Fallen angels drop to lowest number since start of 2000, Moody's says

New York, Jan. 7 - The fourth quarter of 2003 saw the fewest fallen angels since the first quarter of 2000, according to Moody's Investors Service.

During the three months five companies were downgraded to junk.

The dollar amount of fallen angels was $2.7 billion, the lowest figure since the fourth quarter of 1997.

The fourth quarter was the first three-month period in eight quarters with no utility fallen angels.

Meanwhile the fourth quarter saw four rising stars, Moody's said. Included were two utilities.

By dollar value, the figure was $3 billion.

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