Deteriorating credit scores for high-yield bonds means lenders are closing the door to the weakest borrowers. Through May, 44% of the companies issuing bonds rated in the speculative grade were in the top tier of the register. That compares with 24% last year. "It is not the case that companies are generally improving their credit characteristics, but rather that weaker borrowers are getting shut out," Fridson Investment Advisors CEO Martin Fridson said.
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