Covid-19 winners and losers: Don't throw the baby out with the bath water

The rebound in the credit markets from the coronavirus-induced sell-off early this year has been as uneven as it has been remarkable. While most companies' earnings, and by extension their creditworthiness, took a hit from lockdowns intended to contain the pandemic, some companies held up better than others. Successful companies generally were those that had been in sounder financial positions to begin with, were better able to adapt their operations to serve new customer needs or could cut costs in the face of reduced activity.  A tough first half for earnings Global earnings dro...