More firms face debt downgrades
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The number of companies at risk of losing their investment-grade debt ratings rose to 45 last month, up 50% in six months, Merrill Lynch & Co. said Monday.
The companies whose debt is in danger of falling into junk territory have $70.6 billion of bonds outstanding. The count of 45 in July compared with 43 in June and 30 in December.
The list includes any company on whose debt bond-rating firms have issued their lowest investment grade and a negative outlook.
Standard & Poor’s said Aug. 1 that for the first time the majority of borrowers it ranks were rated speculative grade.
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