Moody’s global high-yield default rate moved slightly up in May to 1.7%, from 1.6% in April. Although the movement was small, the ratings agency notes that the number of defaults, at three, was the highest in five months. May also saw the first default by a European issuer in 15 months.
May’s defaults were auto logistics provider Global Automotive Logistics (Gal) and US companies SGI and Werner Holding. French firm Gal was granted creditor protection under the procedure of ‘sauvegarde’, a new ba
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