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A Report on Security and Insolvency in the French Leveraged Finance Market Jul 04
Standard & Poors, July 2004
Abstract
(Editor's note: This article has been republished to incorporate Chart 2, which did not appear previously owing to a technical error. A corrected version follows.) The relative rights of secured and unsecured investors and the attractiveness of alternative national capital markets as investment opportunities are greatly influenced by the insolvency regimes of individual European countries, together with their respective security and contract law structures. This report, which is one of a series covering the main European countries, focuses on leveraged finance in the Republic of France (AAA/Stable/A-1+). It evaluates the leveraged buyout (LBO) market and the issues facing investors in senior secured and second secured mezzanine loans and unsecured high yield bonds. The first part of this report studies the...
Companies mentioned in this report are: Societe Nationale des Chemins de Fer Francais,France (Republic of) (Unsolicited Ratings),Compagnie de Saint-Gobain,Vivendi S.A.,Alcatel-Lucent,Legrand France,Bellon S.A.,Remy Cointreau S.A.,BSN Glasspack SA,Rhodia,Compagnie Generale de Geophysique - Veritas,Tereos S.A.,Global Automotive Logistics S.A.S.,Kaufman & Broad S.A.,AGZ Holding,CMA CGM S.A.,LBC Holdings LLC
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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