Balance sheet management has become a preoccupation of nearly every corporate issuer of debt. If the plight of credits such as WorldCom wasn’t enough to scare finance teams into decreasing leverage and enhancing liquidity, the ratings agencies did the job. Keen to look as if they were responding to events and to protect their own reputations, the credit raters have made sure that any mavericks fell into line.
That has applied across the board from triple-A rated frequent issuers to fallen angels.
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