Outlook for 2006
Financial Services
- Seeing good activity in U.S., overseas, and in ratings and services not linked to new issuance
- Structured finance continues to look very good
- U.S. residential mortgage-backed securities market still holding up
- We expect issuance to decline as comparisons get tougher later in year
- Commercial mortgage-backed securities market off to strong start
- Asset-backed securities slower start, as expected