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Leveraged Finance: Refinancing Risk Remains The Main Threat To The Credit Quality Of European Speculative-Grade Companies Jun 10 Product Image

Leveraged Finance: Refinancing Risk Remains The Main Threat To The Credit Quality Of European Speculative-Grade Companies Jun 10

  • ID: 1805980
  • June 2010
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • CGG
  • HeidelbergCement AG
  • Novasep Holding S.A.S.
  • Piaggio & C. SpA
  • Rexel S.A.
  • SEAT PagineGialle SpA
  • MORE

Abstract
For European speculative-grade companies (those rated 'BB+' and below) refinancing risk looms large in the next few years, despite the fact that over the past year such companies have repaid about €12 billion of bank debt with speculative-grade bonds. This is mainly because the 2008 market dislocation affected the banking system in Europe so dramatically. According to economic research from Standard & Poor's Ratings Services (see "European Economic Forecast: The Two-Track Recovery Stretches On" published June 3, 2010, and "The Bad News Is The Good News Isn't Good Enough" published Sept. 14, 2009, on RatingsDirect), banks that typically lend to nonfinancial companies are still using some of the liquidity central banks have provided to them to buy bonds, repair their...

Companies mentioned in this report are:
- Fresenius Medical Care AG & Co. KGaA
- FAGE International S.A
- HeidelbergCement AG
- Sappi Ltd.
- CGG
- Smurfit Kappa Funding PLC
- SEAT PagineGialle SpA
- Ardagh Packaging Group Ltd.
- Piaggio & C. SpA
- Pernod Ricard S.A.
- Pregis Corp.
- Liberty Global PLC
- Virgin Media Inc.
- Rexel S.A.
- Expro READ MORE >

- Fresenius Medical Care AG & Co. KGaA
- FAGE International S.A
- HeidelbergCement AG
- Sappi Ltd.
- CGG
- Smurfit Kappa Funding PLC
- SEAT PagineGialle SpA
- Ardagh Packaging Group Ltd.
- Piaggio & C. SpA
- Pernod Ricard S.A.
- Pregis Corp.
- Liberty Global PLC
- Virgin Media Inc.
- Rexel S.A.
- Expro Holdings U.K. 3 Ltd.
- Novasep Holding S.A.S.
- Cable & Wireless Communications PLC
- Ziggo Bond Co. B.V.

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