Real estate carried the clearest signal in yesterday's exit-leaning re-ratings — 1.5x its share of the cohort, and on a solid base of 41 companies, the sturdiest read in the batch. Retail turned up on both sides of the ledger (1.9x on exit-leaning, 1.7x on credit-leaning) but on counts in single digits, so treat that as a flag rather than a call. With most of the day's 962 re-ratings landing inside a single 24-hour window, this is an early snapshot, not yet a trend worth building a thesis on.
Anonymised by design: cohorts and counts only, never a named company.
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