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Report Card: European Recovery Ratings Feb 06
Standard & Poors, Feb 2006
Abstract
Activity in the leveraged finance market over the fourth quarter of 2005 remained extremely high. Standard & Poor's Ratings Services nevertheless expects the market to tighten toward the end of 2006 given increasing covenant breaches and waiver requests. One key feature of 2005 was the growth of the second-lien market in Europe to more than -5 billion. We are currently seeing significantly more second-lien tranches in highly leveraged structures, particularly in LBOs. As a result, we have now extended the assignment of recovery ratings to all second-lien debt in Europe, as well as to other secured subordinated debt. We have to date assigned more than 80 public and confidential recovery ratings to European borrowers. A list of our current public...
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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