S&P Global Ratings expects the U.S. speculative-grade default rate at yearend 2024 to increase on a year-over-year basis to 4.75% (versus 4.5% at yearend 2023) after peaking around 5% in the meantime, but for lender debt recoveries to remain under pressure. Top-heavy debt structures, lender protections within covenant-light debt agreements, low levels of subordination, high interest rates, and aggressive out-of-court restructurings are just a few factors that shape our opinion of loss-given-default.
Join us to learn more about these factors and their impact on recovery expectations.
Key Discussion Points:
Speakers include:
Evan Gunter, Direct, Credit Research & Insights
Dan Hu, Director, Structured Finance
Kenny Tang, Director, Leveraged Finance
Steven Wilkinson, Managing Director & Sector Lead, Leveraged Finance & Recoveries
Ramki Muthukrishnan, Managing Director & Head of U.S. Leveraged Finance (Moderator)
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