"Part of a wave of debt exchanges we are monitoring will be announced in December. We have 10-15 [issuers] that we are looking at that could be defaulters, so we could certainly get there."

December 11, 2008 12:00 am

--Kenneth Emery, director of corporate default research at Moody's Investors Service, on default-rate forecasts that show defaults doubling in the next year.

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