Food & beverage service is the standout: distress signals there are running at 5.6x normal concentration (28 firms), even as the same sector shows separately as over-represented on the exit side — worth reading as a sector under real strain, not a coincidence. With 95% of today's re-ratings landing in a single day, treat this as an early snapshot rather than a trend; the firmest secondary read is Wholesale showing up on both exit (2.3x) and distress (2.0x) lists, again pointing to a sector splitting apart rather than moving as one.
Anonymised by design: cohorts and counts only, never a named company.
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