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Perfection.
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By providing the right materials — your choice of specialized asset management boutiques, the scope of$870B AUM* and industry-leading tools to measure,
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monitor and analyze your investments — Mellon can give you creative solutions across theentire investment process. So your results can be, well, masterful.
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Asset Management
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Asset Servicing
*As of June 30, 2006
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Lula da Silva: Caetano Barreira/epa/Corbis;Brazilian stock traders: Mauricio Lima/AFP/Getty Images; For sale: Terry Vine/Getty Images; Bernanke: Chip Somodevilla/Getty Images; Israeli soldiers: Pavel Wolberg/epa/Corbis; Putin: DmitryAstaskhov, Presidential Press Service/ITAR-TASS/AP; Morales: Sergio Barrenechea/EFE/Corbis
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Creditworthiness falls as higher interest ratesand fears of slower growth batter emerging markets.
By Harvey D. Shapiro
SEPTEMBER 2006
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he future is not what it used to be. For the past two and a half years, economistsand sovereign-risk analysts have been unabashedly optimistic in their outlook on the world’s economies. Their increasingly positive assessments reached a zenith in March when the overallglobal rating of Institutional Investor’s exclusive Country Credit survey reached its highest level in decades. That euphoria has quickly given way to growing anxiety. Fears of acceleratinginflation, slowing
INSTITUTIONAL INVESTOR 131
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Reversal of fortunes
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COUNTRY CREDIT
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