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But in late July UTStarcom shares took a beating when several analysts, citing the razor-thin profit margins, primarily in the Asian cellphone market, downgraded the stock.
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In a written statement, Chris Atkins, a spokesman for Standard & Poor's, said that for 18 months leading up to July 10 the company had been adjusting its assumptions about the housing market, downgrading selected bonds and publicly highlighting potential problems.
The ratings service cited the thrift's exposure to the mortgage securities market, downgrading it to BB-minus from BBB-minus.
Matrix Research downgraded Cascade to "hold" from "buy," and BMO Capital markets downgraded Mattel to "market perform" from "outperform".
Cornell: Speaking of convergence, every strategy piece I have laid eyes on in the last several months about Greece's stock market has downgraded it to the bottom of the heap.
The market economy group downgraded its growth forecast for most big economies.
Research analyst Jason Bazinet said shares of the number two direct broadcast satellite TV provider have performed "reasonably well" in a difficult market since he downgraded the stock to "sell" in January.
He downgraded Sprint PCS to "market performer" from "market outperformer" and he cut Nextel Communications to "market performer" from the Recommended List.
Over five days, the firm lost more than 67 percent of its market value and was downgraded to junk status, which prompted investor desertions and raised borrowing costs.
In May 2005 the bonds of the two largest and most actively traded issuers in the market, General Motors and Ford, were downgraded to "junk" status as the risk of default increased, leading to fears of a meltdown in the credit markets.
After the market close, Standard & Poor's downgraded the company's debt rating to below investment grade, underscoring growing concerns about the ability of the money-losing company to pay its debts and revive its business.
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