How does leveraged finance typically fare in economic downturns?

I've heard a lot of conflicting information on this. Some people have told me that, as a product group, it's hard hit, while others have told me the exact opposite since in downturns companies are more likely to seek the liquidity it provides.

I've heard from people at JPM and BAML that they have been doing very well since the pandemic started, so I was hoping someone here could provide clarity.

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