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Applying Recovery Ratings To Secured Issues In Europe Sep 05
Standard & Poors, Sep 2005
Abstract
Standard & Poor's Ratings Services launched its Recovery Rating Scale in Europe in May 2004. Since then, we have assigned more than 65 public and confidential recovery ratings. Recovery ratings allow us to provide issue-specific recovery estimates for first secured debt, both loans and bonds. As the European markets mature and more empirical data on past recoveries becomes available, we will consider providing recovery estimates for other types of corporate debt. The Recovery Rating Scale differs from the issue rating in that it is an absolute measure of the recovery prospects for a piece of secured debt and is completely delinked from a company's corporate credit rating. Issue-specific recovery rates have become increasingly important for lenders and borrowers as the...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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