Fitch's 360 Degree View

Are You Getting a 360° View of Leveraged Finance?

We cover every angle of complex and evolving leverage finance and distressed debt markets. It’s a unique perspective you only get from Fitch.

What Investors Want to Know

Leveraged Loans and CLOs

This report explores some of the main themes discussed at our more recent Leveraged Loans and CLO conferences in the US and Asia Pacific.

What Investors Want to Know

Middle Markets

The makeup of the institutional investors is evolving from the traditional CLOs and primary funds to include more managed accounts and business development companies.

Fitch Solutions

Go Beyond

Make better-informed credit decisions with access to an expanded suite of Leveraged Finance research produced by Fitch Ratings analysts.


Credit Encyclopedia Series

Leveraged Finance Encyclopedia Part I & Part II

Part I serves as an introduction to the market, its history, and the different types of securities available, incorporating data and opinions from the Corporates, Financial Institutions, Structured Credit, and Fund and Asset Managers rating groups. Part II serves as an introduction to the concepts of default and recovery, including the ins and outs of the bankruptcy process, Debtor-in-Possession (DIP) financing and more.

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03Corporates Navigator

Navigator Interactive

Ratings Navigator is a visual overview of the key quantitative and qualitative factors Fitch analyzes to arrive at an entity’s credit rating. Power your rating simulations for Corporates with the new Navigator Interactive—a graphical web-based tool, using the same observations underlying Fitch’s own Navigator snapshots. Fitch Ratings Corporates Credit Research subscribers can access it here.

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04Chart Book


US Leveraged Loan Chart Book

We capture the trends in the leveraged loan market via charts and commentary using our proprietary information, fortified by external data, to discuss developments in the primary market, review loan quality, and highlight recovery estimates.

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Fitch Public Credit Opinion Feed

This direct feed of roughly 500 borrowers with public filings, including issuer and issue-level credit opinions and recovery estimates, includes industry classifications, LoanX ID’s, CUSIPs, and issue-level ratings and recovery ratings.

Portfolio Credit Model

A quantitative tool for collateral portfolios backing CLO transactions. Outputs include: rating default rate (RDR), rating loss rate (RLR), and the rating recovery rate (RRR) corresponding to each stress test scenario.

Public Rating Feed

This feed includes 1,000+ issues with public high-yield and investment-grade issuance and 100+ issuers with publicly rated leveraged loan ratings, and is delivered via FTP or file format that can be exported to Excel. The feed also includes industry classifications, LoanX IDs, CUSIPs, and issue-level ratings and recovery ratings.

Our Approach


Criteria explain our forward-looking ratings approach. Criteria reports identify rating drivers and assumptions, and highlight the scope and limitations of our analysis.


US Leveraged Finance CLO Weekly Newsletter

Receive weekly updates direct to your inbox on Fitch’s latest research, including presales, commentary, and insight in the US Leveraged Finance CLO sector.

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Covenant Review Documentation Score

Covenant Review Documentation Score is a simple scoring tool to assess risks in documentation and measure a covenant’s strength to protect lenders.

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Volatility Focus

Greater Stability Amid Market Uncertainty with a Fitch Rating

In stable market conditions and during moments of higher market volatility, three rated bonds continuously trade tighter than two rated bonds.


2023 Virtual Investor Series - North America Structured Credit

2023 Virtual Investor Series - North America Structured Credit

Credit Outlook 2023 - North American SF Asset Performance Outlook Revised to Deteriorating

Credit Outlook 2023 - US Leveraged Finance 2023 Outlook Deteriorating; Defaults Rise on Uncertainty

APAC Corporates Step up Bond Buybacks Amid Rising Rates

Australian Corporate Issuer Expectations Dampened by Cost and Labour Challenges

2022 Virtual Investor Series - EMEA CLOs

2022 Virtual Investor Series - U.S. Structured Credit

2022 Mid-Year Outlook - Inflation, Rate Rises, Stagflation Undermine Sector Outlooks

Credit Brief - Structured Finance Exposure to Ukraine War Downside Risks

European Airlines’ Recovery Dampened by Russia-Ukraine Conflict

2022 Credit Outlook - Pricing Power Must Offset Cost Pressures in European Lev Fin

2022 Credit Outlook - U.S. Lev Fin Outlook Neutral for 2022; Low Defaults but Risks to Monitor

2022 Credit Outlook - Neutral 2022 Outlook for U.S. Technology

2022 Credit Outlook – North America & Europe FinTech

Spectrum Outcomes to Shape 5G Priorities, Credit Trends

China Trade Clash Risks Vary for Australian Corporates

Credit Outlook 2020 - High Yield and Leveraged Credit: Outlook

Credit Outlook 2020 - Leveraged Credit: Fundamentals, Instrument Ratings and More

Credit Outlook 2020 - High Yield and Leveraged Credit: Fundamentals and Distortions

Credit Outlook 2020 - Leverage Tests and Credit Fundamentals

Global Telcos' 5G Capex Risk Contained; Leverage Stretched

2019 Late Cycle Roundtable – What Peak Cycle Conditions and Economic Deceleration Means for U.S. Leveraged Finance

We cover over 1,800 leveraged finance entities.

Fitch Learning

Certificate in Leveraged Finance Analysis - Live Online

Fitch Learning's three day live online course is designed to provide participants with the framework needed to identify appropriate candidates for leverage, build a model to demonstrate the impact of debt on the financials, and the skills to structure a leveraged finance transaction.

07Sector Analysts

Lyuba Petrova
Head of U.S. Leveraged Finance
Managing Director
+1 646 582 4885 |

Edward Eyerman
Corporate Ratings - EMEA
Managing Director
+44 20 3530 1359 |

Tony Elia
Corporate Ratings - EMEA
+44 20 3530 1807 |

Judah J Gross
Corporate Ratings – North America
Senior Director, Leveraged Finance
+1 212 908-0884 |

Joshua Clark
Corporate Ratings - North America
Director, U.S. Corporates
+1 646-582-3421 |

08Business Contacts

Jill Zelter
Global Head of Corporates and Structured Credit
Managing Director
+1 212 908 0774 |

Kathleen Holtzman
Head of LATAM Sovereigns & Corporates, BRM
Managing Director
+1 212 908 9103 |

Sing Chan Ng
Co-Head of APAC, BRM
Managing Director
+65 6796 7210 |

Matthew De Mendonca
BRM Corporates - North America
Managing Director
+1 646 582 4707 |

Sean Costello
BRM Corporates - EMEA
Managing Director
+44 20 3530 1883 |

Aymeric Poizot
Global Head of
Investor Development
+33 1 44 29 92 76 |