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Global Leveraged Finance And Recovery Ratings
Welcome to Standard & Poor’s Recovery Ratings. The purpose of this page is to give you easy access to the most important recent documents related to our work on recovery and links to other sites related to leveraged loans.
Recovery Update
Recovery Update: May 2012 In the first in Standard & Poor's ongoing series of post-default recovery studies for Europe, we highlight the findings on senior secured, senior unsecured, second lien and mezzanine debt, and explain the impact of a lack of reliable secondary trading data in Europe. In this preliminary study, "Europe's Senior Loan Market Delivers A Strong Recovery Performance Over Its First Cycle," we have evaluated 101 known defaults, and have found thus far that recovery rates on first lien debt have remained strong throughout the cycle at a mean of 76%. What's more, this experience mirrors recoveries on similar debt facilities from U.S. companies. Our European study reveals other similarities with U.S. first-lien debt, which saw a mean nominal recovery rate for U.S. loan facilities of 83.7% between 1987 and 2011. Senior unsecured debt, primarily speculative-grade bonds (that is, bonds rated 'BB+' and below), achieved recoveries of 48.0% between 2003 and 2010, which compares well with the U.S. long-term empirical average of 51.8% for senior unsecured bonds or 45.9% for all bonds. (For our most recent U.S. recovery study, click here.) In addition, our Global Fixed Income Research group (GFIR) released its first European default study. In the "2011 Annual European Corporate Default Study And Rating Transitions," we reveal the 2011 annual corporate speculative-grade default rate (1.6%) as well as the default rate for all rated entities (0.34%) in Europe. These default rates only refer to our publicly rated companies and do not take into account our portfolio of credit estimates, a large part of the corporate debt universe in Europe. |
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LeveragedLoan.com is a free website promoting the leveraged loan asset class. As well as breaking news, trends/analysis and jobs, the site features an online version of LCD’s Loan Market Primer. For the latest edition of our European newsletter Leverage Matters please click here. Please see below for links to useful documents: |
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