A smaller percentage of senior investors viewed housing market disruptions as a high-risk factor for U.S. credit markets in June than in December 2006, according to the latest Fitch Ratings/Fixed Income Forum Survey of Senior Investors.Fitch reported that 24% of survey respondents cited housing market disruptions as a high-risk factor in June, down from 31% in December. However, the percentage of respondents identifying a hedge fund collapse as a high-risk factor rose from 12% in December to 17% in June. The survey also found that investor concerns have shifted from weak economic activity toward such factors as higher interest rates, oil price volatility, weak creditor protections, and event risk. "The results of this recent credit investor survey are interesting in that they point to a relatively improved view of fundamentals, but also show that anxiety over structural declines, deal trends, and event risk persists, and in some cases has grown," said Mariarosa Verde, managing director of Fitch Credit Market Research. Fitch can be found online at http://www.fitchratings.com.

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