Standard & Poor's Global Fixed Income Research group provides U.S. option-adjusted spread composites that comprise of more than 13,000 investment-grade and speculative-grade issues. Credit spreads are a measure of the market's valuation of credit risk and quoted in basis points (hundredth of a percentage point). They reflect daily movements in credit spread levels within various bond market sectors. The spreads are calculated daily above the U.S. Treasury yield curve for various bond market sectors, subsectors, rating categories, rating designations, outlooks, CreditWatches, and maturities. Issues included in the composite bond spread calculations have the following characteristics.

• Face amount outstanding of $100 million or greater
• U.S. dollar-denominated issues of companies domiciled within or outside the U.S.
• Rated by Standard & Poor's
• Issues may have embedded call, put, and sinking fund options
• Fixed-coupon bonds, excluding convertible, set-up, and preferred securities

S&P Composite Spreads are available as part of Global Fixed Income Research on RatingsDirect -- the online source for Standard & Poor's Credit Ratings and Research. For additional information or information on licensing opportunities, please contact client services.

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