Editing High-yield debt (section)

==EU member state debt crisis==
{{See also|European sovereign debt crisis}}

On 27 April 2010, the [[Economy of Greece#2010 debt crisis|Greek debt]] rating was decreased to "junk" status by [[Standard & Poor's]] amidst fears of default by the [[Greek Government]].<ref name=nyt04282010>{{cite news |url=https://www.nytimes.com/2010/04/28/business/global/28drachma.html |first1=Jack |last1=Ewing |first2=Jack |last2=Healy|title=Greek Debt Rating cut to Junk Status |work=[[The New York Times]] |date=27 April 2010 |access-date= 15 October 2020}}</ref> They also cut [[Portugal]]'s [[credit rating]]s by two notches to A, over concerns about its [[state debt]] and [[public finance]]s on 28 April.<ref>{{cite news| url=http://news.bbc.co.uk/1/hi/business/8648029.stm | work=BBC News | title=Fears grow over Greece shockwaves | date=28 April 2010 | access-date=4 May 2010}}</ref>
On 5 July 2011, Portugal's rating was decreased to "junk" status by [[Moody's]] (by four notches from Baa1 to Ba2) saying there was a growing risk the country would need a second bail-out before it was ready to borrow money from financial markets again, and private lenders might have to contribute.<ref>{{cite news|
url=https://www.bbc.co.uk/news/business-14038529 | work=BBC News | title=Portugal's debt is downgraded to junk status by Moody's | date=5 July 2011 | access-date=5 July 2011}}</ref>

On 13 July 2012, Moody's cut Italy's credit rating two notches, to Baa2 (leaving it just above junk). Moody's warned the country it could be cut further.

With the ongoing [[deleveraging]] process within the European banking system, many European CFOs are still issuing high-yield bonds. As a result, by the end of September 2012, the total amount of annual primary bond issuances stood at {{€|50 billion|link=yes}}. It is assumed that high-yield bonds are still attractive for companies with a stable funding base, although the ratings have declined continuously for most of those bonds.<ref>{{cite news |url=http://www.cfo-insight.com/financing-liquidity/loans-and-bonds/fitch-high-yields-to-remain-good-alternative-in-europe/ |archive-url=https://web.archive.org/web/20130111032216/http://www.cfo-insight.com/financing-liquidity/loans-and-bonds/fitch-high-yields-to-remain-good-alternative-in-europe/ |url-status=dead |archive-date=11 January 2013 |title=Fitch: High-Yields to Remain Good Alternative in Europe |work=CFO Insight Fitch|date=12 December 2012 |access-date=12 December 2012 }}</ref>