Why ‘Fallen Angels’ Are a Bond Market Preoccupation
Penny Achile, a Xerox Corp. employee, waits for her ride home outside of Xerox’s office building in Rochester, New York. (Photographer: Andrew Dolph/Bloomberg News)

Why ‘Fallen Angels’ Are a Bond Market Preoccupation

(Bloomberg) -- Xerox Corp. is the latest big-name American company to join an inauspicious club. Its bonds completed a fall from investment grade to junk status on Dec. 18, making them what’s known...
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