Moody's: North American high-yield covenant remains stable in October, but weakest-level protections persist
New York, November 08, 2016-- Moody's Covenant Quality Index, which is a three-month rolling average, remained steady at 4.33 last month, but remains 94 basis points weaker than its record best of 3.39 in April 2011. The index has ranged between 4.30 and 4.35 for six straight months, its longest period of stability since the first half of 2013, when scores ranged between 3.92 and 3.98. Such steadiness is similarly reflected in the three-month rolling spread to benchmark, which has...
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