Default Risk Increases for European Junk Borrowers, Moody's Says
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The portion of European high-yield borrowers at risk of default is growing, according to Moody’s Investors Service.
The number of companies in Europe, the Middle East and Africa that were rated at least seven levels below investment grade at the end of March increased to 47 from 33 a year earlier, according to a Moody’s report. The 42 percent increase in the lowest-rated issuers outpaced 5 percent growth in the total number of rated companies, wrote William Coley, senior vice president at the firm.