July 3 (The following statement was released by the rating agency)
The latest 'Fitch 50 Europe' report contains detailed credit profiles for 50 of Europe's
most significant high yield and cross-over issuers, representing the broad range of components
making up the Bank of America Merrill Lynch European High-Yield Index.
The report contains credit commentary and debt structure charts for all 50
constituents of the Fitch 50 Europe. This second edition of the report also
covers Fitch's view on evolution of the European high yield market over the past
six months and some key Fitch methodologies that help understand how Fitch rates
these issuers such as parent/subsidiary linkage, distressed debt exchange,
hybrids, holdco PIK and shareholder loan and recovery ratings.
Featured issuers across a full range of sectors include: Peugeot SA, Renault SA
,Fiat SpA, Continental AG, Schaeffler AG; ArcelorMittal S.A.
, Lafarge SA, HeidelbergCement AG, UPM-Kymmene Oyj,
Stora Enso Oyj, Smurfit Kappa Group plc ; Fresenius SE & Co. KGaA,
Phoenix Pharmahandel GmbH & Co. KG, Four Seasons Healthcare (Jersey) Holdings, Priory
Group, Labco SA ; Virgin Media Inc.,Cableuropa SA, Unitymedia KabelBW GmbH
, Ziggo NV, Sunrise Communications Holdings SA, Telenet NV, and
Wind Telecomunicazioni SpA.
The Fitch 50 Europe also incorporates emerging market constituents, including
OAO Severstal, Evraz Group SA, Metinvest BV, OJSC Alrosa
, and Afren plc, as well as cross-over names with split 'BBB-'/'BB+' ratings
across the three major rating agencies, including ThyssenKrupp AG and Daily Mail and
General Trust plc. The 'Fitch 50 Europe: Profiles for 50 of the Largest European
High-Yield and Crossover Issuers' is available at www.fitchratings.com.
For availability of hard copies of the 199-page report, investors registered
with Fitch's High Yield initiative should contact Sabih Hussain at
Link to Fitch Ratings' Report: Fitch 50 Europe