Quotes by Guy Deslondes

“The trend is clearly on the negative side.”

“We are looking for protection. We try to work out how well-equipped a company is to protect the business model and the market position it has now.”

“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. Theres scope for operators to reduce shareholder returns if they need to, although we dont think they will do that. Its not like 2001 when credit measures were so tight it could only mean distressed asset sales and rights issues. Its not like that now.”

“This is a big amount of cash to be giving back. The figures will be even higher in 2006, when the increases in dividend work through.”