Corporate Debt: The Great Deleveraging
Corporations are deleveraging their balance sheets—whether by choice or because of circumstances. A number of obvious factors are behind this, one being investor sentiment in the capital markets. The capital markets are generally more receptive and have a more favorable view of issuers with solid credit profiles and sufficient liquidity to withstand and persevere through the economic downturn. For example, investment-grade (BBB- or above) bond issuance is robust because investors have more confidence about the ability of companies with stronger credit profiles to maintain acceptable credit quality in this recession.
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