Respondents to the latest IACPM Credit Outlook Survey predict slightly tighter credit spreads over the next quarter and fewer defaults over the next year, prompting the index to turn positive. Last quarter, respondents were expecting wider credit spreads and an increase in defaults. However, Som-lok Leung, executive director at IACPM, warned that respondents may be predicting stability rather than significantly better conditions. "Stability appears to be the key for a number of the survey takers," Leung said. "They're not expecting a lot of improvement, but they believe conditions have at least stabilized, if at more subdued levels." Read the IACPM news release.