%0 Journal Article %A Kenneth R. Yager II %A Andrew H. Connor %T Adventures in Unrated Debt Investing %B Acting Like An Owner %D 2006 %R 10.3905/jpe.2006.628341 %J The Journal of Private Equity %P 97-101 %V 9 %N 2 %X 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 %U https://jpe.pm-research.com/content/iijpriveq/9/2/97.full.pdf