80 pct of U.S. institutional loans now covenant-lite
Low rates, refinancings, loose terms to postpone defaults
Recovery value to lenders likely to be less than in past cycles
Fitch Ratings is calling the peak in credit, citing a slackening of lending terms and a risk-reward mismatch for investors. The agency reported Tuesday that “significant loosening of underwriting standards points to the U.S. leveraged debt market being in the later ...