{"id":13486,"date":"2026-05-13T11:13:00","date_gmt":"2026-05-13T11:13:00","guid":{"rendered":"https:\/\/goldenpi.com\/blog\/?p=13486"},"modified":"2026-05-21T06:57:18","modified_gmt":"2026-05-21T06:57:18","slug":"default-risk-in-high-yield-corporate-debt","status":"publish","type":"post","link":"https:\/\/goldenpi.com\/blog\/investment-guide\/default-risk-in-high-yield-corporate-debt\/","title":{"rendered":"How to Evaluate Default Risk in High-Yield Corporate Debt"},"content":{"rendered":"\n<p>High-yield corporate bonds offer 10% to 14% per annum. AAA-rated bonds offer 7% to 8%. That gap exists because the issuer carries more credit risk. <em>So how do you get a sense of that risk before putting money in?<\/em><\/p>\n\n\n\n<p>There&#8217;s no single number that tells you everything. But there are specific things you can check.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/default-risk-in-high-yield-corporate-debt\/#Credit_Ratings_Where_to_Start\" >Credit Ratings: Where to Start<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/default-risk-in-high-yield-corporate-debt\/#Cash_Flow_Ratios_What_Ratings_Dont_Show\" >Cash Flow Ratios: What Ratings Don&#8217;t Show<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/default-risk-in-high-yield-corporate-debt\/#Sector_Matters_as_Much_as_the_Rating\" >Sector Matters as Much as the Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/default-risk-in-high-yield-corporate-debt\/#What_Backs_the_Bond_if_the_Issuer_Defaults\" >What Backs the Bond if the Issuer Defaults<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/default-risk-in-high-yield-corporate-debt\/#FAQs_on_Default_Risk_in_High-Yield_Bonds\" >FAQs on Default Risk in High-Yield Bonds<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Credit_Ratings_Where_to_Start\"><\/span><strong>Credit Ratings: Where to Start<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>CRISIL, ICRA, CARE and India Ratings assess bond issuers in India. They assign ratings that reflect the issuer&#8217;s ability to repay.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Rating<\/strong><\/td><td><strong>What it signals<\/strong><\/td><\/tr><tr><td><strong>AAA<\/strong><\/td><td>Highest safety, lowest default risk<\/td><\/tr><tr><td><strong>AA<\/strong><\/td><td>High safety, low default risk<\/td><\/tr><tr><td><strong>A<\/strong><\/td><td>Adequate safety, moderate risk<\/td><\/tr><tr><td><strong>BBB<\/strong><\/td><td>Moderate safety, higher risk<\/td><\/tr><tr><td><strong>BB and below<\/strong><\/td><td>Elevated default risk<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>Ratings have two things worth checking beyond the grade itself.<\/p>\n\n\n\n<p>First, the <strong>date of the last review<\/strong>. A rating from 14 months ago may not reflect what&#8217;s happening now. <a href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/what-is-credit-rating\/\">Rating agencies<\/a> publish the review date alongside the rating.<\/p>\n\n\n\n<p>Second, the <strong>rating outlook<\/strong>: Stable, Positive, or Negative. A <a href=\"https:\/\/goldenpi.com\/collection\/bbb-rated-bonds\">BBB bond<\/a> with a Negative outlook is a meaningfully different bet from one with a Stable outlook.<\/p>\n\n\n<!-- wp:html \/--><style data-type=\"vc_shortcodes-custom-css\"><\/style>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Cash_Flow_Ratios_What_Ratings_Dont_Show\"><\/span><strong>Cash Flow Ratios: What Ratings Don&#8217;t Show<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Ratings are based on information at the time of the last review. Two financial ratios give you a more current read on whether the issuer can service its debt.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Debt-to-Equity Ratio<\/strong><\/h3>\n\n\n\n<p>How much the company owes compared to what it owns.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Lower ratio: less leverage, more buffer if revenues fall<\/li>\n\n\n\n<li>Higher ratio: more dependent on borrowed money, less room to absorb shocks<br><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Interest Coverage Ratio<\/strong><\/h3>\n\n\n\n<p>How many times can the company pay its annual interest from operating profit?<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Coverage<\/strong><\/td><td><strong>What it signals<\/strong><\/td><\/tr><tr><td>Above 3x<\/td><td>Comfortable capacity<\/td><\/tr><tr><td>1.5x to 3x<\/td><td>Manageable, worth watching the trend<\/td><\/tr><tr><td>Below 1.5x<\/td><td>A small income drop creates pressure<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>Both ratios are in the issuer&#8217;s annual report and the bond&#8217;s information memorandum.