The credit implosion

Introduction

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The news was supposed to be better at this point in 2002. At the end of 2001, all three rating agencies had predicted that this year would see a decline both in the number of companies defaulting and the default dollar volume. Instead, the first half of 2002 has left many investors’ portfolios pockmarked by imploding credit products.

In a September report, rating agency Moody’s Investors Service noted that in the first half of 2002, a global total of 86 speculative-grade corporate bond issuer

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