Fitch Webcast: U.S. Corporate Recoveries under Pressure & Impact on CLOs; Tomorrow @ 10AM ET

NEW YORK--(Business Wire)--
Accompanying a surge in U.S. corporate defaults in first half-2009 is a
pronounced decline in realized recovery rates on defaulted loans and bonds,
developments that are also affecting performance of CLOs, according to Fitch
Ratings. In addition, Fitch's Recovery Ratings (RRs) continue to drift lower,
suggesting that recovery expectations remain under considerable pressure.
Valuation and structural issues are both contributing to these trends.

Fitch analysts will be discussing these developments in a webcast to take place
tomorrow morning at 10:00 a.m. ET.

Fitch's full agenda is as follows:

-- Mariarosa Verde, Managing Director and Head of Fitch's Credit Market Research
team, will discuss 2009 default and recovery trends and macro factors shaping
Fitch's outlook.

-- Darin Schmalz, Director in Fitch's Leveraged Finance group, will discuss
factors behind the negative rating migration of loan recovery rates, including
key events in the leveraged loan market and expectations going forward.

-- Elizabeth Nugent, Senior Director in Fitch's U.S. Structured Credit Group,
will discuss how current recovery trends compare with CDO rating criteria and
will provide details on Fitch's efforts to evaluate the effects of recovery rate
compression through various sensitivity scenarios in its CDO analysis.

Prepared remarks are expected to last approximately 40 minutes, at which time
Fitch analysts will respond to questions submitted online during the webcast. If
you have specific questions you would like addressed prior to Fitch's webcast,
please forward them to questions@fitchratings.com.

Dial-in Information

--Date: Tuesday July 14, 2009

--Time: 10:00 a.m. ET

--Phone Number: 866-682-6100

A link to the webcast will be available on the home page of the Fitch Ratings
web site (www.fitchratings.com) under 'Current Feature'. A replay of the
webcast, along with the slide presentation, will be available shortly after its
conclusion on the Fitch web site under the following headers:

About Fitch Ratings >> Teleconferences & Online Events

In conjunction with this webcast, Fitch recently published reports on some of
the aforementioned sectors, which are available at www.fitchratings.com

-- 'Defaults Surge, Recoveries Sink in 2009 Understanding the Fundamental and
Cyclical Drivers of Corporate Recovery Rates' (July 6);

-- 'Loan Recovery Ratings Dip in 1Q'09: Where Do We Go From Here?' (June 18).

Fitch's rating definitions and the terms of use of such ratings are available on
the agency's public site, www.fitchratings.com. Published ratings, criteria and
methodologies are available from this site, at all times. Fitch's code of
conduct, confidentiality, conflicts of interest, affiliate firewall, compliance
and other relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

Fitch Ratings
Brian Bertsch, 212-908-0549 (Media Relations)
brian.bertsch@fitchratings.com
Sandro Scenga, 212-908-0278 (Media Relations)
sandro.scenga@fitchratings.com

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