Moody's: North American covenant quality declines slightly in July

New York, August 14, 2013 -- The covenant quality of North American high-yield bonds deteriorated modestly last month, Moody's Investors Service says in a new report, "Bond Covenant Quality Declines in July." July's average was 3.79, a modest deterioration from 3.72 in June. However, Moody's Covenant Quality Index, which reflects trends on a three-month rolling average basis, improved in July, declining to 3.87 from 3.93 as a weaker score rolled out of the index. The index uses a five-point scale, in which 1.0 denotes the strongest covenant protections and 5.0, the weakest.

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