Neil McLeish, Morgan Stanley: What is essential for credit’s performance next year is whether companies continue to improve their credit quality, in terms of debt to cashflow. That process started in 2002, but is it going to be sustainable? I am positive on 2003; the post-bubble repair process is under way but not complete. And though we are overweight European credits and think credit quality in aggregate will improve, not every industry or company will
What is your credit outlook?