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European Recovery Ratings Overview Aug 05
Standard & Poors, Aug 2005
Abstract
Activity in the leveraged finance market over the past quarter has been high and Standard & Poor's Ratings Services expects this to continue for the rest of the year. One particularly interesting aspect has been the number of senior secured bonds replacing senior debt, as companies opt for the looser covenants and greater flexibility of the bond market. As can be seen in table 2 below, recovery ratings on secured bonds have varied widely, from well-secured structures with high recovery ratings such as Cell C (Pty) Ltd. and Cablecom Holdings AG, to bonds secured in name only such as IT Holding SpA and Global Crossing (U.K.) Telecommunications Ltd. We have now assigned more than 70 public and confidential recovery ratings...
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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