Fitch says more U.S. LBO debt is troubled

06/12/2008 | Financial Times (free content)

The debt behind U.S. LBOs deteriorated more than other sectors of the debt market, and debt-burdened companies continue to find the lending window closed, Fitch Ratings said in a study released Thursday. Troubles in the economy and credit markets have led to more downgrades and defaults this year for LBO-financed deals. "The vast majority of the downgrades were driven by weak cash flows and weak revenue generation," Fitch Ratings senior director William May said.

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