Bloomberg

(Bloomberg) -- The share of A-rated bonds in the Swiss National Bank’s foreign-exchange portfolio inched up to 11 percent in the second quarter. While that’s just a 1 percentage-point increase from the prior three months, it’s indicative of a broader trend: the proportion of top-rated fixed-income securities has declined by more than a quarter in the past five years. That’s at least partly linked to sovereign downgrades.

--With assistance from Marianna Aragao To contact the reporter on this story: Catherine Bosley in Zurich at cbosley1@bloomberg.net. To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Zoe Schneeweiss, Jana Randow

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