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CONSUMER CYCLICALS: Largest Moody's downgrades; Consumer & Transport

CONSUMER CYCLICALS

It joins a small list of double-notch IG/crossover downgrades;

  • Whirlpool; Baa1 to Baa3 (-2)
  • Walgreen Boots; Ba2 to B1 (-2)
  • Mobico; Baa2 to Ba2 (-3)

Similar to S&P, we are dwarfed by Thames in Utils; -9 notches this year

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It joins a small list of double-notch IG/crossover downgrades;

  • Whirlpool; Baa1 to Baa3 (-2)
  • Walgreen Boots; Ba2 to B1 (-2)
  • Mobico; Baa2 to Ba2 (-3)

Similar to S&P, we are dwarfed by Thames in Utils; -9 notches this year