HIGH YIELD (JUNK) Definition

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HIGH YIELD (JUNK) is bonds and preferred stocks having an S&P/Moody's rating of BB+/Ba1 or lower, and NAIC ratings of"3", "4", "5", or "6". Below investment grade securities have greater risk and therefore compensate investors with higher market yields. In addition to new issues, high yield securities can evolve from older issues with declining ratings, or can be created through lever­aged buyouts where management uses the assets of the company as collateral for the issue.

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SHIPPING DOCUMENT is a document prepared when goods are shipped. It lists the date shipped, the customer, method of shipment, and quantities and specifications of goods shipped.

DIRECTORS REPORT is written by the Directors of a company and forms part of the companys financial statements. This report must support and elaborate on the information contained in the Income Statement, Balance Sheet and Source and Application of Funds Statement.

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