DBRS Morningstar Releases European Credit Estimate Snapshot and Performance Summary

DBRS Morningstar released a commentary titled "European Credit Estimate Snapshot: An Overview and Performance Summary".

Since 2014, DBRS Morningstar's European Structured Credit team has completed approximately 390 Credit Estimates on European borrowers. There are currently more than 90 European obligors with DBRS Morningstar-current Credit Estimates with a short but meaningful two-year (2018, 2019, and H1 2020) track records across three different portfolios.

The loan pool analysed in this summary includes the three main categories of leveraged finance transactions: broadly syndicated loans, club deals, and direct lending. The portfolios are spread across multiple geographies and sectors. The data presented does not yet reflect the full impact of the Coronavirus Disease (COVID-19) pandemic but does reflect the impact of Brexit and the independence political issues in Catalonia that took place last year.

Some highlights from this snapshot include:
-- Comprehensive statistics and charts on DBRS Morningstar European Credit Estimates (by industry, by geography, by loan maturity distribution, by recovery rates, by shareholders & transaction rationale etc.);
-- Credit Estimates general deterioration and occasional improvements observed in the last two-and-a-half years;
-- CCC/CC/C and default statistics and observations; and
-- Challenges in corporate analysis.

Notes:
This commentary is available at www.dbrsmorningstar.com.

For more information on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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