Credit roundup
While strategists are optimistic that corporate credit quality will in general improve in 2003, bondholders say sorting the winners from the losers will be a lot more complicated. Credit asks the buy and sell side their views on credit in the year ahead.
Neil McLeish, Morgan Stanley: What is essential for credit’s performance next year is whether companies continue to improve their credit quality, in terms of debt to cashflow. That process started in 2002, but is it going to be sustainable? I am positive on 2003; the post-bubble repair process is under way but not complete. And though we are overweight European credits and think credit quality in aggregate will improve, not every industry or company will
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