Rising stars outshine fallen angels

Fourteen issuers have been upgraded to investment grade from high yield so far this year, according to S&P. The agency has identified a further 26 as potential rising stars - the name given to issuers that cross from speculative to investment grade.

Over the same period eight issuers have moved the other way from investment grade to high yield, earning them the term 'fallen angels'.

Five of the rising stars were upgraded in April alone, and two of these won upgrades as a result of M&A activity

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