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Credit Markets Just Get Better

On the tape:

The number of bond issuers that are at risk of being downgraded to junk territory decreased by one in the past month to 55 world-wide, according to Standard & Poor's Ratings Services.

S&P's ratings of BB+ or lower are considered junk status.

Ten entities on the verge of moving to junk territory come from the banking sector, followed by transportation and consumer products, with six each. Hungary remains the largest potential entity at risk of downgrade to junk territory.

S&P said Thursday that in the past month U.K.-based Tomkins Finance PLC became the 14th company whose ratings were cut to junk status.

Meanwhile, 23 companies have been upgraded to investment-grade territory this year because the credit environment continues to improve, according to S&P.

Let the credit rally continue!  Damn the financials, full speed ahead!  Relative spreads are still decent, balance sheets are strong, the Fed's just giving it away and retail continues to jump on the bandwagon!  Giddyup!

Disclosure: long LQD, AGG and various corporate bonds