Of business sectors in Moody’s speculative grade portfolio, the oil and gas sector continued to lead with the most debt issuers—38 percent of the total between May 1 and June 1.
Five companies dropped off the list, three of which were in the oil and gas sector, the credit ratings agency said in a Friday report. RAAM Global Energy Co. and Denver Parent Corp. are both in default; Sabine Oil & Gas Corp. recently went through a borrowing base redetermination to stave off default.
The June 1 portfolio count of companies with a probability of default rating of B3 Negative shows a steady climb, reaching 206 companies, an increase of 5 percent from May. For the first time since July 2010, when the list was at 205 and dropping names each quarter, it exceeds 200 names.
“Although the list increased by a significant 24 percent on a yearly, basis, the current figure is still lower that its all-time high of 290 companies the credit crises,” Moody’s said.
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