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Junk Bond Defaults Soar: Citigroup is Uneasy
Posted on June 11, 2008
Bloomberg is reporting Junk Bond Defaults Rise for Sixth Straight Month.Companieswith high-yield, high-risk debt defaulted at an annual rate of 2percent in May compared with 1.7 percent in April, the sixthconsecutive month of increases, according to Moody's Investors Service.Theglobal default rate may rise sharply to 5 percent by the end of 2008and 6.3 percent a year from now, according to a report written byKenneth Emery, Moody's director of corporate default research in NewYork. Many speculative-grade issuers will face mountingfinancial pressures over the remainder of the year as a weak ec...
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