Fallen Angels: Growing, but Slowing?
The ranks of the Fallen Angels – firms whose credit quality has made the shift from investment-grade to high yield, or “junk” status – continue to grow, but the pace may be slowing down.
August 28, 2020
The ranks of the Fallen Angels – firms whose credit quality has made the shift from investment-grade to high yield, or “junk” status – continue to grow, but the pace may be slowing down.
To download the August 2020 Housing Aggregate PDF, click here. . The US housing sector can breathe a (perhaps temporary) sigh of relief. The UK
Credit Benchmark have released the August Credit Consensus Indicators (CCIs). The CCI is an index of forward-looking credit opinions for US, UK and EU Industrials
COVID-19 has caused major economic damage, especially in sectors connected with travel and leisure. But in manufacturing and technology there will be some strong winners. The most recent Consensus credit data gives some insight into how these winners are already emerging.
The Financial Counterpart Monitor from Credit Benchmark provides a unique analysis of the changing creditworthiness of financial institutions. The report, which covers banks, intermediaries, buy-side
Download the Mid-August Industry Monitor infographic below. Credit Benchmark have released the mid-month industry update for August, based on a partial subset of the contributed
To download the August 2020 Retail Aggregate PDF, click here. Retail woes show no sign of stopping, particularly for the US. Joining chains like JC
Download the End-July Industry Monitor infographic below. Credit Benchmark have released the end-month industry update for July, based on a partial subset of the contributed
To download the July 2020 Oil & Gas Aggregate PDF, click here. . Problems in credit quality abound, yet few sectors are seeing deterioration like
Rating agency downgrades have hit unprecedented levels over the past few months, but the majority of the downgrades have been for companies that were already classed as high yield. Fallen Angels – companies that cross the boundary from Investment Grade to Junk – are still in a minority, as agencies (and their corporate clients) display an understandable reluctance to avoid the “BBB cliff”.
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