The market has been talking about fallen angels for a good 18 months now and it might be time for it to come up with a different analogy. It’s not just that it’s a horrible cliché – more to the point is that it is rather inaccurate in view of the extent of the problem. The euphemistic alternative – cross-over debt – is even less descriptive. If we have to stick with angels, Euromoney would prefer angels-falling-violently-en-masse-and-still-plummeting.
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