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John Puchalla
Senior Vice President

Tom Marshella
Managing Director - US/Americas Corporate Finance

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Spec Grade Liquidity Ratings

How do Moody's Analysts Determine SGL Ratings?
To learn more about SGL ratings, please visit our Ratings Definitions page.


  • 13 Jan 2016
    • Spec-grade default rate almost doubles year over year as commodities volatility pressures corporate issuers
      Volatility in the oil & gas and metals & mining sectors pushed the global speculative-grade default rate to 3.4%, as 108 defaults were recorded in 2015, up from 55 in 2014. We forecast that the default rate will continue to rise in 2016 to 3.9% by year-end as slowing growth in China further pressures commodities issuers, with defaults among metals & mining issuers leading in the US and oil & gas issuers dominating in Europe... Full Report l Press Release
  • 5 Jan 2016
    • Rising Liquidity Stress Index indicates more defaults to come in 2016
      Moody's Liquidity Stress Index jumped to 6.8% in December 2015 from 6.4% in November, reaching the index’s highest level since February 2010. Nevertheless, speculative-grade liquidity is much better than it was during the depths of the last recession, and should be supported this year by moderate economic growth and modest maturities for the market overall... Full Report l Press Release
  • 18 Dec 2015
    • Moody’s Liquidity Stress Index ticks higher, a red flag for defaults
      The Liquidity Stress Index (LSI) edged higher to 6.5% in mid-December from 6.4% in November, approaching its 6.7% long-term average. The LSI is a leading indicator of the default rate, which we forecast will rise to a five-year high of 4.1% in 12 months, from 3.0% today. Although liquidity strains remain largely confined to the energy sector, cash flow weakness and higher borrowing costs are starting to strain liquidity of some low-rated companies in other sectors... Full Report l Press Release

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