Concentration among yesterday's re-ratings sits squarely in civil engineering, where credit-leaning moves ran at 2.6x the sector's normal share of activity — worth flagging even on a base of nine, and echoed at a smaller scale by legal & accounting on the exit side (2.3x, 16 companies). Everything else, including the modest Scotland and Northern Ireland skew towards borrowing appetite, was diffuse rather than sector-driven. With 96% of the day's re-ratings landing in a single session, this is an early snapshot rather than a trend — worth watching for confirmation, not yet a call.
Anonymised by design: cohorts and counts only, never a named company.
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