穆迪-全球-利率市场-全球贷款抵押证 券利率

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1、December2017FEATUREARTICLES2018USCLOOutlook:Continuedeconomicgrowthwill2KEYLINKSbolsterperformanceamidweakeninginbothloanqualityandCLOstructures»CLOGlobalMethodologyOurviewofthecreditqualityofthesectorin2018,focusingonthecreditqualityofnew»SME&Mid-CapFocusleveragedloansandCLOs,theperformanceofexisti

2、ngCLOsandforecastsfornewissuancelevels.Aboutus2018EuropeanCLOOutlook:Dealcreditqualityand7Moody’sCLO/StructuredCreditGroupperformancewillremainstrongongeneralmacrostabilityistheleadingsourceforcreditratingsOurviewofthecreditqualityofthesectorin2018,focusingonthecreditqualityofnewandresearchoncollate

3、ralizedloanleveragedloansandCLOs,theperformanceofexistingCLOsandforecastsfornewissuancelevels.obligations(CLOs)andtheentire2018GlobalCross-SectorOutlook:Creditconditionsimprove12structuredcreditmarket.TheCLO/ashealthyeconomicgrowthmoderatesfinancialstabilityandStructuredCreditGroupleveragespolitical

4、risksMoody’sdecadesofexperienceinSixthemeswillshapecreditin2018andbeyond:growth,financialstability,politicalandbankloansandhighyieldaswellasgeopoliticalrisk,technologyandinnovation,climatechangeandsustainability,anddemographics.ourmarket-leadingdefaultstudiestoproducethemostaccurateratingPERFORMANCE

5、&SURVEILLANCEmethodologiesforthisassetclass.September2017MarketPulse:Restructuringsoffsetdefaults13amongUSCLO2.0sNovember2017SurveillanceUpdate:WithnoUSrating19changes,EuropedrivesupgradeactionMOODYS.COMFEATUREARTICLES2018USCLOOutlook:Continuedeconomicgrowthwillbolsterperformanceamidweakeninginbothl

6、oanqualityandCLOstructuresOriginallypublishedon30November2017AstableeconomyandsolidliquiditywillcontinuetosupporttheperformanceofU.S.broadlysyndicatedloan(BSL)andsmallandmedium-sizedenterprise(SME)collateralizedloanobligations(CLOs)in2018amidcontinuedcollateralqualitydeteriorationandsomestructuralwe

7、akening.»CLOcollateralqualitywillweaken,buttheCLO2.0structurewillmitigatethenegativeimpact.Leveragedloaninvestors'accommodationofsmallborrowers,highleverageandlowdebtcushionswillcontinuetodriveweakeni