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Corporate credit improves, according to local index

The credit quality of Corporate America improved slightly last month, with 13.6 percent of publicly held companies registering as troubled in an index that measures the likelihood of default, a local risk-management company said.

Kamakura Corp.'s troubled company index classifies any company that has a default probability of more than 1 percent as troubled. The index decreased by 1 percentage point last month, but is still well above the low point of 11.1 percent in April.