that's very interesting is not that big of a movement. Considering that the economy has cooled off, the yield curve has inverted, the default cycle and rating cycle has been very muted. And I think that that's what's interesting actually. Very muted. Very. And I think I mentioned before that, say a third of this triple B debt, which is that slice that has me most concerned, that even though a third, say, has a debt ratio, that's what you would normally see in a high yield market, only 5% of this debt is rated or has a negative credit outlook attached to them by one of the three agencies. And you need your reaction to be, well, there goes the rating agencies having the back of the issuer again at the expense of the investor. But I don't think that's what's going on. I think what's going on is that the CEOs and CFOs have gone to the agencies and shown them their capital spending plan for the year. And so the focus is on debt retirement. The focus is on debt repayment, staying current. At (24/57)
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