Credit migration: fallen angels and rising stars

10 min read 2 Nov 20

Summary: Fallen angels have become a hot topic among investors, due to this year’s high-profile downgrades, and the sub-asset class’s historical outperformance compared to other high yield credit.

In the following paper, we look at recent significant changes to the investment grade and high yield universes and outline our expectations for global credit markets.

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The value of investments will fluctuate, which will cause prices to fall as well as rise and investors may not get back the original amount they invested.