Second quarter outlook changes favorable, Moody's says

New York, June 2 - An "extraordinarily high" 84% of the outlook changes so far in the second quarter to U.S. high-yield issuers have been favorable, Moody's Investors Service said Thursday.

That is an increase from 63% for the whole of the first quarter.

For all issuers, 77% of outlook changes have been favorable, up from 58% in the first quarter and 56% for all of 2003.

Meanwhile, 47% of U.S. credit rating revisions were upgrades in the second quarter to date, improved from 41% in the first quarter and 30% for all of 2003, Moody's said.

For high-yield issuers, 49% of rating changes have been upgrades in the second quarter compared to 43% in the first quarter and 35% in 2003.

"From the perspective of outlook changes, new credit rating revisions and actual credit rating revisions, a corporate credit cycle upturn is very much in effect," commented Moody's analyst John Lonski in a report.

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