The junk bond sector gets downgraded by Morgan Stanly, with its analysts saying the "risk/reward...

|By:, SA News Editor

The junk bond sector gets downgraded by Morgan Stanly, with its analysts saying the "risk/reward ... is less attractive today than at any other point this year." Spreads to Treasurys could tighten further, they say, but this would probably happen in a rising rate environment, which would wipe out any benefits.