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...the latest move may well turbo-charge the departure from ratings-defined investment processes, especially the cliff-edge division between high-yield and high-grade debt.
“What active managers have been doing since the financial crisis is increasing the flexibility of their mandates,” said James Vokins, head of investment-grade UK credit at Aviva Investors.
...central bank support could be a powerful impetus for more flexibility, especially as yields, or returns, on high-grade debt tumble further and junk markets swell...