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Series 5, Episode 5: Hina & Sandeep wrap up the year with Tia Zhang and discuss a workaround seen in loan documentation allowing borrowers to extend maturities more easily.

In this episode of The Upgrade podcast, we discuss S&P Global Ratings' fourth annual analysis of EBITDA addbacks. It finds most U.S. speculative-grade corporate issuers continue to be unable to achieve the earnings, debt, and leverage projections. We also discuss if EBITDA adjustments are an accurate picture of future earnings.

Related Article: EBITDA Addbacks Continue To Stack

In this episode of The Upgrade podcast, we discuss lender recoveries during the 2020 and 2021 default cycle, as well as key highlights from our recently published article Recovering From COVID-19: Why The Timing Of Bankruptcy and Emergence Matters For Debt Recovery.

In today’s episode, Hina and Sandeep are joined by Paul Watters, Head of Credit Research for EMEA, to discuss a recent publication he co-authored titled “EU Could Meet 70% Vaccination Target By Late July If Production Steps Up”. Listen in as we discuss the key findings of the article, what it means for various sectors within Corporates including the impact of delays in vaccine distributions, risks of new variants and the progress of global immunization programs.

In this episode, Hina and Sandeep are joined by corporate ratings analyst Solene Van Eetvelde, to discuss the French childcare provider Babar Bidco, a popular new issue credit exposed to European CLO portfolios. Listen in as we discuss the ratings and recovery ratings assigned to the credit and its outlook.

In this episode of The Upgrade podcast, we discuss credit fundamentals for GameStop and AMC Entertainment including CLO exposures. Guests are analysts from S&P’s U.S. Corporate Ratings Retail, Media and Entertainment and CLO teams.

In this episode, Hina and SaIn this episode, Hina and Sandeep are joined by Gaetan Michel, Associate Director in the team covering chemical industry, to discuss the petrochemical company Ineos Quattro, one of the most popular names in European CLOs. Listen in as we discuss our views the company’s recent refinancing proposal and it’s impact on recovery ratings. Hina and Sandeep are joined by Gaetan Michel, Associate Director in the team covering chemical industry, to discuss the petrochemical company Ineos Quattro, one of the most popular names in European CLOs. Listen in as we discuss our views the company’s recent refinancing proposal and it’s impact on recovery ratings.

For our inaugural 2021 episode, Hina and Sandeep are joined by David Gillmor, Sector Lead for Leveraged Finance, to discuss his recent publication titled “European Corporate Defaults: Owners Step Up To Mend Pandemic-Hit Capital Structures”. Listen in as we discuss how owners and management teams are actively restructuring their financial obligations and how CLOs are addressing this.

In this episode of The Upgrade podcast, we discuss Sotera and Parexel; how they have fared in the pandemic and what would be required for an upgrade. We also discuss where they rank in the Top 250 and how their respective debt pricing may be viewed by CLO managers. Guests are analysts from S&P’s U.S. corporate ratings healthcare team and CLO team.

In this episode, Hina and Sandeep are joined by Rachel Gerrish, Senior Director in the Corporate Ratings group to discuss Swissport, the Switzerland-based global airport ground handler. Listen in as we discuss the acute challenges COVID-19 has brought for the sector, why we downgraded Swissport to SD and how CLOs have limited their exposure to the company’s downgrades this year.

Every fortnight, we aim to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.

In this episode of The Upgrade podcast, we discuss how some lenders have been dislodged from their senior claims on collateral through the use of existing document provisions. We highlight some possible remedies being talked about among CLO market participants. Guests are analysts from S&P’s U.S. corporate ratings leveraged finance team.

Time flies when you’re having fun in podcasts. And in this episode, Hina and Sandeep are joined by Patrick Janssen, analyst in the corporate ratings group to discuss TUI, the Germany-based fully integrated tourism group. Listen in as we discuss how TUI has been affected during the downturn and how this has affected their ratings.

In this episode of The Upgrade podcast, we discuss monitoring S&P credit estimates on middle market entities during the pandemic and what this has meant for Middle Market loan-backed CLOs. Other topics include looking at how Middle Market differs from broadly syndicated transactions and the outlook for new transactions. Guests are analysts from the corporate rating team and the CLO team at S&P.

Series 2, Episode 9: In episode 9, Hina and Sandeep are joined by Paulina Grabowiec, lead analyst in the corporate ratings group to discuss Root Bidco, the parent entity of the specialty crop nutrition, biocontrol, and crop protection products supplier Rovensa, and a common credit in European CLOs. Listen in as we discuss the strengths, weaknesses and risks to recovery ratings, including how it is performing during the downturn.

In episode 7, Hina and Sandeep are joined by Natalia Goncharova – a lead analyst in the corporate ratings team -- to discuss the key rating drivers behind AutoScout24, one of the leading car classified ad platforms. Listen in as we discuss the strengths and weaknesses of the credit and it’s related sector, and how European CLOs have been trading in the credit for their portfolios.

When did you last watch a film at the cinema? Well, in today’s episode, Hina and Sandeep are joined by Alexandra Balod – a senior analyst in the corporate ratings team for the Media and Entertainment sector -- to discuss the key rating drivers behind Vue International, the UK-based cinema operator. Listen in as we discuss the strengths and weaknesses of the credit and it’s related sector, and how European CLOs have been de-risking their exposure to Vue from their portfolios.

We’re back and we’ve upgraded! After an extended break since March, we’re back with our regular Lev Finance and CLO podcasts, and with our updated logo. Stay tuned for even greater insights into the world corporates and CLOs.

In episode 5, Hina and Sandeep are joined by Paul Watters, head of EMEA Research at S&P to discuss global macro-economic conditions since the start of the Covid pandemic. Listen in as we also discuss the shape of the economic recovery, the divergence in performance between corporate sectors and how recent trading by European CLO managers highlights a similar trend pattern.

The U.S. Leveraged Finance and Recovery team is producing a monthly podcast series entitled “The Upgrade.” This series focuses on leveraged finance issuers that have upward rating potential, providing listeners with concise insights from the primary analyst along with relevant CLO market implications. In the time of Covid-19, other timely topics are also being discussed.

In episode 3 of “The Upgrade”, we discuss why retailer BJ's Wholesale Club Holdings was upgraded in the midst of the sharp downturn from COVID-10 containment measures and prospects for further improvement. Also discussed is CLO investor exposure to BJ’s before and after the upgrade.