Food & beverage service is the story: 6.4x its usual concentration among distress-leaning re-ratings (26 firms), against a much thinner 1.8x showing on the exit side — a sector splitting hard in one direction on live register events alone. Re-ratings jumped sharply day-on-day (745 vs 72), but with 96% landing on a single day this is an early snapshot, not a trend, so treat it as a flag to watch rather than a call. Motor trade's 2.3x exit-lean lift is the next firmest signal, though on only 7 companies it wants more data before leaning on it.
Anonymised by design: cohorts and counts only, never a named company.
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