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October 23, 2008
Sectoral High-Yield Concentrations, Then and Now
Using some new data today from Fitch Ratings, here is the concentrations of high-yield debt by sector in the U.S. The chart compares the current situation with the onset of prior recessionary periods beginning in 2000 and 1989. High-side anomalies are flagged in bold red, and they include autos, banking, and energy, among others.
As Fitch points out, while we have less concentration this time around in specific at-risk sectors, like telecom, we instead have a host of sectors with significant high-yield exposure putting themselves at credit risk in the current downturn.
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