The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Fallen Angel Activity Continues to Decelerate

The number of investment-grade companies that are at risk of being downgraded to junk status has fallen to an eight-year low, according to a new report from Standard & Poor's.

As of June 15, a total of 42 companies worldwide, affecting rated debt totaling $52.5 billion, were in danger of becoming "fallen angels," according to the ratings agency. In other words, they were vulnerable to falling from what S&P deems investment grade (BBB-minus or higher) to junk status (BB-plus or lower). The current total is the lowest since 1997.

The high-tech sector includes six issuers ? all based in the United States ? that are potential fallen angels, noted a report by Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. The insurance, media and entertainment, and utility sectors each include five potential fallen angels.

So far in 2004, eight U.S. issuers have fallen to junk status.

 

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree