TY - JOUR T1 - Adventures in Unrated Debt Investing JF - The Journal of Private Equity SP - 97 LP - 101 DO - 10.3905/jpe.2006.628341 VL - 9 IS - 2 AU - Kenneth R. Yager II AU - Andrew H. Connor Y1 - 2006/02/28 UR - https://pm-research.com/content/9/2/97.abstract N2 - Liquidity is provided in greater amounts and variety each year in the form of junior debt to finance companies. Thus, a significant amount of junior debt now resides with a large number of unrated middle-market companies. Veterans and new investors have arrived at this adventure in unrated debt investing from different backgrounds, skills, and agendas. This article provides a framework for protective action against downside risk in what is a relatively illiquid, covenant-light market where hesitation and uncertainty can cause harm with increasing speed.TOPICS: Private equity, credit risk management, downside-only measures, legal/regulatory/public policy ER -