>2010 Credit Markets Symposium

> Corporate Defaults Down Dramatically in 2010 - Test of Sustainability is the Strength of the Economic Recovery

> Negative Rating Drift has Stabilized but Debt Remains High – Lower Rated Credits and Smaller Companies Particularly Vulnerable

> Considerable Risks Remain and New Ones Continue to Emerge – Most Recent Example: Spike in Energy Costs

> Longer Term Impact of Credit Shock Still Unknown: 2001 / 2002 Downturn Led to Cash Hoarding. Will Lean Cost Structures / Persistently High Unemployment Mark this Downturn?

> Strategic Mergers, Optimal Leverage, Liquidity Further Redefined

To read the full report: CREDIT MARKETS