Rising star pierces gloom over fallen angels


Europe is set to witness another record year for the number of companies falling from investment grade to junk, according to rating agency Standard & Poor’s. A weak earnings environment, sluggish economic performance and the leverage overhang from a flurry of mergers and acquisitions have all contributed to a difficult European corporate landscape in which credit quality remains under considerable pressure.

In the first quarter of this year, a total of eight companies joined the ranks of

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