"The continued deterioration of economic and corporate fundamentals, along with the tight availability of credit, has caused default rates to rise and we expect that trend to continue."--Steven Hornstein, co-founder of Global Credit Advisers, in a letter to investors. The firm's maiden fund, up 19% so far this year, specializes in high-yield and distressed corporate debt.
"The continued deterioration of economic and corporate fundamentals, along with the tight availability of credit, has caused default rates to rise and we expect that trend to continue."
