Expected recovery rates for US lev loans fell in 2018

A study released by Fitch Ratings on Thursday showed that first-lien leverage ratios rose by a half-multiple between 2017 and 2018, a factor which the ratings agency said would reduce recovery rates in the event of a distress scenario.

  • By Alexander Saeedy
  • 11 Apr 2019
A study of 324 issuers rated B+ or below and which issued first lien-debt found a 4.8x median leverage ratio of first-lien debt to Ebitda in 2018, a figure that increased from last year’s measurement of 4.3x. Debt balances used to calculate leverage also assumed revolver utilization that ...

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2 Citi 4,347 16 13.20
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4 Morgan Stanley 3,066 8 9.31
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