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

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.

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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.