Real estate stands out in today's credit-leaning re-ratings: 123 companies, at 1.7x their share of the day's movements — the strongest reading we've seen that's actually backed by real volume, not a handful of names. On the exit side, legal & accounting and motor trade drew a smaller but similarly skewed pull (1.6x and 1.5x), though on 10 and 15 companies respectively that's still an early read worth treating with caution. With 94% of today's 3,853 re-ratings landing on a single day, take this as a first snapshot rather than a settled signal.
Anonymised by design: cohorts and counts only, never a named company.
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