Sep 28, 2010
| Last Updated
- Despite truth to the conventional wisdom that “the U.S. needs to deleverage”, large-cap U.S. Equities look remarkably good from a credit perspective.
- Earnings are robust, increasing already-high cash levels, and most credit metrics are improving and are in line with their long-term averages, with some differentiation across sectors.
- Debt rose at an unsustainable rate before 2008, especially in financials. Since then, financial and non-financial corporates (except telecoms) have rapidly deleveraged.
- Conforming to a priori expectations, we observe average Altman Z-Scores sharply[...]
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