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Fallen angels now outpace 2004, S&P says
New York, July 15 - The number of fallen angels so far this year hit 23 as of July 14, pulling ahead of the 2004 pace, according to Standard & Poor's.
At the same point in 2004, 13 issuers had been lowered to junk from investment grade.
However, 10 more companies have been raised to high grade rather than lowered for the year to date, the highest margin since 1997, S&P said.
S&P's list of potential fallen angels shrank one to 47 from 48 a month earlier. But the latest total is five more than the June 2004 figure. Companies qualify as potential fallen angels by being rated BBB- and having a negative outlook or a CreditWatch negative.
High technology and insurance are the most vulnerable sectors, S&P commented.
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