Civil engineering and telecommunications both ran at roughly 2.2x their usual share of today's credit-leaning re-ratings — a modest ten and seven companies respectively, so treat it as an early snapshot rather than a trend, but the direction is clean: live register events, not stale guesswork, pointing to borrowing appetite rather than sale intent. On the exit side, Wales stands out at 2.0x its share of this period's re-ratings (69 companies) alongside a smaller architecture & engineering skew — worth watching if it persists tomorrow. The "both-up" cohort (295 firms) is churn, not a third market, and we're leaving it out of the story.
Anonymised by design: cohorts and counts only, never a named company.
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