Angels stop falling for autumn

Fallen angel Madrid from Adobe 19Aug20 575x375
By Owen Sanderson
07 Oct 2020

European credit markets recorded no fallen angels in September — the first month of the Covid crisis that this has occurred, according to credit strategists at Bank of America — and few corporates are now at immediate risk of a slide out of investment grade.

“The fallen angel risk receded further last month and remains limited in the short term,” said the BofA note, published on Wednesday. “For the first time since March, we find no BBB2/BBB3 rated debt under both negative outlook and watch from at least one rating agency.”

That comes after a major round of ...

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