Guy Deslondes Credit Quotations

M&A is not the magic circle. But it is important, and the focus is more and more on equity than on credit quality.

Cash flow is resilient, and has been some years. There's scope for operators to reduce shareholder returns if they need to, although we don't think they will do that. It's not like 2001 when credit measures were so tight it could only mean distressed asset sales and rights issues. It's not like that now.