the resilience of s&p ig

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  • 7/31/2019 The Resilience of S&P IG

    1/3

    B}vjnpkxmf bof pma}lbvmf`{ vjm EXBFkxhlbkcmp

    ]TFBVM

    E}ofbcmovblVmhjokhbl

    ko bxxnhkbvkno qkvj

    26vj G}om 0420

    Kx vjm pmxklkmohm ne X%T bonttnpv}okv{ enp vjm `}llx>

  • 7/31/2019 The Resilience of S&P IG

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    ]TFBVM

    E}ofbcmovbl

    Vmhjokhbl

    ko bxxnhkbvkno qkvj

    Fkxhlbkcmp

    Vjm pmxklkmohm ne X%T

    X%T QMMIL[HNOVKO]BVKNO HJBPV

    Vjm xnlkfkv{ ne vjm X%Tx

    x}ttnpvx kx tlbko enp bll vnxmm/

    Vjm vqn#enlf xvp}hv}pm ne vjmjnpkwnovbl bv 20:: bof vjmEk`nobhhk bv mzbhvl{ vjmxbcm lmuml kx kctpmxxkum/

    @]OF QMMIL[HNOVKO]BVKNO HJBPV

    Vjm mukfmohm enp vjm }llx kxcn}ovkoa }t7

    bo kxlbof pmumpxbl,

    bof, tnxxk`l{, vjm makookoax ne bJ%X pmumpxbl/

    @}llx qkll m qbvhjkoa vjm tpkhmbhvkno bx qm cnum kovn vjm

    qmmimof hb}vkn}x }{mpx qkll

    qbkv enp b pmbi vjpn}aj vjm bof2865#:

    `

    Cbp Btp Cb { G} o G} l B}a Xmt N hv O n u F m h 0 42 2 E m Cb p Bt p Cb{ G}o G} l B}a Xm t Nhv O n u F m h 0 42 0 Cbp Btp Cb { G} o G} l B} a X

    ;:4

    ;;4

    2444

    2424

    2404

    2484

    2464

    24=4

    2454

    2414

    24:4

    24;4

    2244

    2224

    2204

    2284

    2264

    22=4

    2254

    2214

    22:4

    22;4

    2044

    2024

    2004

    2084

    2064

    20=4

    2054

    2014

    20:420;4

    2844

    2824

    2804

    2884

    2864

    28=4

    2854

    2814

    28:4

    28;4

    2644

    2624

    2604

    2684

    2664

    26=4

    2654

    244/4-

    8:/0-

    =4/4-

    52/:-

    /

    Tpknp Jkaj x}ttnpv 2025/14

    Tpknp jkaj Tkunv 2860/84

    2415/24Lnq

    2810/14Jkaj

    20::/14

    X%T =44 XvnhiKofmzHCM Hnovko}n}x

    5

    m`p}bp{

    28 02 01 =

    Cbphj

    20 2; 05 0

    Btpkl

    ; 25 08 84

    Cb{

    1 26 02 0; 6

    G}om

    22 2: 0= 0

    G

    #2/4

    #4/=

    4/4

    4/=

    2/4

    2/=

    20=4

    20==

    2054

    205=

    2014

    201=

    20:4

    20:=

    20;4

    20;=

    2844

    284=

    2824

    282=

    2804

    280=

    2884288=

    2864

    286=

    28=4

    28==

    2854

    285=2814

    281=

    28:4

    28:=

    28;428;=

    2644

    264=2624

    262=

    2604

    52/:-

    264:/;4

    2622 264=/04

    2865/:4286:/64

    20=;/=4Lnq

    20:: epnc Tpknp Jkaj ko qmmil{ hnovko}bkvkno hjbpv

    X%T =44 Xvnhi Kofmz HCM Xmt 20

    >

  • 7/31/2019 The Resilience of S&P IG

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    ]TFBVM

    E}ofbcmovbl

    Vmhjokhbl

    ko bxxnhkbvkno qkvj

    XMUMO FB[X BJMBFB}vjnpkxmf bof Pma}lbvmf { vjm EXB206 PMAMOVX TBPI PNBF LNOFNO OQ2:ZLVML )66 *4+ 1:6; ;00=18 M#CBKL cxv}pf{Dxmumofb{xbjmbf/hnc ,tbllqpkajvDxmumofb{xbjmbf/hncQM@ XKVM XMUMOFB[XBJMBF/HNC

    Vjm cbvmpkbl bof koenpcbvkno xmv n}v ko vjkx pmxmbphj kx onv kovmofmf vn `m b r}nvm ne bo neemp

    vn `}{ np xmll bo{ ekobohkbl tpnf}hvx/ Bo{ mztpmxxkno ne ntkokno kx `bxmf no xn}phmx `mlkmumfvn `m pmbxnob`l{ pmlkb`lm `}v kx onv a}bpbovmmf bx vn bhh}pbh{ np hnctlmvmomxx/

    Vjm cbvmpkbl bof koenpcbvkno jmpmko kx amompbl bof enp koenpcbvknobl t}ptnxmx nol{/ Blvjn}aj

    Xmumo Fb{x Bjmbf mofmbun}px vn tpnukfm }xme}l koenpcbvkno vjm{ cbim on a}bpbovmm bx vn

    vjm bhh}pbh{ np pmlkb`klkv{ ne vjm pmxmbphj/

    Vjm fmpkubvkum cbpimv hnctpkxmx unlbvklkv{ bof hnoxkfmpb`lm pkxix/ Vn vjm cbzkc}c mzvmov

    tmpckvvmf `{ lbq on pmxtnoxk`klkv{ np lkb`klkv{ hbo `m bhhmtvmf `{ Xmumo Fb{x Bjmbf, bo{

    hnctbo{ np mctln{mm qkvjko kvx apn}t enp bo{ bhvkno vbimo bx b pmx}lv ne vjm koenpcbvkno

    hnovbkomf ko vjkx tpmxmovbvkno/ [n} bpm pmr}mxvmf onv vn pml{ no bo{ pmtpmxmovbvkno ko vjkx

    pmxmbphj bof vn xmmi xtmhkekh bfukhm epnc {n}p bhhn}ovbov, lmabl bfukxmp np ekobohkbl xmpukhmx

    bfukxmp qjmo fmblkoa qkvj xtmhkekh hkph}cxvbohmx/

    Xmumo Fb{x Bjmbf kx pma}lbvmf `{ vjm ]I Ekobohkbl Xmpukhmx B}vjnpkv{/

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