(Reuters) - "Covenants tend to rank a somewhat distant third to debt
cushion and security in terms of importance for recovery,"
Moody's analyst Michael Rowan said in a new report.
Recent trends toward increasingly larger senior debt
tranches, more sharing of collateral between creditor classes
and higher leverage may result in lower debt ratings in both
North American and European markets, the report said.
Read more at Reuters.com Bonds News
cushion and security in terms of importance for recovery,"
Moody's analyst Michael Rowan said in a new report.
Recent trends toward increasingly larger senior debt
tranches, more sharing of collateral between creditor classes
and higher leverage may result in lower debt ratings in both
North American and European markets, the report said.
Read more at Reuters.com Bonds News
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