Being a fallen angel is not a good thing, whether in the Bible or the bond market. For investors, a fallen angel is a company that has lost its investment-grade debt ratings — a fall that can have costly consequences. The ranks of that category may be about to get far more crowded, as new economic woes push nearly $1 trillion of debt owed by companies that are currently barely above that level closer to the line. The market has already made up its mind on roughly a third of that, trading the bo
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