U.S. high yield sees best credit performance since 1998, Moody's says

New York, July 12 - U.S.-based high-yield issuers had their best quarter for credit quality since 1998, according to Moody's Investors Service.

During the second quarter, upgrades made up 56% of all high-yield rating actions by number and 62% by par value, the rating agency said.

That was the best performance by number since the 61% recorded in the fourth quarter of 1997 and the best by par value since the 82% of the second quarter of 1998.

Overall, the second quarter of this year saw 62 upgrades to U.S. high-yield issuers - a record high - affecting $40.0 billion of bonds and preferred stock, the biggest total since the fourth quarter of 1999.

There were 48 high-yield downgrades in the quarter affecting $24.1 billion of bonds and preferred stock, the fewest by number since the third quarter of 1998 and the smallest par value since the third quarter of 1999, Moody's added.

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