Assessing High-Yield Bonds for Inclusion in a Fixed Income Portfolio

XYZ Investment Management is a firm that specializes in fixed income portfolio management. The firm's fixed income portfolio consists of a mix of investment-grade corporate bonds, government bonds, and high-yield bonds. Recently, the firm's credit analyst has flagged two high-yield bonds for potential inclusion in the portfolio: Bond A, which is a 10-year bond from a healthcare company with a strong competitive position but facing regulatory risks, and Bond B, a 5-year bond from a technology firm experiencing rapid growth but has high leverage levels.

The firm has a guideline of maintaining a credit quality average of at least 'BBB' in its portfolio, and its current average credit rating is 'BB+'. In addition, the firm is contemplating a shift in its investment strategy to increase exposure to high-yield bonds to capitalize on potential market inefficiencies.

Discuss the considerations the portfolio manager should take into account when assessing the inclusion of Bond A and Bond B in the portfolio. Include a discussion on the relative attractiveness of high-yield bonds within the context of the overall fixed income strategy, and analyze credit risk assessment techniques that should be utilized to evaluate these bonds.