Real estate accounted for nearly two-fifths of today's credit-leaning re-ratings — a 1.9x share that's the firmest read we have, alongside a Scotland/Northern Ireland skew on the same side. On the exit-leaning book, legal & accounting and financial auxiliary services both ran at over twice their share, though on much smaller counts. Worth flagging: the bulk of today's activity landed in a single day, so treat this as an early snapshot rather than a trend — the real estate credit lean is the one signal we'd back with any conviction right now.
Anonymised by design: cohorts and counts only, never a named company.
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