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The Making of Fallen Angels – and What QE and Credit Rating Agencies Have to Do With It – Liberty Street 

The early stages of the COVID-19 crisis exposed the vulnerability of prospective fallen angels. The volume of prospective fallen angels’ debt that was downgraded in just the first few weeks of 2020 was five times larger than the volume of similar downgrades during the entire Global Financial Crisis, as shown in the chart below. 

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