No upgrade reviews so far in May, Moody's said

New York, May 19 - Moody's Investors Service said it has not begun a single review for upgrade so far in May.

Meanwhile the month has seen 14 reviews for downgrade and one review with direction uncertain.

By comparison, April as a whole saw five upgrade reviews - all for speculative-grade issuers - and 10 downgrade reviews.

Moody's analyst Kamalesh Rao cautioned monthly numbers tend to vary but add that "it would seem that the bottoming out that was seen in the credit cycle in April has not quickly translated into an upswing. Whatever recovery in corporate credit lies ahead, it is likely to be a rocky one."

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