In July, just nine US high-yield issuers with $19 billion of bonds outstanding were downgraded by the rating agencies, the lowest number in any month since December 2018. Indeed, July was the seventh consecutive month in which upgrades – comprising $33.4 billion of bonds from 30 issuers – outpaced downgrades. And while 111 US corporations with $132 billion of high-yield bonds outstanding have been downgraded so far this year, almost two and half times as many have gone the other way.
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