July 13 (Bloomberg) -- Fifteen companies lost their investment-grade ratings in June, the third-highest monthly tally since 1987, according to Standard & Poor’s.

With rankings for two additional issuers cut to junk status, the number of “fallen angels” climbed to 60 this year with a combined debt of $209.2 billion, S&P analysts led by Diane Vazza in New York said in a report today.

The tally of borrowers downgraded last month to junk, or below BBB-, ranks behind the 19 issuers cut to junk during the Asian financial crisis in December 1997 and the 17 whose credit ratings were reduced in March, S&P said.

The largest fallen angel this year is CIT Group Inc., the New York-based commercial lender that has been unable to persuade the government to back its bond sales, with $38.2 billion in rated debt, S&P said.

Moody’s Investors Service slashed CIT’s credit rating four levels to B3, from Ba2, and said the ranking may be cut further because of the company’s “inadequate progress” toward improving its liquidity, according to a statement today.

An additional 75 issuers with combined debt of $255.2 billion are at risk of losing their investment-grade ratings, S&P said.

“Not surprisingly, many of the sectors represented on the potential fallen angel list -- such as consumer products, forest products and building materials -- show a high preponderance of negative bias,” the S&P analysts said in the report.

To contact the reporter on this story: Megan Johnston in New York at mjohnston17@bloomberg.net

Last Updated: July 13, 2009 14:12 EDT