“Potential downgrades at the ratings company exceed possible upgrades by the most since 2009, in percentage terms, according to a Jan. 11 report. The difference widened the most since the financial crisis in the past six months, S&P said.  The corporate-debt outlook has darkened, particularly in Latin America, because of slower growth in China and a commodity rout that’s cut prices to the lowest since at least 1991. Company defaults have already risen to the highest since 2009 and investors are demanding the biggest yield in four years to hold junk bonds. On a regional basis, Latin America had the biggest gap, with possible downgrades exceeding potential upgrades by about 35%.”

http://www.bloomberg.com/news/articles/2016-01-12/corporate-credit-outlook-weakens-to-worst-since-crisis-s-p-says

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