The number of global ‘fallen angels’ has increased by eight to 32, according to Standard & Poor’s (S&P) Ratings Services. In comparison, the count was 28 at the same time last year.
In finance, the term refers to bonds or stocks that have fallen substantially from their all time highs.
S&P said there were 32 bonds that were once investment grade but had been downgraded to speculative grade. This is the largest increase of any reporting period this year.
There were “fallen angels” in both emerging and developed markets, including the US and Europe, but S&P said Italian banks led the trend.
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