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 Credit On Verge Of Crisis: $176 Billion A-Rated Bonds Downgraded To BBB In Q4

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RR Phantom

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Credit On Verge Of Crisis: $176 Billion A-Rated Bonds Downgraded To BBB In Q4 Vide
PostSubject: Credit On Verge Of Crisis: $176 Billion A-Rated Bonds Downgraded To BBB In Q4   Credit On Verge Of Crisis: $176 Billion A-Rated Bonds Downgraded To BBB In Q4 Icon_minitimeFri Dec 14, 2018 3:59 pm
While the market's frenzied attention has lately shifted to the cracks appearing in the leveraged loan market, which as we reported last night is seeing the "wheels come off" following record outflows, a collapse in loan prices, massive original issue discounts, pulled deals, banks retaining loans on their books unable to find buyers and a general sense that the market is about to freeze, one should not forget the original bogeyman that many believe will be the cause of the next credit crisis when the upcoming recession finally hits: a wholesale downgrade of investment grade (or BBB) rated companies into the junk space as rating agencies finally wake up to the reality of what the combustible mix of record debt, declining cash flows and a contracting economy mean for US corporations.

Credit On Verge Of Crisis: $176 Billion A-Rated Bonds Downgraded To BBB In Q4 BBB%20downgrades%20dec%2014%202018

And it is here that things are once again moving from bad to worse.

Recall that just two weeks ago we reported that no less than $90 billion in A-rated bonds had been downgraded to the lowest investment grade rating, BBB, below which companies become "fallen angels" as they move from investment grade to high yield, resulting in forced liquidations as countless vanilla funds are simply not permitted by their mandate to retain junk on their books.

https://www.zerohedge.com/news/2018-12-14/credit-verge-crisis-176-billion-rated-bonds-downgraded-bbb-q4?fbclid=IwAR1qpBeNwz2pMI6nhyDhqFDNkvWJFcBSfvo9JeGw3hApjhlUawrbIFgZeOM
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Credit On Verge Of Crisis: $176 Billion A-Rated Bonds Downgraded To BBB In Q4 PgkowJT
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