Ownership & filings

Counted over the last 90 days across every company, whatever the filters below. Downgrades include fresh defaults, and a watch placement is counted as filed, not deduplicated.

A credit rating agency's view of whether a company can pay its debts. We count company-level actions, never raw filing rows — one downgrade re-broadcast by three agencies on the same day is one event.

Board: company-level moves over the last 90 days, whatever the tape's window or class below. One issuer's debt re-rated across several programmes on one day is one action: an event study measured raw rows at about six times the true events. That pre-registered drift study is armed and self-gating, and no return edge is claimed, in either direction.

✦ below investment grade (under BBB−) · ▲ ▼ the move and its notches, where the earlier grade is on file.

◉ on rating watch · a greyed issuer is a debt-only borrower with no listed shares. Reaffirmations dominate the raw feed and live here, not in the counts.