How would you characterize the U.S. credit market today in terms of the full spectrum of credit risk from “Very Benign to Very Stressed”? 

Credic Risk

Answer the below question:
How would you characterize the U.S. credit market today in terms of the
full spectrum of credit risk from “Very Benign to Very Stressed”?

Defend your evaluation. Do you think that the
default rate on U.S. High-Yield bonds will be higher, lower or about the same as the
historical average (3.3%) for 2021? Why?