Holding steady


The names Enron and WorldCom hardly need to be repeated, so familiar are investors with their demise and the resulting effects on the global markets. Throw in Argentina and Brazil, and the global credit picture looks pretty glum. Not surprisingly, defaults have risen globally and ratings downgrades are near record highs.

But Asia has held up relatively well. Credit spreads widened in line with global trends over the third quarter – but no where near the extent of Europe and the US. In

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