PPT Slide
Findings by E.I. Altman & V.M. Kishore (1996, Fin. Analysts J.)
1. The highest average recoveries came from public utilities (70%)
and chemical, petroleum and related products (63%).
2. The original rating of a bond issue as investment grade or below
investment grade has virtually no effect on recoveries once
seniority is accounted for.
3. Neither the size of the issue nor the time to default from its original
date of issuance has any association with the recovery rate.