From Newsmax:

U.S. corporate bond defaults are falling because more companies are able to refinance with high-yield debt, and that trend should continue, Martin Fridson, chief executive of Fridson Investment Advisors, said on Thursday.

"Defaults are not going up as you keep reading; they're going down," Fridson said, speaking at the Reuters Restructuring Summit in New York. Monthly high-yield bond defaults have dropped steadily from a peak of 44 in March to just 15 in August, and that trend should continue, he said.

Widely reported default rates from rating agencies are still rising because they are 12-month trailing averages, and low-default months from 2008 are dropping out of those calculations, said Fridson.

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