“We’ve seen a number of distressed exchanges in this cycle that were not material enough to improve the issuer’s capital structure.”

—Lenny Ajzenman, senior v.p. of Moody’s Investors Service, on non-financial companies that made distressed debt exchanges to avoid bankruptcy. As the debt matures between 2010 and 2014, Moody’s sees a majority of these companies being unable to improve low credit ratings.