U.S. leveraged loan downgrade ratio five times worse than 2008-09
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LONDON (Reuters) - The ratio of leveraged loan credit rating downgrades to upgrades has spiked to a record level five times above that hit during the last global financial crisis, reflecting the unprecedented stress in risky assets due to the coronavirus pandemic.Leveraged loans - taken out by companies that have high levels of debt, usually with non-investment grade credit ratings - tend to be used by private equity firms as a way to fund acquisitions of such companies.The U.S. leveraged..