2008 a turning point for credit cycle - Moody's

The global corporate default rate reached its lowest level in two decades at the end of 2007. But rating agency Moody's expects a "sharp rise" in 2008. In a recent default report, Moody's said the global speculative-grade default rate among corporates was at 0.9% in December 2007. This was down from 1.7% in December 2006 and its lowest level since December 1981. Speculative-grade defaults in the US were also down to 0.9% by December 2007, from 1.7% a year earlier. In Europe, the rate fell to 1.2

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