Distressed debt investment opportunities are drying up in the U.S., according to a report. The news follows consistently declining distressed debt ratios.

Bonds that are trading below the 50 cents on the dollar mark now total only $8.9 billion or 1.1% of the high yield market, according to JPMorgan data cited in the Financial Times. This is down from $202 billion in bonds or 27.5% of the market one year ago.

Distressed debt hit its lowest levels in 17 months in November, according to a report issued by Standard & Poor’s.

The drop in the distressed rate coincides with spreads remaining steady. The distressed ratio stood at 17% as of Nov. 16, down from 18.7% in October. And the amount of debt held by distressed companies fell to $81.2 billion from $89.4 billion in October.

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