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“Distress” in US Corporate Debt Spikes to 2009 Level
December 2, 2015
Investors bloodied as the Credit Bubble implodes at the bottom

Standard & Poor’s “distress ratio” for bonds, which started rising a year ago, reached 20.1% by the end of November, up from 19.1% in October. It was its worst level since September 2009.

It engulfed 228 companies at the end of November, with $180 billion of distressed debt, up from 225 companies in October with $166 billion of distressed debt, S&P Capital IQ reported.

...The oil-and-gas sector accounted for 37% of the total distressed debt and sported the second-highest sector distress ratio of 50.4%.

...The metals, mining, and steel sector has the second largest number of distressed issues and sports the highest sector distress ratio (72.4%),

...At the lowest end of the junk bond spectrum – rated CCC or lower – the bottom is now falling out. Yields are spiking, having more than doubled from 8% in June 2014 to 16.6% now, the highest since August 2009:

http://wolfstreet.com/2015/12/02/distress-in-corporate-debt-spikes-to-september-2009-level/