...The data and analysis provided in this chart book are based on Fitch's portfolio of private credit opinions (COs), and private and public ratings on 421 European leveraged credits (as of 31 December 2015), primarily LBOs, representing about EUR360bn of committed senior and junior loan debt. COs are private point-in-time assessments of credit risk principally based on confidential information supplied by asset managers (mainly collateralised loan obligation or CLO investors) on individual borrowers. COs are regularly updated but are not monitored as public ratings, and there is no formal relationship between Fitch and the borrower's management or owners. They are identified by lower-case letters and an asterisk. Data and charts fall into three categories: Primary Market Trends, Portfolio Quality, and Default and Recovery Outlook. We also highlight market cohorts including sponsor and non-sponsor, broadly syndicated and privately placed as well as covenanted and covenant-lite issues. Primary...
