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  "documentTitle": "Multiple (ValueAct portfolio: Moody's, CBRE, Motorola Solutions, Adobe, Halliburton, Autodesk, Gardner Denver, Sara Lee, Verisign, CR Bard)",
  "authorId": "10_ValueAct",
  "authorName": "Jeff Ubben",
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  "presentationDate": "2012-10-01 00:00:00",
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  "notes": "The chart compares two different study vintages (2011 vs 2012) to show how maturity projections have shifted over time.",
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      "kind": "callout",
      "text": "In the U.S., wall of maturities has been pushed out but not reduced",
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      "kind": "chart",
      "text": "Debt Maturities: U.S. Moody's-Rated Corporate Bonds and Loans",
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      "kind": "list",
      "text": "In the U.S., wall of maturities has been pushed out but not reduced. Investment grade companies will use their balance sheet strength to expand business, unlike speculative grade companies which borrowed more to refinance pending maturities",
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      "text": "Debt Maturities: $376bn",
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      "text": "Source: Moody's Investor Day, 2012",
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      "kind": "title",
      "text": "Significant Refinancing Needs in the U.S. Corporate Sector Support Ongoing Demand for Ratings",
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