Consensus credit data has indicated improving credit quality for global corporates in the last few months, but the latest data update paints a more nuanced picture.
There has been only a small increase in the number of Fallen Angels this month. Now, a total of 1,099 firms out of a global sample of 6,895 (16%) have migrated from investment-grade to high-yield at some point during the COVID period since February 2020, compared to last month’s total of 1,070. Of the firms that were downgraded at some point in this period, 736 (11%) still retain high-yield status, up only a little from 718 in the last update [please continue below to access full report].
Fallen Angels – Sector Comparison
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