29 Oct 2019|Moody's Investors Service
The Loan Covenant Quality Indicator (LCQI) remained relatively flat in the second quarter, but retained most of the first quarter's improvement.
North American Covenant Quality Indicator: CQI improves from all-time worst, even as higher-rated bonds dominate market
08 Oct 2019|Moody's Investors Service
Our indicator improved to 4.51 in September from a record-worst in August as average scores for Ba-rated bonds strengthened.
Leveraged Loan Covenants - North America: Aggressive EBITDA definitions give borrowers maximum flexibility
05 Sep 2019|Moody's Investors Service
The definition of EBITDA, a widely-used and fundamental measure for assessing a company’s profitability and credit profile, has been pushed to the edge in recent credit agreements.
High-yield bond covenants – China: Credit facility carve-outs are becoming more common in Chinese bonds
03 Sep 2019|Moody's Investors Service
Among the Chinese companies that issued bonds in H1 2019, 60% included a credit facility carve-out, which we see as a weakness because it allows greater flexibility to incur debt.