Investors will be cheered by further news of global economic stability as Moody’s, the rating agency, reports the global speculative-grade for corporate bond default held firm in October at 5.7%, the same rate as September.
Defaults in October totalled $170 million and were accounted for by just two issuers – American Plumbing and Mechanical ($95 million) and Piccadilly Cafeterias ($75 million). This is the lowest monthly total – for dollar volume and the number of issuers – for 2003.
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