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sector_Matters_as_Much_as_the_Rating\"><\/span><strong>Sector Matters as Much as the Rating<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>An <a href=\"https:\/\/goldenpi.com\/collections\/nbfc-bonds\">A-rated NBFC<\/a> that borrows wholesale and lends retail sits in a very different risk position from an A-rated power transmission company with a 25-year contracted off-take. The rating doesn&#8217;t separate these two.<\/p>\n\n\n\n<p>Sectors that have seen more stress in India&#8217;s bond market:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Real estate developers: income depends on project completion and sales velocity<\/li>\n\n\n\n<li>Wholesale-funded NBFCs: vulnerable when credit markets tighten<\/li>\n\n\n\n<li>Infrastructure developers: long gestation, often dependent on government receivables<\/li>\n\n\n\n<li>Commodity-linked companies: revenues swing with global prices<\/li>\n<\/ul>\n\n\n\n<p><strong>Sectors with more predictable cash flows:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Power transmission with long-term PPAs<\/li>\n\n\n\n<li>Toll roads with traffic guarantees<\/li>\n\n\n\n<li>Government-backed PSUs<\/li>\n<\/ul>\n\n\n\n<p><em>Ask whether the issuer&#8217;s income is contracted or discretionary. That one question filters out a lot of risk.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Backs_the_Bond_if_the_Issuer_Defaults\"><\/span><strong>What Backs the Bond if the Issuer Defaults<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Your recovery in a default scenario depends on the type of charge.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Charge Type<\/strong><\/td><td><strong>What it means<\/strong><\/td><\/tr><tr><td><strong>First charge<\/strong><\/td><td>Your claim on assets ranks above other lenders<\/td><\/tr><tr><td><strong>Second charge<\/strong><\/td><td>At least one lender ranks ahead of you<\/td><\/tr><tr><td><strong>Pari passu<\/strong><\/td><td>You share recovery equally with other bondholders<\/td><\/tr><tr><td><strong>Unsecured<\/strong><\/td><td>No specific asset backs the bond<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>In the same defaulting company, a first-charge bondholder and an unsecured bondholder often see very different recovery amounts. The charge type is in the term sheet under the Security section.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Must Read<\/h3>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><img decoding=\"async\" width=\"1024\" height=\"445\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01142246\/Step-up-Bonds-2-1-1024x445.png\" class=\"attachment-large size-large wp-post-image\" alt=\"Step-up Bonds\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01142246\/Step-up-Bonds-2-1-1024x445.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01142246\/Step-up-Bonds-2-1-300x130.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01142246\/Step-up-Bonds-2-1-768x334.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01142246\/Step-up-Bonds-2-1-1536x668.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01142246\/Step-up-Bonds-2-1.png 1774w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/essentials\/bond-market\/step-up-bonds-in-india\/\">Step Up Bonds in India: Meaning, How They Work, and Should You Invest?<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><img decoding=\"async\" width=\"1024\" height=\"447\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01115131\/Bond-Taxation-in-India-1-1024x447.png\" class=\"attachment-large size-large wp-post-image\" alt=\"Bond Taxation in India\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01115131\/Bond-Taxation-in-India-1-1024x447.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01115131\/Bond-Taxation-in-India-1-300x131.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01115131\/Bond-Taxation-in-India-1-768x336.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01115131\/Bond-Taxation-in-India-1-1536x671.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01115131\/Bond-Taxation-in-India-1.png 1774w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/investment-guide\/bond-taxation-in-india\/\">Bond Taxation in India 2026: Interest, Capital Gains &#038; TDS Rules Explained<\/a><\/li>\n<li><div class=\"wp-block-latest-posts__featured-image aligncenter\"><img decoding=\"async\" width=\"1024\" height=\"447\" src=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01102523\/Gemini_Generated_Image_30h7ve30h7ve30h7-1-1-1024x447.png\" class=\"attachment-large size-large wp-post-image\" alt=\"Rising Swap Rates in India\" style=\"\" srcset=\"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01102523\/Gemini_Generated_Image_30h7ve30h7ve30h7-1-1-1024x447.png 1024w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01102523\/Gemini_Generated_Image_30h7ve30h7ve30h7-1-1-300x131.png 300w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01102523\/Gemini_Generated_Image_30h7ve30h7ve30h7-1-1-768x335.png 768w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01102523\/Gemini_Generated_Image_30h7ve30h7ve30h7-1-1-1536x671.png 1536w, https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/06\/01102523\/Gemini_Generated_Image_30h7ve30h7ve30h7-1-1-2048x894.