Ongoing Conservatism for U.S. Corporates in 2012

Global macroeconomic risks, slow growth and political uncertainties point to a year of cautious financial management by U.S. corporates. Several macroeconomic risks including sovereign risks in Europe, the effects of global austerity programs, potential for consumer retrenchment and the contraction in global bank credit create an environment that encourages conservatism in capital structures and liquidity management.