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Sovereign Credit Quality after the Crisis MARCH, 2010 Steve Hess, VP – Senior Credit Officer
Sovereign Credit Quality after the Crisis March, 2010 2 Sovereign Bond Rating Changes Through the Crisis (1) FC Gov Bond Rating - # Upgrades/Downgrades
Sovereign Credit Quality after the Crisis March, 2010 3 Sovereign Bond Rating Changes Through the Crisis (2) FC Gov Bond Rating - # Upgrades/Downgrades, by Rating Category
Sovereign Credit Quality after the Crisis March, 2010 4 Debt/GDP: Greece and the US (General Government) General Government Debt as % of GDP
Sovereign Credit Quality after the Crisis March, 2010 5 Debt Affordability Deteriorating General Government Debt and Interest Payments as % of Revenue
Sovereign Credit Quality after the Crisis March, 2010 6 Interest Payments as % of Revenue
Sovereign Credit Quality after the Crisis March, 2010 7 The U.S. Federal Budget Forecasts Compared to CBO Forecasts Debt as % of GDP Interest Payment as % of Revenue
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