Investor Presentaiton
Interest Coverage
Debt Leverage and Interest Coverage in
North America and Europe
Credit Metrics: North American Speculative Grade Companies¹
EBITDA / Interest Expense
Interest Coverage
Debt/ EBITDA
8.0x
6.0x
4.6x
4.6x
4.6x
4.5x
4.3x
4.5x
4.6x
4.9x
5.1x
5.1x
5.3x
5.5x
5.3x
5.6x
5.8x
4.0x
2.9x
2.6x
2.4x
2.7x
2.9x
3.0x
3.0x
3.0x
3.0x
2.9x
3.0x
3.0x
2.8x
2.6x
2.6x
2.0x
0.0x
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Credit Metrics: European Speculative Grade Companies¹
Moody's | Better decisions
Debt/ EBITDA
EBITDA / Interest Expense
8.0x
5.6x
6.0x
5.3x
6.0x
5.0x
4.6x
4.8x
4.5x
4.6x
4.8x
4.7x
4.6x
4.6x
4.1x
4.1x
4.2x
4.0x
3.4x
3.2x
2.9x
2.9x
3.0x
3.0x
3.0x
3.1x
3.4x
3.7x
3.4x
3.3x
2.9x
2.6x
2.7x
2.0x
0.0x
T
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1.
Data as of December 31, 2021.
Source: Moody's Investors Service.
Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting deadlines.
4Q & FY 2021 Investor Presentation 21View entire presentation