Fitch Ratings says since the onset of the credit crisis in the summer of 2007, European mezzanine investors have supported many of the later transactions at considerably better pricing than pre-crisis vintages. However, mezzanine as an asset class remains vulnerable to the broader leveraged credit market's 2006 and 2007 vintages, which suffer from historically high leverage, peak-of-the-cycle projections and the prospect of widespread refinancing risk.
