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UPCOMING EVENTS

KEY CONTACTS

Evan Friedman
VP – Senior Covenant Officer
Evan.Friedman@moodys.com

Jake Avayou
VP-Senior Covenant Officer
Jake.Avayou@moodys.com

Enam Hoque
VP-Senior Covenant Officer
Enam.Hoque@moodys.com

Derek Gluckman
VP - Senior Covenant Officer
Derek.Gluckman@moodys.com

Lisa Gundy
AVP-Covenant Analyst
Lisa.Gundy@moodys.com 

Danny Gao
Associate Analyst
Danny.Gao@moodys.com

Yifan Chen
Associate Analyst
Yifan.Chen@moodys.com

Irina Brooklier
Associate Analyst
Irina.Brooklier@moodys.com

Raven Burnett
Associate Analyst
Raven.Burnett@moodys.com

Pablo Mateo Pulido
Associate Analyst
Pablo.MateoPulido@moodys.com

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Covenants

Highlights

  • 9 Feb 2016
    • North American covenant quality protection strengthens in January
      Moody’s Covenant Quality Index (CQI) strengthened slightly to 4.30 in January, from 4.32 in December, levels that continue to reflect weakest-level covenant protections. However, single-month covenant quality improved dramatically in January from December owing to tepid issuance and the absence of any high-yield lite transactions in the market... Full Report l Press Release
  • 28 Jan 2016
    • Investor Protection Continues to Erode
      The covenant quality (CQ) score of bonds with a full set of high-yield covenants deteriorated to 4.06 during the second half of 2015, compared to 3.99 for those issued during the first half of 2015. Structural protections have declined in all six risk categories of our assessment criteria... Full Report
  • 21 Jan 2016
    • North American covenant quality continues to decline across most sectors
      The covenant quality (CQ) of high-yield bonds in seven out of 11 North American non-financial corporate sectors weakened during the past year. Covenants deteriorated the most in the paper, packaging and forest products sector, driven by the rise in issuance of high-yield lite bonds and a decline in the overall CQ score for full-package bonds, which reflects the absence of low-rated credits from this sector in 2015…Full Report

Research & Ratings

Research
  DateDocument Type Title Issuer/Entity
11 Feb 2016 Covenant Quality Assessment Solera, LLC / Solera Finance, Inc.: Covenant Quality Pre-Sale Snapshot: $2,030m: $_m _% / £_m _% Senior Notes due 2024 Solera, LLC
10 Feb 2016 Covenant Quality Assessment Kinetic Concepts, Inc. / KCI USA, Inc.: Covenant Quality Post-Sale Snapshot: $400m 7.875% First Lien Senior Secured Notes due 2021 Acelity L.P. Inc.
09 Feb 2016 Covenant Quality Assessment Horizon Holdings I S.A.S.: Covenant Quality Post-Sale Snapshot: €225m 7.25% Senior Notes due 2023 Horizon Holdings I SAS
09 Feb 2016 Index - Excel Data Supplement Moody's Monthly Covenant Sector Data - January 2016
09 Feb 2016 Sector In-Depth North American Covenant Quality Index: Protection Improves in January Amid Tepid Issuance
09 Feb 2016 Covenant Quality Assessment Hydra Dutch Holdings 2 B.V.: Covenant Quality Post-Sale Snapshot: €210 Floating Rate Senior Secured Notes due 2019 Hydra Dutch Holdings 2 B.V.
04 Feb 2016 Covenant Quality Assessment Acadia Healthcare Company, Inc.: Covenant Quality Pre-Sale Snapshot: $390m _% Senior Notes due 2024 Acadia Healthcare Company, Inc.
04 Feb 2016 Covenant Quality Assessment MTW Cranes Escrow Corp. (to be merged with and into The Manitowoc Company, Inc.): Covenant Quality Pre-Sale Snapshot: $250m _% Senior Secured Second Lien Notes due 2024 Manitowoc Compa...
MTW Cranes Escr...
03 Feb 2016 Covenant Quality Assessment Horizon Holdings III S.A.S.: Covenant Quality Post-Sale Snapshot: €300m 5.125% Senior Secured Notes due 2022 Horizon Holdings III SAS
02 Feb 2016 Covenant Quality Assessment Manitowoc Foodservice, Inc. (initially issued by MTW Foodservice Escrow Corp.): Covenant Quality Pre-Sale Snapshot: $425m _% Senior Notes due 2024 Manitowoc Foods...
MTW Foodservice...
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