The number of "fallen angels", companies downgraded to junk, has overtaken the number of "rising stars", firms elevated to investment grade, for the first time in two years.

Standard & Poor's Ratings Services said the number of fallen angels has accelerated this month with 32 downgrades from the beginning of the year until August 11 on rated debt worth $39bn (€30.3bn). This is an increase of seven from last month's report, of which three were related to mergers and acquisitions.