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/goldenpi.com\/blog\/financial-matters\/why-rising-swap-rates-are-good-news-for-bond-investors\/\">Why Rising Swap Rates Are Good News for Bond Investors in India<\/a><\/li>\n<\/ul>\n\n\n<h3 class=\"wp-block-heading\"><strong>Signals That Often Appear Before a Downgrade<\/strong><\/h3>\n\n\n\n<p>Rating downgrades usually lag the actual deterioration. These are worth watching:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Negative outlook or rating watch:<\/strong> Agency is actively reviewing for a downgrade<\/li>\n\n\n\n<li><strong>Auditor qualifications:<\/strong> Red flags in the annual report footnotes<\/li>\n\n\n\n<li><strong>Promoter pledging shares:<\/strong> Often indicates holding company stress<\/li>\n\n\n\n<li><strong>Repeated debt rollovers:<\/strong> The company isn&#8217;t repaying, just extending tenure<\/li>\n\n\n\n<li><strong>Sector-wide tightening:<\/strong> Policy changes or liquidity stress affecting the whole industry<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>A Quick Checklist Before You Invest<\/strong><\/h3>\n\n\n\n<p>A credit rating is a starting point, not the full picture, here&#8217;s where to look for each factor before you invest<strong>.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><div class=\"pcrstb-wrap\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>What to verify<\/strong><\/td><td><strong>Where to find it<\/strong><\/td><\/tr><tr><td>Rating and date of last review<\/td><td>CRISIL, ICRA, CARE, or the India Ratings website<\/td><\/tr><tr><td>Rating outlook<\/td><td>Rating rationale document<\/td><\/tr><tr><td>Interest coverage ratio<\/td><td>Annual report or information memorandum<\/td><\/tr><tr><td>Debt-to-equity ratio<\/td><td>Annual report<\/td><\/tr><tr><td>Charge type<\/td><td>Term sheet, Security section<\/td><\/tr><tr><td>Sector conditions<\/td><td>Rating agency sector reports<\/td><\/tr><tr><td>Any active rating watch<\/td><td>Rating agency website<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n<p>You can explore the Bonds and Fixed deposits on the GoldenPi if you are starting to invest. GoldenPi makes your research and experience more smooth and easy. Where you can compare the bonds, check the bond history, company financials and details, Rating and all things at a single place. Check https:\/\/goldenpi.com\/<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs_on_Default_Risk_in_High-Yield_Bonds\"><\/span><strong>FAQs on Default Risk in High-Yield Bonds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1778568875589\"><strong class=\"schema-faq-question\"><strong>Q1. What is default risk in a bond?<\/strong><\/strong> <p class=\"schema-faq-answer\">It&#8217;s the chance that the issuer misses an interest payment or doesn&#8217;t return your principal at maturity. High-yield bonds carry more of this risk, which is why they offer a higher coupon.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1778568887091\"><strong class=\"schema-faq-question\"><strong>Q2. How reliable are credit ratings?<\/strong><\/strong> <p class=\"schema-faq-answer\">Ratings from CRISIL, ICRA, CARE and India Ratings are a useful starting point. They can lag actual conditions, though. Several NBFC and real estate bonds held investment-grade ratings close to the time of default in 2019-2020. Always look at the rating date, the outlook and what&#8217;s happening in the issuer&#8217;s sector.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1778568898154\"><strong class=\"schema-faq-question\"><strong>Q3. What is the interest coverage ratio?<\/strong><\/strong> <p class=\"schema-faq-answer\">It shows how many times an issuer can pay its annual interest from operating profit. Above 3x suggests the company has room to absorb setbacks. Below 1.5x, a small drop in income can make repayment difficult.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1778568912333\"><strong class=\"schema-faq-question\"><strong>Q4. Can a highly rated bond still default?<\/strong><\/strong> <p class=\"schema-faq-answer\">Yes. Ratings reflect conditions at the time of the last review. If things change quickly, the rating may not catch up immediately. Checking financial ratios and sector news alongside the rating reduces this blind spot.