Crossovers: mind the gap
One the defining characteristics of the past year has been the emergence of a crossover sector. Moving into the new year, how will recent fallen angels perform? Which names are likely to join the swelling ranks of crossover credits? And could any fallen angels become rising stars?
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
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