medium · Debt Capital Markets credit-ratings-risk
A 'Fallen Angel' is a bond that has experienced which of the following rating transitions?
- An upgrade from High Yield to Investment Grade.
- A downgrade within the High Yield category (e.g., from B1 to B3).
- A downgrade from Investment Grade to High Yield.
- A transition from a 'Stable' to a 'Negative' outlook while maintaining the same rating.
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