· Mid-market companies in Europe display a wide range of credit risk from mid to low investment grade down to speculative grade, though concentrated in the categories 'MM3' (cross-over), 'MM5', and 'MM6' (equivalent to an indicative 'B' rating).
· Midsize non-LBOs display on average more vulnerable business positions, all along the rating spectrum, resulting mainly from lower scale and relatively higher business concentration than for larger peers. However, as an offset, those midsize companies have a conservative financial profile, adequate liquidity cushions, and, in some sectors, effective niche positioning shielding them from the competition of larger players.
· In terms of industry, mid-market players in the higher credit category are operating mainly in the machine and equipment manufacturing, consumer goods, and specialized high-tech sectors, where they can more easily differentiate themselves and build strong niche positions through greater efficiency, technological expertise, or local brand recognition. In contrast, midsize companies with a 'MM5' credit profile mainly belong to sectors where scale plays an important role in building efficient competitive positions, such as commodity and oil, commodity product manufacturing, and construction.

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