Re-rating activity fell sharply this week, with both exit and credit-leaning companies down roughly a third from the prior week, though credit appetite is holding stronger in the register flow. Accommodation remains the standout on the borrowing side at 1.7x its share of this week's re-ratings and persisting now for three consecutive issues, with real estate and Northern Ireland also showing pronounced concentration toward secured-debt appetite.
Anonymised by design: cohorts and counts only, never a named company.
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