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1、October2017FEATUREARTICLESEurope-CLOs:Better-than-averagecreditqualityhelpsoffset2KEYLINKSeffectofcompetitionontelecomandcableissuers'revenueTelecommunicationsandmedia:broadcast&subscriptionindustriestogetherrepresentthe»CLOGlobalMethodologysecond-largestindustryexposureamongCLO2.0swerate.»SME&

2、Mid-CapFocusSpeculative-gradenonfinancialcorporates–Europe:An8AboutusoverviewofsectorcredittrendsMoody’sCLO/StructuredCreditGroupAnoverviewofkeycredittrendsaffectingthelargestEuropeanspeculative-gradesectors,aswellistheleadingsourceforcreditratingsasratingpositioningandkeycreditmetricsofcompani

3、eswithineachsector.andresearchoncollateralizedloanUSPresidentTrump’sproposedtaxframeworkislikelycredit15obligations(CLOs)andtheentirenegativeforUS,positiveformostsectorsstructuredcreditmarket.TheCLO/Theframeworkislightondetailsandisthefirststepincongressionalnegotiations.StructuredCreditGrouple

4、veragesMoody’sdecadesofexperienceinHEARDFROMTHEMARKETbankloansandhighyieldaswellasourmarket-leadingdefaultstudiesHeardfromtheMarket:ABSEast–Positivetoneprevailsamid16toproducethemostaccurateratingpocketsofcreditconcernmethodologiesforthisassetclass.HighlightsoftheABSEastconference,drawnfromobse

5、rvationsduringpaneldiscussionsandmeetingswithissuers,investorsandothermarketparticipants.PERFORMANCE&SURVEILLANCEJuly2017MarketPulse:EuropeanCLO2.0creditquality19deterioratesSeptember2017SurveillanceUpdate:Deleveragingdrives24upgradesMOODYS.COMFEATUREARTICLESEurope-CLOs:Better-than-averagecredi

6、tqualityhelpsoffseteffectofcompetitionontelecomandcableissuers'revenueOriginallypublishedon16October2017SummaryIssuersinthe(1)telecommunicationand(2)media:broadcast&subscription(TMBS)industries,togetherthesecond-largestexposureamongEuropeancollateralizedloanobligation(CLO)2.0swerate,faceincreas

7、edcompetitioncontributinginslowergrowthtrendsparticularlyforcableoperatorsin2017.However,theCLO-heldTMBSissuershaveabove-averagecreditquality,andouroutlooksforthesectorsarestable.»Revenuegrowthratesforcableandtelecomwillremainlowi