Re-rated volumes doubled day-on-day, but treat that as an early snapshot rather than a trend given it's concentrated on one day. The firmest signal is on the credit side: construction (buildings) is running at 1.7x its share of today's re-ratings among companies leaning toward secured borrowing, a cluster worth watching as the pattern data (16 Z-distress, 13 sector-laggard matches) builds out. Exit-leaning activity was led more thinly by head office and management consultancy firms (1.6x), with no notable regional skew on either side.
Anonymised by design: cohorts and counts only, never a named company.
← the full journal