Fallen Angels in Focus

Fallen angels, or issuers that are downgraded from investment grade to high yield, can represent significant risk or reward depending on your vantage point and investment guidelines.

Fallen angels have been well researched and tend to come into focus when there is an uptick in leverage and corporate balance sheet stress. In this paper, we aim to provide an overview of recent developments in the credit markets, with a focus on fallen angels, including expectations and observations for valuations and the sectors likely to be most impacted.

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