Re-ratings are a fraction of yesterday's volume, but one cohort stands out early: accommodation businesses are taking a 1.9x share of today's credit-leaning re-ratings, on 17 live register events — a thin sample, but a clean signal of borrowing appetite rather than distress. On the exit side, advertising & market research and legal & accounting firms are also punching above their weight (2.2x and 2.0x respectively, albeit on single-digit counts), hinting at early sale-readiness in professional-services niches worth watching as more register events land.
Anonymised by design: cohorts and counts only, never a named company.
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