U.S. companies in the Telecom, Media and Technology (TMT) sectors that defaulted over the last five years have reorganized with less value than the corporate average, according to Fitch Ratings. First-lien recoveries outshined their “lackluster” junior debt counterparts and TMT companies got through bankruptcies quicker.

The report comes as tech, media and telecom is slated to out-pace the overall market, with the exception of health care or manufacturing.

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