AT&T junk downgrade triggers coupon step-up



Telecom giant AT&T completed its fall from grace over the summer as every major rating agency in turn downgraded the company to junk status. Fitch was the first to take action, downgrading AT&T by one notch from BBB- to BB+. And Moody’s and S&P were hot on Fitch’s heels, both downgrading the telecom two notches to Ba1 and BB+ respectively.

The downgrades followed a set of disappointing results from AT&T, as the company reported an 80% decline in second-quarter profits. All three rating agencies

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Credit risk & modelling – Special report 2021

This Risk special report provides an insight on the challenges facing banks in measuring and mitigating credit risk in the current environment, and the strategies they are deploying to adapt to a more stringent regulatory approach.

The wild world of credit models

The Covid-19 pandemic has induced a kind of schizophrenia in loan-loss models. When the pandemic hit, banks overprovisioned for credit losses on the assumption that the economy would head south. But when government stimulus packages put wads of cash in…

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