Credit Market Update: Fallen Angels, Fed Liquidity Programs and Conning’s Market Outlook
The Covid-19 pandemic has led to significant downgrades in U.S. corporate credit, including BBB-rated securities which earlier in the year comprised half of the U.S. corporate investment-grade (IG) universe. Credits slipping from IG to below-investment-grade status are known as “fallen angels,” and more are expected in the coming weeks.

In this Q&A, Matt Daly, Head of Corporate and Municipal Teams, discusses the credit market, the impact of recent U.S. Federal Reserve remedial actions, where there may be opportunities in credits that may avoid becoming fallen angels.
Download the Q&A