...Sector Speculative-Grade Handbook: In this report Fitch Ratings focuses on the main credit factors affecting speculative-grade credits in non-food retail, lodging and restaurants, with all three sectors sharing a similar risk profile. The report serves as a convenient, timely and comprehensive reference for high-yield and leveraged-loan investors in these sectors. All Content in One Place: This is the first of a series of reports which highlights common elements, including Fitch's approach to rating the sectors under review, a sector snapshot including market and macroeconomic trends, as well as leveraged statistics related to primary activity and performance analytics. From Category-Specific to Notch-Specific: Starting from Fitch's ratings Navigator framework, which focuses on category medians by sector, we focus on factors that are more relevant to highly speculative-grade issuers (`B+' or below). In particular, for retail and hotel credits down the credit spectrum, the ability to deleverage,...
