Moody's: North American high-yield covenant quality strengthens in November, even while maintaining weakest-level protections
New York, December 13, 2016-- Moody's Covenant Quality Index, which is a three-month rolling average, strengthened in November, improving to 4.20 from October's 4.33 reading, Moody's Investors Service says in a new report. November's CQI broke a six-month streak of sustained readings between 4.30 and 4.35, and is now 81 basis points weaker than its record-best of 3.39 in April 2011.. The average covenant quality for bonds issued last month was 4.24, down from 4.14 in October.
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