S&P Takes Most Bearish Stance on U.S. Corporate Debt Since 2009

S&P Global Ratings was the most bearish on U.S. corporate debt in 2019 than at any other point in the last decade. Last year saw the most credit ratings downgrades for U.S. companies relative to upgrades since 2009, according to S&P data compiled by Bloomberg.

That didn’t stop the money from piling in. The Bloomberg Barclays U.S. Aggregate Bond Index surged 8.7% in 2019, its best year since 2002, as investors sought out a haven from negative rates overseas. Investment grade U.S. corporate debt returned 14.5%, its best year in the decade.