Default rates for high-yield (HY) and leveraged loan (LL) issuers in the U.S. fell slightly in May, according to Fitch Ratings. Ongoing macroeconomic pressure, at times in combination with secular decline and idiosyncratic constraints, such as changes in reimbursement rates for medical services, continue to push issuers into default. The trailing-12-month (TTM) LL default rate was 4.29% in May, down from 4.51% in April. Defaults in May include Global Medical, with $3.8 billion of LL debt, completing a distressed debt exchange (DDE). This was the largest loan default since Lumen Technologies, Inc. (CCC+) and the 10th ... (full story)