Editor's letter: The trouble with credit

As an asset class, credit has promised more than it can deliver, says Richard Jory

Keep an eye out for credit. A once dull asset class, credit was propelled to the top of the pile in the aftermath of the financial crisis, as investors, analysts and anyone with any interest in finance tried to work out what was creditworthy and what was not.

Working out what was a good credit has been no easy task, not least because the credit rating agencies have been discredited (as they are every time things go awry) at the same time as investors were asked to look instead to credit default