Credit research poll 2002 - HIGH GRADE

Credit analysts get back to fundamentals	Declarations of independence
How many analysts do you need?	Go to full results: High Yield
	Methodology and voter profiles

Best overall research team in high-grade
02	01	Scores	Telecoms	Gen Industries	Autos	Consumer	Utilities	Financials	Credit Strategy	*Total*
1	1	Morgan Stanley	426	517	534	456	333	472	501	*3,239*
2	8	Goldman Sachs	614	312	391	346	411	400	598	*3,072*
3	3	Merrill Lynch	386	492	405	336	313	469	472	*2,873*
4	2	Deutsche Bank	469	434	424	338	306	425	446	*2,842*
5	–	JP Morgan	426	402	438	372	346	389	416	*2,789*
6	5	BNP Paribas	414	342	441	302	352	354	462	*2,667*
7	4	CSFB	397	392	359	281	293	444	388	*2,554*
8	9	UBS Warburg	393	410	514	317	352	_	408	*2,394*
9	6	Lehman Bros	365	304	349	254	255	356	339	*2,222*
10	7	SSMB	369	291	250	263	266	284	311	*2,034*
11	10	DrKW	291	230	329	269	270	263	273	*1,925*
12	11	Barclays Capital	421	237	247	210	244	220	321	*1,900*
13	13	Bear Stearns	346	167	203	206	208	227	244	*1,601*
14	–	ABN Amro	271	190	191	167	205	191	225	*1,440*
15	12	HSBC	274	196	151	119	189	196	152	*1,277*
16	14	Soc Gen	238	152	162	126	168	163	202	*1,211*
17	–	Commerzbank	168	140	167	115	177	_	177	*944*
18	15	Bank of America	233	74	152	64	127	121	136	*907*
19	–	ING	178	77	158	115	166	_	161	*855*
20	16	RBS	154	110	83	97	131	94	184	*853*
21	18	SEB	84	51	70	_	70	_	66	*341*

Best in high-grade telecoms
Felix Kaiser and team
Goldman Sachs

Best in high-grade TMT
*2002*	*2001*		*% HG votes*	*Score*	*Euro-12 only*	*UK-only*	*?10bn+*	*?5-10bn*	*?1-5bn*	*?0-1bn*
1	8	Goldman Sachs – Felix Kaiser, Loic Cathenod	36.0%	614	1	1	1	1	1=	2
2	1	Deutsche Bank – Anja King&Nesche Yazgan	22.0%	469	2	15	8	3	1=	3
3=	2	Morgan Stanley – Matthew James&Team	22.1%	426	5	3	10	13	8	1
3=	–	JP Morgan – Scott Marchakitus&Team	22.3%	426	4	16	4	6	6	7
5	13	Barclays Capital – Laura Winchester&Stephan Michel	18.8%	421	3	7	7	15=	3	5
6	5	BNP Paribas – Rick Deutsch, Jean-Yves Guibert	24.

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Credit research poll 2002 – HIGH GRADE