Signal today is thin — 434 re-rated, barely a fifth of yesterday's volume, so treat this as an early snapshot rather than a trend. The one cohort worth flagging: real estate companies leaning toward credit at 1.5x their share of this period's re-ratings (15 names), a modest but genuine skew rather than noise. Exit-leaning moves and regional splits showed no notable concentration — nothing to build a story on there yet.
Anonymised by design: cohorts and counts only, never a named company.
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