Leveraged Finance: A Call For Greater Transparency In The European Leveraged Finance Market

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from S&P Credit Research
2142 word report published Apr 08, 2008

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Abstract:

The liquidity crunch and subsequent collapse in investors' confidence expose significant structural weaknesses in the European leveraged finance market. Specifically, borrower friendly structures, coupled with a dearth of public credit ratings, obscure the credit quality of leveraged transactions and adversely affect pricing. With default risk rising on the back of an economic slowdown in the U.S. and Europe, greater transparency is vital. The recent move by Standard&Poor's Ratings Services to extend postdefault recovery analysis to unsecured loan and bond issues sold by speculative-grade corporate issuers should help. Nevertheless, we believe the transparency issues need to be fully addressed if the region's leveraged finance market is to grow in the current economic environment. Calls for transparency and market efficiency

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RESEARCH Ratings Definitions Leveraged Finance: A Call For Greater Transparency In The European Leveraged Finance Market Publication date: 08-Apr-2008 Primary Credit Analysts: Taron Wade, London (44) 20-7176-3661; taron_wade@standardandpoors.com...

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Commentary

Sector:

Corporations, Global Issuers

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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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