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This Month In Credit: Growing Divide (May 2023)

Downgrades continued to outnumber upgrades for issuers rated 'B' and below in April, even as upgrades rebounded (especially at higher rating levels). Weakest links reached a two-year high of 316 in April as the pool of companies at the greatest risk of default grows. Over the past year, the health care and high technology sectors have had the largest increase in weakest links, a notable downward shift in performance since the height of the COVID-19 pandemic.

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