During the global financial crisis more than a decade ago, about one-seventh of such companies in the United States defaulted in a year. However, according to rating agency Moody’s, less than 9% defaulted in the year to August 2020, and ratings have continued to decline since then. By the end of 2021, a fast-growing recovery should be below the long-term average of 4.7%.
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America’s High-Yield Debt Is on Ever-Shakier Foundations
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