Investor Presentaiton slide image

Investor Presentaiton

Improving Default Outlook Creates Supportive Issuance Environment Default Rates for Speculative-Grade Corporate Rated Issuance¹ Europe Speculative-Grade Covenant Quality Indicators² -U.S. Loans -U.S. Bonds European Bonds Weakening -Global -U.S. 16% 14% 12% 10% 8% 4.2% global 6% historic average¹ 4% 2% 0% 2016 2017 5.0 4.5 4.0 3.5 3.0 2.0% 2.5 1.7% 1.6% 2.0 2018 2019 2020 2021F 4.5x 4.4x 3.8x 2012 2013 2014 2015 2016 2017 2018 2019 2020 Improving 2Q 2021 Investor Presentation 18 Global trailing twelve month speculative-grade the default rate will fall to 1.7% by the end of December » Trailing twelve month global speculative-grade default rate fell to 4.0% at the end of June from 4.9% at the end of May 2012 2013 2014 2015 1. Moody's rated corporate global speculative grade default historical average of 4.2% from 1983 through June 30, 2021. 2021 forecast for trailing twelve months ended December 31, 2021 from Moody's Investors Service "June 2021 Default Report". Covenant data for European bonds represent a three quarter rolling average, North American loans and bonds represent a two quarter rolling and a three month rolling average, respectively. Source: Moody's Investors Service. 2009 2010 2011 >>> 2. Moody's | Better decisions
View entire presentation