Consensus data show ongoing shuffling within corporate credit, but the balance is slightly in favour of Rising Stars as a growing number of firms see their credit status shift from high-yield to investment-grade.
Fallen Angels, or firms that have deteriorated from investment-grade to high-yield, now total 401, up from 369 last month. About 5% out of a global sample of 7,667 companies are still classified as Fallen Angels after crossing the threshold since the start of 2021. Sectors with the highest percentages of Fallen Angels remain the beleaguered Travel & Leisure at 13%, Leisure Goods at 12%, and Mobile Telecommunications at 10% [please continue below to access full report].
Fallen Angels
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