They are still gun-shy about borrowers with poor credit quality and weak assets, but they are very intent on lending to strong borrowers with good properties as collateral.

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We can even credit the Greeks with establishing an appellation system to ensure quality and place of origin.

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The larger segment is attractive and highly resilient, composed of higher quality bonds with strong credit profiles.

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The money will be made in consumer lending (a much better quality of credit than your average real estate tycoon and with better margins, too) and supplying all those nice consumer things, many of them made in China and imported and distributed through the Carrefours and Wal-Marts of this world.

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Another fear around a lack of job creation is credit quality: Fewer jobs could mean more delinquencies, and banks with more risk around credit are down more than those whose shareholders simply fear a hit to revenue.

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Managers with the ability to adapt to change, with the ability to manage portfolio risk factors such as yield, duration, allocation weighting, and credit quality, can find success in multiple environments.

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