The good news lately from the credit market–a dramatictightening in corporate bond spreads and soaring issuance–has yetto translate into easy access to credit for all companies.

The market is split between investment and non-investment-gradeissuers, says Brian Kalish, director of the finance practice at theAssociation for Financial Professionals (AFP). “If you're at thetop of the credit curve or if you've got FDIC backing, those dealsare getting done,” he says. “But if you're an A-rated entity, it'stough.”

In fact, a recent AFP survey shows 59% of companies have seen noimprovement in the availability of short-term credit so far thisyear. And 35% of companies with non-investment-grade ratings, alongwith 23% of investment-grade companies, say their access toshort-term credit has decreased so far this year.

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Susan Kelly

Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.