2Q 2020 Investor Presentation
Debt Leverage and Interest Coverage in
North America and Europe
Credit Metrics: North American Speculative Grade Companies
Interest Coverage
Debt/ EBITDA
EBITDA / Interest Expense
5.7x
6.0x
5.1x
5.1x
5.3x
5.4x
5.3x
5.4x
4.6x
4.6x
4.8x
4.8x
5.0x
4.5x
4.4x
4.5x
4.6x
4.0x
3.0x
2.9x
2.9x
3.1x
3.0x
2.9x
3.0x
2.9x
3.0x
3.0x
2.8x
2.7x
2.8x
2.6x
2.7x
2.4x
2.0x
1.0x
0.0x
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
20201
Credit Metrics: European Speculative Grade Companies
Debt/ EBITDA
EBITDA / Interest Expense
Interest Coverage
5.6x
6.0x
5.2x
5.3x
5.0x
4.8x
4.6x
4.4x
4.6x
4.5x
4.6x
4.5x
5.0x
4.1x
4.2x
4.1x
4.2x
4.0x
3.5x
3.7x
3.5x
3.5x
3.4x
3.4x
3.2x
3.0x
2.9x
2.9x
3.0x
3.2x
3.1x
3.1x
3.2x
2.7x
2.0x
1.0x
0.0x
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
20201
1. Trailing twelve months ended June 30, 2020.
Source: Moody's Investors Service.
Note: Historical figures may change due to timing differences in issuer reporting deadlines.
MOODY'S
2Q 2020 Investor Presentation - August 11, 2020
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