Credit volatility remains in the picture for global corporates. The latest consensus data show increases in both the number of Fallen Angels – companies that have seen their credit scores fall from investment-grade to high-yield status – and Rising Stars – companies that have risen from high-yield to investment grade.
The total number of firms still classified as Fallen Angels has grown from 235 to 289 or roughly 4% out of a global sample of 7,667 companies spanning several sectors. Those with the highest percentages of investment-grade firms that shifted to high-yield are Leisure Goods at 12%, Travel & Leisure at 11%, and Mobile Telecommunications at 10%. Two sectors, Personal Goods and Technology Hardware & Equipment, saw their ranks of Fallen Angels shrink [please continue below to access full report].
Fallen Angels
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