M&A spurs fallen angels

Mergers and acquisitions activity is fuelling the descent of companies from high-grade to high-yield status, according to Standard & Poor’s latest fallen angels report.

Three-quarters of fallen angels – issuers that cross from high grade to high yield – have been associated with acquisition-related activity so far this year, says S&P.

The sectors most vulnerable to fallen angels are utilities, media and entertainment, and healthcare, says Dianne Vazza, head of S&P’s global fixed-income research

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