Over the past year, there has been considerable discussion around the 'refinancing cliff' and the looming gap between the supply and demand for leveraged loans.

As the market has worked through some of the earlier loan maturities, Fitch Ratings believes the 2014-2015 refinancing cliff will be less dramatic than the absolute debt amount suggests. Markets have historically (and continue) to adapt to supply and demand mismatches with new products, unique market variations and adjustments to pricing and terms.

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