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BREAKING DOWN 'High-Yield Bond'
Also known as "junk bonds".
Based
on the two main credit rating agencies, high-yield bonds carry a rating
below "BBB" from S&P, and below "Baa" from Moody's. Bonds with
ratings at or above these levels are considered investment grade.
Credit ratings can be as low as "D" (currently in default), and most
bonds with "C" ratings or lower carry a high risk of default; to
compensate for this risk, yields will typically be very high.
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