Search. In the U.S., covenant-lite first-lien term loans recover about 68%, just over 10% less than covenanted deals on average. DATA REPORT 1970-2020 US municipal bond defaults and … Prior Treasurers. Treasury moody's corporate default and recovery rates 2021 pdf . Corporate Cash Outruns Corporate Debt - Moody's Analytics President, Moody’s Investors Service August 12, 2020. Under normal market conditions, the Fund seeks to achieve its objectives by investing at least 80% of its net assets (plus any borrowings for investment purposes) in investment grade … Default rates: Higher for longer New York, June 01, 2022 -- Moody's Investors Service ("Moody's") downgraded Zotec Partners, LLC ("Zotec") Corporate Family Rating ("CFR") to B3 from B2, and Probability of Default rating ("PDR") to B3-PD from B2-PD. spreads & future default rates april 2020 4 in terms of valuation, at around 635bp for high yield, the 1yr implied default rate at 12.1% computes to a 5yr default rate at some 42.8%, in other words the v or even swoosh shaped recovery is not priced in.