Moody's starts rating bond covenants

Bondholders can now get a clearer idea of the protection afforded to them by bond covenants with the release of a new service from Moody's. The rating agency's new covenant quality assessment (CQA) reports identify the key covenants that may help protect investors from unforeseen negative credit events.

The reports will also comment on additional covenants and provisions included in bond documentation that Moody's believes are relevant to the protection of investors.

"Investors in both Europe and

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