US Sector-Wise Fallen Angels in Focus

37 Views28 Nov 2023 11:00

SUMMARY

Corporates in the US have been beset by increasing financing costs as higher-for-longer interest rates take a grip on firms’ credit risk profiles.
The impact on US firms’ profitability and revenues due to rising input and servicing costs and worsening household affordability respectively has led to a substantial number of fallen angels year-to-date in 2023.
As can be seen from this week’s chart, firms that largely benefitted during the COVID-19 pandemic, such as health care, communication and technology, have seen a larger proportion of fallen angels compared to other sectors.

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