More junk borrowers allowed to adjust earnings to get credit

05/28/2014 | Bloomberg

Below-investment-grade borrowers are being given wider latitude by lenders to tweak earnings to look more creditworthy. Tactics include using projected cost savings from acquisitions to reduce expenses. Moody's Investors Service found that 66% of junk-rated bonds sold this year had at least one earnings adjustment deemed "aggressive," an increase from 59% last year and 40% in 2011.

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