Rising commodity prices, largely driven by the booming Chinese economy, have highlighted the vulnerability of some industries to higher energy and raw material costs, according to a new report published today by Standard & Poor’s Ratings Services.

Corporations which are unable to pass increased costs along to their customers, including airlines, certain chemical companies, auto manufacturers and their suppliers, and consumer products makers, have been especially hard hit, it notes. Standard & Poor’s has downgraded some companies in these sectors. And, a few have even defaulted.

Oil is the key commodity, S&P says. Over the past two years its price has nearly doubled, rising to $45 per barrel, from $25 per barrel (while peaking in October at $55 per barrel.). But with the Chinese economy expected to cool, and terrorist fears abate, Standard & Poor’s chief economist David Wyss expects the price of crude to settle down at about $35 per barrel.

Yet even in the most adversely affected sectors of the economy, there have not been widespread ratings shifts, it says. “The recent price spikes driven by Chinese demand have not been large enough to shift credit ratings on a wholesale basis for any given industry.” says John Bilardello, managing director for Standard & Poor’s Industrial Ratings. “However, Standard & Poor’s is closely monitoring the marked rise in the volatility in fuel and certain commodity prices, which have developed into a heightened risk factor for corporate and sovereign ratings.”