Credit Spreads Narrowing = Easier to Borrow Money But Borrowing Cost Still High vs. ‘Normal’ Credit Spreads (to U.S. Treasury Securities), 1925 – 2009 YTD 600 400 Current (10/09) Level: 299 bps 200 0 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 BBBs (to Treasury) AAA/AA (to Treasury) Note: Data as of 10/09. Source: Moody’s, YieldBook, Morgan Stanley Credit Strategy Research. 5
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