Fallen Angels Tumble at Fastest Rate Since Crisis, Moody's Says
- In first quarter, 51 companies cut to junk; 45 in all 2015
- `We expect the number to increase' under commodities pressure
This article is for subscribers only.
More companies lost their investment-grade ratings in the first three months of 2016 than in any full year going back to at least 2009, according to Moody’s Investors Service, and the number is only expected to increase.
Of the 51 global non-financials that tumbled into junk during in the first three months of the year, 28 of the so-called fallen angels were Brazilian companies that got downgraded after the nation lost its investment-grade rating in February, according to a Wednesday note from Moody’s. In 2015, there were a total of 45 fallen angels.