.96 to 8.54 over the three-month period.
Delta Air Lines Inc. (CONSUMER SERVICES/Travel & Leisure)
Credit spreads have tightened over the last three months, with the five-year point tightening from 2848 bps to 1457 bps, a decrease of 49%. Liquidity on Delta Air Lines Inc. increased from trading in the 71st percentile to the 61st percentile. Its liquidity score increased from 10.4 to 9.69 over the three-month period.
Bunge Limited (CONSUMER GOODS/Food Producers)
Credit spreads have tightened over the last three months, with the five-year point tightening from 220 bps to 121 bps, a decrease of 45%. Liquidity on Bunge Limited decreased from trading in the 73rd percentile to the 82nd percentile. Its liquidity score decreased from 10.57 to 11.44 over the three-month period.
Gannett Co., Inc. (CONSUMER SERVICES/Media)
Credit spreads have tightened over the last three months, with the five-year point tightening from 1019 bps to 424 bps, a decrease of 58%. Liquidity on Gannett Co., Inc. decreased from trading in the fourth percentile to the 20th percentile. Its liquidity score decreased from 7.1 to 8.13 over the three-month period.
Hasbro Inc. (CONSUMER GOODS/Leisure Goods)
Credit spreads have widened over the last three months, with the five-year point widening from 58 bps to 63 bps, an increase of 8%. Liquidity on Hasbro Inc. decreased from trading in the 58th percentile to the 65th percentile. Its liquidity score decreased from 9.49 to 9.96 over the three-month period.
The Hershey Company (CONSUMER GOODS/Food Producers)
Credit spreads have tightened over the last three months, with the five-year point tightening from 42 bps to 41 bps, a decrease of 2%. Liquidity on The Hershey Company decreased from trading in the 51st percentile to the 61st percentile. Its liquidity score decreased from 9.2 to 9.65 over the three-month period.
Honeywell International Inc. (INDUSTRIALS/General Industrials)
Credit spreads have tightened over the last three months, with the five-year point tightening from 61 bps to 43 bps, a decrease of 29%. Liquidity on Honeywell International Inc. increased from trading in the 25th percentile to the 20th percentile. Its liquidity score increased from 8.2 to 8.14 over the three-month period.
JetBlue Airways Corporation (CONSUMER SERVICES/Travel & Leisure)
Credit spreads have tightened over the last three months, with the five-year point tightening from 2348 bps to 1101 bps, a decrease of 53%. Liquidity on JetBlue Airways Corporation increased from trading in the 57th percentile to the 51st percentile. Its liquidity score increased from 9.45 to 9.18 over the three-month period.
KeyCorp (INDUSTRIALS/Electronic & Electrical Equipment)
Credit spreads have widened over the last three months, with the five-year point widening from 406 bps to 440 bps, an increase of 8%. Liquidity on KeyCorp decreased from trading in the 85th percentile to the 87th percentile. Its liquidity score decreased from 12.47 to 12.55 over the three-month period.
Kimberly-Clark Corporation (CONSUMER GOODS/Personal Goods)
Credit spreads have tightened over the last three months, with the five-year point tightening from 44 bps to 29 bps, a decrease of 34%. Liquidity on Kimberly-Clark Corporation increased from trading in the 45th percentile to the 44th percentile. Its liquidity score decreased from 8.87 to 8.92 over the three-month period.
Lockheed Martin Corporation (INDUSTRIALS/Aerospace & Defense)
Credit spreads have tightened over the last three months, with the five-year point tightening from 40 bps to 34 bps, a decrease of 14%. Liquidity on Lockheed Martin Corporation increased from trading in the 31st percentile to the 28th percentile. Its liquidity score decreased from 8.37 to 8.42 over the three-month period.
Manpower Inc. (INDUSTRIALS/Support Services)
Credit spreads have tightened over the last three months, with the five-year point tightening from 224 bps to 197 bps, a decrease of 12%. Liquidity on Manpower Inc. increased from trading in the 81st percentile to the 79th percentile. Its liquidity score increased from 11.39 to 11.02 over the three-month period.
McDonald's Corporation (CONSUMER SERVICES/Travel & Leisure)
Credit spreads have tightened over the last three months, with the five-year point tightening from 31 bps to 24 bps, a decrease of 24%. Liquidity on McDonald's Corporation decreased from trading in the 33rd percentile to the 45th percentile. Its liquidity score decreased from 8.44 to 8.97 over the three-month period.
New York Times Company (The) (CONSUMER SERVICES/Media)
Credit spreads have tightened over the last three months, with the five-year point tightening from 521 bps to 292 bps, a decrease of 44%. Liquidity on New York Times Company (The) decreased from trading in the eighth percentile to the 17th percentile. Its liquidity score decreased from 7.31 to 8.01 over the three-month period.
