Fitch warns of double default risks as A&Es come home to roost

A series of second defaults could hit European leveraged loan borrowers, Fitch warned this week. And this time around, the losses could be heavier, the agency warned, particularly for those situations where loan investors achieved high recovery rates in the first round.

  • 07 Dec 2012

In an opinion published on Monday, the credit rating agency singled out 2010 as a year when recoveries on defaults did not "reflect accurately the true value of the defaulted and restructured debts for many low-rated European leveraged borrowers".

In addition, Fitch said that European restructurings in 2009 and ...

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2 Bank of America Merrill Lynch (BAML) 8,059 25 11.72
3 Lloyds Bank 5,761 18 8.38
4 Citi 5,606 15 8.15
5 JP Morgan 5,007 7 7.28

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