Transcription of Introduction - Leveraged Commentary & Data
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Introduction - Leveraged Commentary & Data
Copyright 2007 Standard & Poor s, a division of The McGraw-Hill Companies, Inc. Introduction High-yield bonds are debt securities issued by corporations with lower-than-investment grade ratings. The issuing companies usually are seeking money for growth (via M&A, perhaps), working capital or other cash flow purposes. The non-investment grade ratings lower than BBB- by Standard & Poor s, Baa3 by Moody s and BBB- by Fitch suggest a higher chance of an issuer default, wherein the company does not pay coupon interest or the principal amount due at maturity in a timely manner.
Copyright 2007 Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. Standard & Poor’s LCD High-Yield Bond Marker Primer Page 3 of 8
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