Overall re-ratings halved week on week, but Accommodation stood out on the credit side at 1.6x its share of this period's re-ratings — a small cohort (49 firms) worth watching rather than betting on yet. Real estate added scale to the same lean, with 665 companies showing rising borrowing appetite, while on the exit side Employment & recruitment (1.4x) and Architecture & engineering (1.3x) were the firms most often re-rated toward sale-likelihood alone. Underneath it all, 437 companies newly matched our "sector laggard" pattern and 219 triggered "Z distress" — the kind of structural signals that don't show up in the weekly aggregates but are exactly what the full feed is built to surface.
Anonymised by design: cohorts and counts only, never a named company.
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