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Credit Trends: Born This Way: Acceptance Grows For New Speculative-Grade Companies Through 30 Years Of LBOs, Bank Loans, And Falling Interest Rates Jan 12 Product Image

Credit Trends: Born This Way: Acceptance Grows For New Speculative-Grade Companies Through 30 Years Of LBOs, Bank Loans, And Falling Interest Rates Jan 12

  • Published: January 2012
  • Standard & Poors

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Abstract
As high-yield debt has gained acceptance, LBOs have become more prominent since the early 1980s. Bryan Burrough and John Helyar, in their book "Barbarians At the Gate," immortalized this kind of debt-fueled, private takeover of a public company. The book recounts the $31 billion takeover battle for RJR Nabisco that closed in 1989. As the "leveraged" in LBO implies, these deals include high levels of debt and credit risk that seldom fit an investment-grade credit profile. Since the 1980s, LBOs have gone through cycles of popularity, with buyouts growing in size and scope each cycle. The Nabisco takeover remained the largest LBO for nearly two decades until the resurgence of large takeovers in 2006-2007 when LBOs such as HCA Inc....

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 READ MORE >

- Wyeth
- Atchison Topeka & Santa Fe Railway Co.
- Chrysler Corp.
- Delta Air Lines Inc.
- Ford Motor Co.
- Great Northern Railway Co.
- Caesars Entertainment Corp.
- Home Depot Inc.
- Pharmacia Corp.
- Northern Pacific Railway Co.
- Pfizer Inc.
- Turner Broadcasting System Inc.
- United Air Lines Inc.
- US Airways Inc.
- Warner-Lambert Co.
- Burger King Corp.
- Twenty-First Century Fox Inc.
- AT&T Inc.
- Best Buy Co. Inc.
- United Continental Holdings Inc.
- Toll Corp.
- RJR Nabisco Holdings Corp.
- Staples Inc.
- Starbucks Corp.
- HCA Inc.
- Beazer Homes USA Inc.
- Burlington Northern Santa Fe LLC
- Microsoft Corp.
- Las Vegas Sands LLC
- Crown Castle International Corp.
- Wynn Las Vegas LLC
- Pinnacle Foods Group LLC
- Freescale Semiconductor Inc.
- Arby's Restaurant Group Inc.
- Dunkin' Brands Inc.
- Adobe Systems Inc.
- Google Inc.
- General Motors Co.

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