Smooth sailing is predicted in 2013 for the high-yield market by Fitch, which sees a 2% default rate, the same as this year. One issue will be the recent "aggressive" issuance - including a high rate of CCC or lower-rated paper, the reemergence of paid-in-kind debt, and covenant-lite loans. Seen in this context, the current low default rate should be viewed as a lagging, rather than leading indicator.
Smooth sailing is predicted in 2013 for the high-yield market by Fitch, which sees a 2% default...
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