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Moody's said its "global..............>

US CORPORATES: Moody's said its "global speculative-grade default rate falls
below 3%," the "lowest since 2015", as the "global speculative-grade defaults
fell to 2.9% in August, down from 3.1% in July." "We expect the rate to continue
its downward trajectory," said Sharon Ou, Moody's VP and Senior Credit Officer.
- Moody's anticipates the "global default rate to reach 2.3% in August 2018,"
down from a 4.8% peak in August 2016, :when commodity sectors drove the default
rate to a 7-year high." 
- "This benign forecast is a function of a relatively low level of high yld sprd
and stability in commodity prices," Ou said.
- The weakest industries include: media advertising, printing and publishing,
durable consumer goods and retail, it said. "Only 2 speculative-grade companies
defaulted last month: a US retailer that completed a distressed exchange, and a
Singapore-based semiconductor assembly and test services provider that failed to
make coupon payments at the end of a grade period," it said. 
- The US speculative-grade default rate fell to 3.4% in August, down from 3.6%
in prior month. The rate in Europe fell to 2.6% from 2.8%.

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