hard · Corporate Credit Analysis ratings
During a credit cycle peak, which of the following combinations of indicators would an analyst most likely observe?
- Low default rates, tight spreads, and unusually strong maintenance covenants across all new deals.
- Widening high-yield spreads paired with low LBO leverage and a high CCC-rated issuance share.
- Low high-yield spreads, high LBO leverage multiples, and high covenant-lite issuance share.
- High default rates, elevated recovery expectations, and depressed new-issuance volumes overall.
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