Moody's reports hike in HY defaults

European speculative-grade defaults rose during the third quarter, according to Moody's. The default rate climbed to 2.8% at the end of the quarter, up from 2.2% at the end of the second quarter and from 0.8% at the end of the third quarter in 2006. The scene in Europe is at odds with global trends, as the issuer-weighted high-yield default rate worldwide was at 1.3% at the end of Q3, down from 1.4% in the preceding quarter and 1.7% in Q3 2006.

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