10th December 2025
The WAL Test Step Up Condition 2025
Trend Report
Key Summary:
Our year-to-date 2025 reviews of 196 final offering documentation reveals a noticeable decline in the use of “WAL Step up Conditions” between October and early December 2025. This concept, introduced in 2024, allows issuers to extend the WAL test limit under certain conditions with rating agency confirmation but without explicit noteholder consent. The decline appears to correlate with Fitch Ratings’ advocacy for investor consent in the application of WAL Test Step Up Conditions.
If you’d like to access the full report, please login/register or to discuss any of these trends in detail, feel free to reach out on researchteam@thereviewport.com.