Answer: Issuer with a credit rating of “BBB-”

High-yield bonds are generally **below investment grade**, meaning **BB+ and lower**. A rating of **BBB-** is still investment grade, so it is the exception. - **Original issuer** can issue high-yield debt. - **Fallen angel** refers to an issuer downgraded from investment grade to high yield. - **Leveraged buyout** transactions often result in high-yield issuance.

Author: Manit Arora