Fallen Angels and Rising Stars: Credit Volatility Persists

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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    Credit Benchmark brings together internal credit risk views from over 40 leading global financial institutions. The contributions are anonymized, aggregated, and published in the form of consensus ratings and aggregate analytics to provide an independent, real-world perspective of credit risk. Risk and investment professionals at banks, insurance companies, asset managers and other financial firms use the data for insights into the unrated, monitoring and alerting within their portfolios, benchmarking, assessing and analyzing trends, and fulfilling regulatory requirements and capital.