US Software Credit Opinions Vulnerable to EBITDA Stress; US MM CLOs Resilient
Software Issuers in Credit Opinion Portfolio More Vulnerable to EBITDA Stress
Technology software issuers in Fitch’s model-based credit opinion (MCO) portfolio were more vulnerable to credit deterioration under a severe earnings stress than issuers in the portfolio excluding the technology software sector. Fitch ran a 20% EBITDA decline scenario on the MCO portfolio through the corporate credit opinion model (CCOM).
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