Private Credit's Default Recovery Rates Are Worse Than Its Biggest Rival [BNN Bloomberg (Canada)]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: BNN Bloomberg
New data on how much money they expect to get back from defaulting borrowers will only add fuel to that fire. As the private credit industry has battled with investment bankers over the lucrative business of lending companies money, one of its biggest selling points has been that its tougher loan protections and one-to-one relations with borrowers would give it extra protection when those companies hit trouble. New analysis by KBRA Direct Lending Deals casts doubt on those assumptions. Looking at loans to companies that defaulted over the past year, the data shows that those made by private credit firms were valued at an average of 48 cents in the aftermath of the default, showing how much they'd expect to recover on each dollar lent. That's worse than loans by bank-led syndicates, where the average value was 55 cents a month after default. The analysis also shows that direct lenders tend to be much more optimistic about their loans' prospects in the months running up to a defau
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MCO
Earnings
- 2/14/24 - Miss
MCO
Sec Filings
- 4/19/24 - Form 8-K
- 4/2/24 - Form 3
- 4/2/24 - Form 4
- MCO's page on the SEC website