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To: orkrious who wrote (232214)	4/1/2003 5:18:02 PM
From: Mark Adams	Respond to of 436258

And from a link posted here today; morganstanley.com Financial deleveraging is a third factor contributing to the corporate bottom line. Chief financial officers have for nearly two years been hard at work undoing the damage to balance sheets wrought by levering up in the 1990s. While they have taken advantage of the lowest borrowing costs in two generations to refund high-cost debt and improve credit quality, their efforts are starting to show up in cash flow as well. The combination of lower interest rates and sharply slower borrowing growth has begun to reduce interest expense, and is adding significantly to profit margins. Growth in overall debt owed by nonfinancial corporations in the last two quarters of 2002 slowed to just 0.4% annualized, the slowest pace in a decade. And corporate borrowing rates across the maturity spectrum are at 40-year lows.