Credit watch

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In the month ended February 19, 2003, the median CreditGrade of firms in the energy sector tightened by 7 basis points (bp) to 178bp, set against a widening of 3bp for all companies. The energy sector’s median CreditGrade remains near its tightest level of the past year and down significantly from the summer 2002 highs of 250 (see figure).

In terms of specific companies, the big story of the past month has been El Paso Corp. El Paso saw its CreditGrade widen by 295bp to 970bp, as its stock

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