Fallen angel bonds bloat to record,more coming-S&P

Newswire

By Jonathan Stempel NEW YORK, Nov 22 (Reuters) - The number of "fallen angel" bonds has surged far past last year's record, and many more companies have the potential to join their swollen ranks, credit rating agency Standard & Poor's said on Friday. In 2002, 69 companies with $172.1 billion of debt, including Goodyear Tire & Rubber Co. , Canada's Nortel Networks Corp. and the now-bankrupt WorldCom Inc. , suffered downgrades to "junk" status from investment-grade. Both totals ...

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