4.11.2020 18

HY default cycle and rating changes: how it is "different" this time

Published November 4, 2020

5 to 10 minutes

5 to 10 minutes


Despite a severe macro contraction, policy reaction to the covid-crisis limited most of corporates’ rating migration and HY defaults to low-rated debt. This piece outlines our expectations on both rating and default cycles to come.


To find out more, download the full article

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