A combined line and bar graph showing the ratio of U.S. corporate bond rating downgrades to upgrades, the U.S. speculative-grade bond issuer default rate, and the bank rate of noncurrent commercial and industrial loans, for 1998 through first quarter 2002.

The bank rate of noncurrent commercial and industrial loans was 3.54 percent in 1988, 3.47 percent in 1989, 4.32 percent in 1990, 4.42 percent in 1991, 3.40 percent in 1992, 2.04 percent in 1993, 1.27 percent in 1994, 1.19 percent in 1995, 0.98 percent in 1996, 0.86 percent in 1997, 0.99 percent in 1998, 1.18 percent in 1999, 1.66 percent in 2000, 2.17 percent in 2001, and 2.60 percent in first quarter 2002.

The ratio of U.S. corporate bond rating downgrades to upgrades was 1.59 in 1988, 2.46 in 1989, 4.39 in 1990, 2.93 in 1991, 1.67 in 1992, 0.94 in 1993, 0.87 in 1994, 1.08 in 1995, 0.65 in 1996, 0.77 in 1997, 1.37 in 1998, 1.82 in 1999, 2.26 in 2000, 2.93 in 2001, and 4.68 in first quarter 2002.

The U.S. speculative-grade bond issuer default rate was 4 percent in 1988, 5 percent in 1989, 10 percent in 1990 and 1991, 5 percent in 1992, 4 percent in 1993, 2 percent in 1994, 4 percent in 1995, 2 percent in 1996 and 1997, 4 percent in 1998, 6 percent in 1999, 7 percent in 2000 and 11 percent in 2001 and first quarter 2002.