High-yield default rates hit new low

The number of speculative-grade companies defaulting on their bonds is at its lowest since March 1995, according to the latest figures from Moody's. The global 12-month trailing default rate at the end of October dropped to 1.1%, from 1.3% the previous month. However Moody's anticipates a sharp rise in the number of defaults by this time next year. Its forecasting model predicts the global speculative-grade default rate will hit 3.6% by October 2008. In Europe, the high-yield default rate fell t

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