EFTA Document EFTA01357783

I3 January 2015 HY Corporate Credit Energy Then, who is best positioned to withstand this downturn shouki it be a three• year cycle? In the HY credit markets, liquidity will be a top driver of performance combined with assets in the best marginal costs plays. This will be further enhanced by better clarity of through cycle leverage. Companies starting off with reasonable leverage, moderate FCF burn, and good hedging are already ahead of the game. In addition, companies that recently te