High-Grade Utilities

Credit awards 2002

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What was one of the worst calls to make over the past year in your sector that you avoided?

The worst call to have made, in our opinion, would have been to assign an underweight recommendation to the sector as a whole. We considered doing this because valuations are rich and fundamentals are weakening, which usually isn’t a good combination for credit investors. However, the volatility for utility bonds is very low and this has to be considered when looking at valuations and at the appr

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