The number of companies rated at risk of a default has risen to close to record levels, according to the latest data from ratings agency Moody’s on Monday.
Those rated B3 or lower with a negative outlook – meaning at risk of further downgrade - by Moody’s climbed to 289 at the start of July after slipping in June. The tally is just below an all-time high of 291 set in 2009 that was also matched in April this year.
The business services sector has fared prominently after a recent spate of downgrades, in the latest data, but so too did oil and gas firms. Some 28% of the companies are in the energy sector. They include big names like Chesapeake Energy Corp (NYSE:CHK).