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The PMR portfolio consists exclusively of ‘B’ category and below issuers as the companies in the portfolio generally tend to be the product of leveraging transactions such as sponsor-driven LBOs or dividend recaps. In addition to credit metrics that skew toward lower rating categories, PMR issuers tend to have qualitative metrics also associated with the ‘B’ category: they are smaller in scale, have limited diversification and tend to pursue aggressive financial policies.
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