4Q and FY 2022 Investor Presentation
Debt Leverage and Interest Coverage in
North America and Europe1
Credit Metrics: North American Speculative Grade Companies
EBITDA / Interest Expense
Interest Coverage
Debt/ EBITDA
8.0x
6.0x
4.9x
5.1x
5.1x
5.3x
5.4x
5.4x
5.6x
5.9x
5.5x
5.3x
4.6x
4.5x
4.3x
4.5x
4.6x
4.0x
2.7x
2.9x
3.0x
3.0x
3.0x
3.0x
2.9x
3.0x
3.0x
3.1x
3.3x
2.8x
2.6x
2.6x
2.4x
2.0x
0.0x
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Credit Metrics: EMEA Speculative Grade Companies
Debt/ EBITDA
EBITDA / Interest Expense
8.0x
Interest Coverage
5.2x
5.5x
5.8x
5.6x
5.2x
6.0x
4.6x
4.8x
4.5x
4.6x
4.8x
4.6x
4.6x
4.6x
4.2x
4.2x
4.0x
3.3x
3.2x
3.0x
3.0x
3.1x
3.2x
3.5x
3.7x
3.5x
3.4x
3.6x
3.7x
2.9x
2.6x
2.7x
2.0x
0.0x
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Source: Moody's Investors Service.
Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting. Debt figures refer to gross debt.
1. Data as of February 23, 2023.
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4Q and FY 2022 Investor Presentation 19View entire presentation