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Research on default risk and high-yield bonds from Professor Edward Altman and the Salomon Center for the Study of Financial Institutions is cited
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Excerpt from Seeking Alpha -- "More recent research by Edward Altman and Brenda Kuehne at the Salomon Center for the Study of Financial Institutions at NYU Stern found that fallen angels have markedly lower default risk than other high-yield bonds. Between 1985 and 2017, the average annual default rate on fallen angels was around 1% a year lower than on bonds that were rated high-yield when issued."
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