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BSL First-Lien Recovery Prospects Deteriorate: Fitch Ratings reduced its recovery expectations on first-lien debt in its leveraged finance portfolio in 2023. The downward shift reflects Recovery Ratings (RR) falling away from ‘RR3’ and ‘RR4’ with downgrades to ‘RR5’ and ‘RR6’ outweighing a YOY increase in assignments of ‘RR1’.
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