Fully one-third of oil and gas and mining and metals companies in Moody's coverage universe are on review for downgrade or have negative outlooks. Read More The junk bond market 'keeps me up at night': Trader "This is indicative of the bleak outlook for 2016," Moody's said in a report. "We expect this downturn to be longer lasting than average and project a further spike in commodity-related defaults over the next 12 months." Still, not everyone is as pessimistic.