Fallen Angels and Rising Stars: Shifting Corporate Credit


September brings more corporate credit shuffling across the investment-grade / high-yield threshold.

The number of firms that have fallen from investment-grade to high-yield (known as Fallen Angels) and retained this status continues to grow, moving from 289 to 369 or about 5% out of a global sample of 7,667 firms. Sectors with the highest percentages of companies still classified as Fallen Angels are Travel & Leisure (12%), Leisure Goods (12%), and Mobile Telecommunications (10%). Only one sector, Personal Goods, saw its ranks of Fallen Angels decline in the latest update [please continue below to access full report].

Fallen Angels

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