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Corporate Defaults Expected to Inch Higher as Federal Reserve Tightens
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The Federal Reserve’s expected interest-rate increase on Wednesday will likely make it more difficult for troubled companies to refinance debt as a long period of ultralow rates comes to a close.
Borrowing costs for many junk-rated companies are poised to follow rates higher, which is expected to cause a modest uptick in credit defaults—as well as in potential opportunities for distressed-debt investors. Corporate defaults and bankruptcies have hovered near their lowest rates in decades, the result of near-zero interest rates...
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