'Angels' fall as bond issuers are downgraded to junk

Last month, 15 bond issuers were downgraded to speculative grade (BB+ and lower) from investment grade (BBB- and higher), the third-highest monthly tally of “fallen angels” since Standard & Poor’s Financial Services LLC began keeping track in 1987, according to a report today from the New York-based rating agency. The highest level was hit in December 1997 during the Asian financial crisis, and the second highest was in March. With the addition of two fallen angels this month, the year-to-date tally of bond issuers cut to speculative grade increased to 60, affecting rated debt worth $209.17 billion, the S&P report said.. Looking ahead, 75 issuers exhibit fallen-angel potential, totaling $255.22 billion in rated debt, according to the report.