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"Your nerves are twitching," said Christian Stracke, Pimco's global head of credit research.
Now credit research is important, she said, and there is more interest-rate volatility, which brings opportunity.
Then, credit research competition would flourish and investors would truly have to make up their own minds.
Elpida's bankruptcy filing is the biggest ever by a Japanese manufacturer, according to Shoko Research, a credit research company.
A separate, independent report by Teikoku Databank, a well-known credit research firm, previously cast doubt on Kato Pleasure's business.
The EIE International Corporation failed with an estimated 476.4 billion yen ($4.52 billion) in liabilities, said Teikoku Data Bank, a private credit research company.
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Additional requirements include a 1-credit research practica, and a 1-credit teaching practicum.
At least one big institution has been thinking of shutting its credit-research department.
"Firewalls are really good until it gets really hot," says Glenn Reynolds of CreditSights, an independent credit-research firm.
KMV, a credit-research firm, looks at the behaviour of a firm's share price to assess the likelihood of it defaulting.
According to Teikoku Databank, a credit-research company, the total interest-bearing liabilities held by the group of 119 big builders increased by ¥155 billion to ¥10.1 trillion during the year to last March.
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