Downgrades on U.S. leveraged loans are picking up, a sign of fragility in the booming corporate debt market
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The ratio of downgrades to upgrades in the S&P/LSTA Leveraged Loan Index rose in the 12 months through September to nearly 3 to 1—the highest reading since 2009. A total of 282 issuers were downgraded from the beginning of January through Oct. 11, up from 244 in all of 2018 and 33 in 2017, according to LCD, a unit of S&P Global Market Intelligence.
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