Today, concerns about capital, asset quality, and credit risk continue to limit the willingness of many intermediaries to extend credit, even when liquidity is ample.

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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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Additionally lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

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Whalen says there is a risk the contagion will spread further and create more credit quality problems for banks.

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"The lease residual-value risk in general remains Ford Motor Credit's biggest asset-quality wild card, " says Glenn Reynolds of the credit analysis firm CreditSights.

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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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If bond prices continue to fall, the enthusiasm to take on more risk in equity will wane as investors seek similar returns in the higher credit quality treasury bonds.

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