The Borderline

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Much is made of the borderline between different tiers of debt and, accordingly, statistics that hover around these thresholds tend to be a dire lot. To wit:

Moody's is out with its monthly default report today, finding that defaults among speculative grade borrowers are rising, but are still not very high. It expects defaults to soar next year, with the global rate at or above the peak levels seen in the last two recessions.

It is not that this analysis is daft (well, not solely that) and not that it is from the New York Times, but that it is all these things at once.
Overreaction, or Coming Collapse? [The New York Times via ">Abnormal Returns]