Fallen angels (an issuer whose credit rating falls to double-‘B’-plus and below from triple-‘B’-minus and above, hence making the move to the speculative-grade rating category from the investment-grade rating category) are flourishing under the same ‘modest’ and ‘uneven’ economic recovery that is causing rising stars to dwindle, Standard & Poor’s said.’Globally, the annual total number and dollar value of fallen angels this year will rival those of 2001, possibly continuing the six-year trend of increasing fallen angels. At present, Standard & Poor’s has identified 69 issuers around the globe that have fallen angel potential. This is six more than identified two months earlier,’ said Diane Vazza, Standard & Poor’s head of Global Fixed Income Research. In the near term, the potential number of fallen angels globally could remain high with Outlooks and CreditWatch implications on global corporate ratings 29% negative, 63% stable, 1% developing, and only 7% positive. The brokerage and aerospace & defense subsectors have the cloudiest forecasts with 56% and 52% of issuers within their subsector distributions, respectively, having either a negative Outlook or a CreditWatch with negative implications.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.