The Importance of Credit Work

Howard Kurtz: If you want a portfolio that's clean of credit problems today, you had to be doing your credit work two, three years ago. He says now what the market's waking up to is that if you company had a lot of leverage because the debt was cheap and now your coupons effectively doubling when you go to refinance, it may not be so easy to refinance. Kurtz: Those who have been kind of riding the tide with everybody else and chasing the deals are going to find that some of their credits can't pay.