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?

By the very nature of the sector I cover, which enjoys huge levels of stability and predictability, credit downgrades – even with high levels of consolidation underway – should be gradual and modest, so bad calls should normally be avoided. I would rather turn it round and say that I was very glad to have predicted the RWE/Innogy link-up for some time. We know that many of our clients made some

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