...This is the third edition of our leveraged finance primer. It reflects Fitch Ratings' coordinated effort across several U.S. rating groups, including Corporates, Financial Institutions, Structured Credit, Fund and Asset Managers, and our Credit Market Research department (See Appendix, page 203). It also represents our strong presence in Latin America, where we rate the majority of the largest and most active issuers. Canada remains a nascent market, with annual high-yield issuance equal to a high volume week in the U.S. However, Fitch believes Canada's market will continue to grow over the next decade. The Annual Manual seeks to quantify and summarize the major factors driving risk and opportunity for players in the space. It can be a useful reference guide for corporate bond and loan investors, CLO investors, corporate debt issuers, private equity sponsors, and regulators. The significant refinancing requirements for leveraged issuers, combined with low interest rates and yield-seeking...
