The national lockdowns ordered in response to the Covid pandemic a year ago have caused economic uncertainty. Many businesses, such as high street retail and leisure, have been hit hard as many were forced to stop trading. The uncertainty has left market watchers to question if some corporates can afford to repay their debts. If not, downgrades could be on the way. Marks & Spencer, Heinz and Virgin Money are just some household names that have lost their investment-grade status in recent years and are now graded as fallen angels as they are now classed as high yield. Could others be about to join them at the risker end of the spectrum and if so, how can investors spot a bargain? To find out, we brought asset owners and asset managers together with consultants and a credit strategist to examine the fallen angel market.