Fitch predicts long, hard slog for leveraged credits
Investors are right to back cable names and shun retail, according to the latest European leveraged credit update from Fitch, with the agency predicting only “modest” deleveraging in its portfolio due to “necessary capex, margin pressures and constraints on revenue growth”.
Even counting Fitch-rated names only, some €200bn of leveraged loans are due to mature between 2013 and 2016. The report, which looks in depth at 42 “credit opinions” — point-in-time opinions based on confidential information from asset managers — anticipates just a 10% reduction in total leverage before
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