The credit quality for members of the S&P 500 index has improved since the beginning of 2004, although downgrades continue to outpace upgrades by a decreasing proportion, according to S&Ps, the ratings agency. The downgrade ratio—ratio of downgrades to total rating actions—of S&P 500 index members was 56.8% for the period starting December 31 2003, and ended March 8 2005, marginally ahead of the broader US downgrade ratio of 59.6%.
In 2003, the downgrade ratio for members of the S&P 500 was 74.0%.
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