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The first world war destroyed Britain's credit position and ushered in the era of American financial dominance.
Then, in January, JPMorgan started putting on a huge bullish credit position, to help temper the bearish bet — essentially, a hedge on a hedge.
It is the world's second-largest net creditor after Japan (the net credit position takes account of equities as well as debt).
Conversely, Australia's credit position would improve if it looked as though the deficit was starting to come down substantially, and if government debt began to stabilise.
Encouraging financial reform, he led the state of Hyderabad to an enviable credit position; it issued its own currency notes and coins and acquired ownership of a major railway network.
Privately held U.S. companies, on average, have a slightly improved credit position than a year ago, according to new data from Sageworks Inc., a financial information company.
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WALL STREET JOURNAL Morgan Stanley Makes Trades in Shrinking Derivatives Unit | Morgan Stanley bought credit positions with a notional value of more than $50 billion over the last three years, despite plans to shrink its derivatives business.
The bank did not further quantify the problem areas, but at its presentation to investors last week it noted that most of its structured credit positions were in commercial mortgage-backed securities, residential mortgage-backed securities and collateralized debt obligations.
Dynegy forecast 2003 earnings well above Wall Street's predictions yesterday and said it had cut its debt by nearly $1 billion while maintaining its cash and credit positions, setting off a 45percentt increase in its share price.
Furthermore, if California comes up short on cash this fall, other creditors will have to wait behind the warrant holders, who would most likely end up in superior credit positions.
The bank has been seeking to regain its footing after it had to turn to the Swiss government for a bailout, rocked by more than $50 billion of scorched investments by its investment banking unit in real estate and other credit positions.
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