Northrop Grumman Corporation (INDUSTRIALS/Aerospace & Defense)
Credit spreads have tightened over the last three months, with the five-year point tightening from 51 bps to 43 bps, a decrease of 14%. Liquidity on Northrop Grumman Corporation increased from trading in the 30th percentile to the 27th percentile. Its liquidity score decreased from 8.35 to 8.37 over the three-month period.
Omnicom Group Inc. (CONSUMER SERVICES/Media)
Credit spreads have tightened over the last three months, with the five-year point tightening from 83 bps to 63 bps, a decrease of 24%. Liquidity on Omnicom Group Inc. increased from trading in the 20th percentile to the 16th percentile. Its liquidity score increased from 8.04 to 7.97 over the three-month period.
Parker Hannifin Corporation (INDUSTRIALS/Industrial Engineering)
Credit spreads have tightened over the last three months, with the five-year point tightening from 91 bps to 89 bps, a decrease of 2%. Liquidity on Parker Hannifin Corporation increased from trading in the 73rd percentile to the 58th percentile. Its liquidity score increased from 10.53 to 9.5 over the three-month period.
Ryder System, Inc. (INDUSTRIALS/Industrial Transportation)
Credit spreads have tightened over the last three months, with the five-year point tightening from 229 bps to 116 bps, a decrease of 49%. Liquidity on Ryder System, Inc. increased from trading in the 24th percentile to the 16th percentile. Its liquidity score increased from 8.16 to 8.01 over the three-month period.
Sherwin-Williams Company (The) (INDUSTRIALS/Construction & Materials)
Credit spreads have tightened over the last three months, with the five-year point tightening from 48 bps to 31 bps, a decrease of 35%. Liquidity on Sherwin-Williams Company (The) increased from trading in the 36th percentile to the 29th percentile. Its liquidity score increased from 8.54 to 8.45 over the three-month period.
Starwood Hotels & Resorts Worldwide Inc. (CONSUMER SERVICES/Travel & Leisure)
Credit spreads have tightened over the last three months, with the five-year point tightening from 393 bps to 265 bps, a decrease of 33%. Liquidity on Starwood Hotels & Resorts Worldwide Inc. increased from trading in the 12th percentile to the sixth percentile. Its liquidity score increased from 7.56 to 7.55 over the three-month period.
SuperValu, Inc. (CONSUMER SERVICES/Food & Drug Retailers)
Credit spreads have widened over the last three months, with the five-year point widening from 305 bps to 331 bps, an increase of 8%. Liquidity on SuperValu, Inc. increased from trading in the 12th percentile to the 11th percentile. Its liquidity score decreased from 7.54 to 7.75 over the three-month period.
Union Pacific Corporation (INDUSTRIALS/Industrial Transportation)
Credit spreads have tightened over the last three months, with the five-year point tightening from 54 bps to 49 bps, a decrease of 9%. Liquidity on Union Pacific Corporation increased from trading in the 35th percentile to the 18th percentile. Its liquidity score increased from 8.48 to 8.08 over the three-month period.
United Parcel Service, Inc. (INDUSTRIALS/Industrial Transportation)
Credit spreads have tightened over the last three months, with the five-year point tightening from 42 bps to 41 bps, a decrease of 3%. Liquidity on United Parcel Service, Inc. increased from trading in the 46th percentile to the 34th percentile. Its liquidity score increased from 8.89 to 8.59 over the three-month period.
United Technologies (INDUSTRIALS/Aerospace & Defense)
Credit spreads have tightened over the last three months, with the five-year point tightening from 62 bps to 42 bps, a decrease of 31%. Liquidity on United Technologies increased from trading in the 40th percentile to the 32nd percentile. Its liquidity score increased from 8.66 to 8.52 over the three-month period.
Western Union Company (INDUSTRIALS/Support Services)
Credit spreads have tightened over the last three months, with the five-year point tightening from 55 bps to 47 bps, a decrease of 14%. Liquidity on Western Union Company increased from trading in the 49th percentile to the 46th percentile. Its liquidity score increased from 9.08 to 9.02 over the three-month period.
Europe:
British Sky Broadcasting Group plc (CONSUMER SERVICES/Media)
Credit spreads have widened over the last three months, with the five-year point widening from 62 bps to 65 bps, an increase of 5%. Liquidity on British Sky Broadcasting Group plc increased from trading in the 41st percentile to the 24th percentile. Its liquidity score increased from 9.06 to 8.23 over the three-month period.
Schlumberger N.V. (CONSUMER GOODS/Beverages)
Credit spreads have remained stable over the last three months, with the five-year point moving around 39 bps. Liquidity on Schlumberger N.V. increased from trading in the 67th percentile to the 42nd percentile. Its liquidity score increased from 10.06 to 8.87 over the three-month period.
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