“Fitch expects a difficult default environment through 2022 for US high yield and leveraged loan issuers due to the coronavirus. While we expect operational performance to stabilize and even improve across all sectors in total in 2021, the recovery has been patchy and the lower-rated segment may struggle to defend its market share against its competitors and access capital markets as needed. “

Lyuba Petrova, Head of Leveraged Finance in the United States