Drop in fallen angels brings cheer to market

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If investors had any doubts about whether the market has passed the bottom of the credit cycle, the decreasing rate of companies downgraded to speculative grade from investment grade—or so-called fallen angels—should allay any fears. In 2003, 56 companies were cut from investment grade to junk, down from 82 a year earlier, according to a Standard & Poor’s report. And expectations are that this positive trend will continue.

“Looking ahead, the global fallen angel count for 2004 will continue t

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