Crossovers: mind the gap

Credit of the month

Lior Jassur
Dresdner Kleinwort Wasserstein

Fallen angels, companies whose credit rating has been downgraded to sub-investment grade by at least one of the major rating agencies, are a relatively new concept in the European credit markets, having gained increasing prominence in late 2001 and throughout 2002.

Several factors are important when evaluating which fallen angels are likely to perform well over the next year. For a start, why has a company become a fallen angel? Were its

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