Given the amount of cheap debt in the market, the speculative graded firms are hold substantial amounts of debt which they are unlikely to services. Several industries have been hit with downgrades, lowering them from B+/B/B- (speculative) to CCC (very high risk).
In the presence of recession and deteriorating performance, this and FTI Consulting FCN are well positioned to capitalise on the wave of restructurings likely to appear.