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

Credit Benchmark data is now available on Bloomberg – high level credit assessments on the single name constituents of the sectors mentioned in this report can be accessed on CRPR or via CRDT . Get in touch with us to request your free trial for Credit Benchmark Premium Data and Analytics on Bloomberg.

Please complete your details to continue reading this report:

    By clicking the "Submit" button, you are agreeing to the Credit Benchmark Terms of Use and Privacy Policy.

    Download Full Report

    Sovereign Bond Risk Management

    In the current low yield environment, many Sovereign bonds issued by different countries are priced at similar levels. However, this Read more

    Introduction For Credit Portfolio Managers

    Credit Benchmark is a market-led response to three of the most critical issues facing credit risk professionals: 1) The need to Read more

    Sovereign Default Risk In Developing Economies

    This paper examines the use cases for Credit Benchmark’s Consensus Probabilities of Default (Consensus PDs), in the context of more Read more

    Impact Of BCBS Proposals On IRB Banks

    The Basel Committee on Banking Supervision recently published wide-reaching proposals for reducing variation in Credit Risk Weighted Assets, with a Read more

    Follow us on:

    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.