NEW YORK, March 4 (Reuters) - Corporate credit ratings were downgraded at a record pace in February and if the current pace continues the first quarter of 2009 will be the worst quarter on record, Standard & Poor's said on Wednesday.

"Economic weakness is having an ever-widening impact across sectors. In 2008, consumer-sensitive sectors, such as automotive, retail and restaurants, and consumer products, saw numerous downgrades," Diane Vazza, head of S&P's global fixed income research group, said in a statement.

Downgrades outpaced upgrades by 49 to 6 in the first three weeks of February, S&P said. So far in the first quarter downgrades are outpacing upgrades by 14.3 to 1.

Downgrades to upgrades were 8.9 to 1 in the fourth quarter of 2008 and reached an all-time high of 14.1 to 1 in the fourth quarter of 2001, S&P said.

The capital goods, metals, mining, and steel and oil and gas sectors were relatively benign for downgrades, S&P added. However, "even sectors that held up relatively well in 2008 have begun to see an uptick in downgrades, as profits and financial measures in these sectors erode," Vazza said.

(Reporting by Karen Brettell; Editing by Diane Craft)