{'fraction_non_alphanumeric': 0.02177293934681182, 'fraction_numerical': 0.0, 'mean_word_length': 4.962962962962963, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Catching Fallen Angels (and Other Expensive Credit Events)

We examine the efficacy of the I-squared incomplete information credit model in a broad context that is relevant to fund and asset managers. Using a rigorous statistical analysis, we show that I-squared is a powerful forecaster of the following events: - Rating agency downgrades - Investment grade to high yield downgrades - High yield defaults These statistical results translate directly into useful portfolio construction techniques. For example, we show that the number of high-yield defaults in a portfolio can be reduced dramatically by excluding a very small number of names.