High-yield default rate edges up
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
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