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1778568981332\"><strong class=\"schema-faq-question\"><strong>Q5. Where do I find an issuer&#8217;s financial details?<\/strong> <\/strong> <p class=\"schema-faq-answer\">he bond&#8217;s information memorandum has the key numbers. The issuer&#8217;s annual report is on their website or the MCA portal. Rating agencies publish detailed rationale documents for every rating they assign, including financial metrics and sector commentary.<\/p> <\/div> <\/div>\n\n\n<!-- wp:heading {\"level\":3} -->\n<h3 class=\"wp-block-heading\"><strong>Disclaimer:<\/strong><\/h3>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>This information is for general information purposes only. GoldenPi makes no guarantee on the accuracy of the data provided here; the information displayed is subject to change and is provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. Investments in the securities market are subject to market risks. Read all the offer-related documents carefully before investing.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>Fixed Deposit schemes are regulated by the Reserve Bank of India. GoldenPi Securities Private Limited is a registered debt broker and acts as a distributor and not as a manufacturer of the product.<\/p>\n<!-- \/wp:paragraph --><style data-type=\"vc_shortcodes-custom-css\"><\/style>\n\n\n\n<script type=\"application\/ld+json\">\n[\n  {\n    \"@context\": \"https:\/\/schema.org\",\n    \"@type\": \"Article\",\n    \"mainEntityOfPage\": {\n      \"@type\": \"WebPage\",\n      \"@id\": \"https:\/\/goldenpi.com\/blog\/investment-guide\/default-risk-in-high-yield-corporate-debt\/\"\n    },\n    \"headline\": \"How to Evaluate Default Risk in High-Yield Corporate Debt\",\n    \"description\": \"Learn how to assess credit ratings, cash flow ratios, and sector conditions to evaluate default risk in high-yield corporate bonds before investing.\",\n    \"image\": \"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2026\/05\/12074347\/Defailt-Risk-Evaluate.jpg\",\n    \"author\": {\n      \"@type\": \"Person\",\n      \"@id\": \"https:\/\/goldenpi.com\/blog\/#\/schema\/person\/deepak-narang\",\n      \"name\": \"Deepak Narang, CFA Level 3\",\n      \"jobTitle\": \"Investment Analyst & Credit Professional\",\n      \"url\": \"https:\/\/goldenpi.com\/blog\/author\/deepak-narang\/\",\n      \"description\": \"Deepak Narang is a high-impact credit professional with over 9 years of expertise across the global financial landscape, specializing in risk profiles and investment potential.\",\n      \"sameAs\": [\"https:\/\/www.linkedin.com\/in\/deepak-narang-a119a08a\/\"]\n    },\n    \"publisher\": {\n      \"@type\": \"Organization\",\n      \"name\": \"GoldenPi\",\n      \"logo\": {\n        \"@type\": \"ImageObject\",\n        \"url\": \"https:\/\/d2zny4996dl67j.cloudfront.net\/blogs\/wp-content\/uploads\/2023\/05\/18105628\/GoldenPi-Lean-Logo.png\"\n      }\n    },\n    \"datePublished\": \"2026-05-12T08:05:54+00:00\",\n    \"dateModified\": \"2026-05-12T08:05:36+00:00\",\n    \"about\": [\n      {\n        \"@type\": \"Thing\",\n        \"name\": \"Default Risk\",\n        \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Default_(finance)\"\n      },\n      {\n        \"@type\": \"FinancialProduct\",\n        \"name\": \"High-yield debt\",\n        \"alternateName\": \"Junk Bonds\",\n        \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/High-yield_debt\"\n      }\n    ],\n    \"mentions\": [\n      {\n        \"@type\": \"Thing\",\n        \"name\": \"Credit Rating\",\n        \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Credit_rating\"\n      },\n      {\n        \"@type\": \"Thing\",\n        \"name\": \"Interest Coverage Ratio\",\n        \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Interest_coverage_ratio\"\n      },\n      {\n        \"@type\": \"Thing\",\n        \"name\": \"Debt-to-equity ratio\",\n        \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/Debt-to-equity_ratio\"\n      },\n      {\n        \"@type\": \"Organization\",\n        \"name\": \"CRISIL\",\n        \"sameAs\": \"https:\/\/en.wikipedia.org\/wiki\/CRISIL\"\n      }\n    ]\n  },\n  {\n    \"@context\": \"https:\/\/schema.org\",\n    \"@type\": \"FAQPage\",\n    \"mainEntity\": [\n      {\n        \"@type\": \"Question\",\n        \"name\": \"What is default risk in a bond?\",\n        \"acceptedAnswer\": {\n          \"@type\": \"Answer\",\n          \"text\": \"It's the chance that the issuer misses an interest payment or doesn't return your principal at maturity. 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