In industrial news:

Moody’s announced its forecasted belief that 7.4 percent of U.S. oil producers could default over the next year on the risky debt that fueled the nation’s shale boom if crude prices stay as low as they have been. Moody’s also stated in that its forecast could get worse, given the small size of the sector and because an oil-price recovery will likely take much longer than it did in the most recent slump, in 2008 and 2009. Its forecast shows it expects defaults to accelerate from September to next March, depending on oil prices. Oil companies who issued junk bonds make up the biggest portion of firms with Moody’s lowest ratings, at 15 percent, twice its position a year ago. Four have filed for chapter 11 bankruptcy protection.

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