Industry Report Card: Global High Technology. Unlike these two cyclical sectors, software and services should continue their fairly steady, moderate growth, with more spending focused on application development, systems integration and best shore capabilities.

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A fairly balanced credit trend for the year is anticipated, as a focus on cost reductions over the preceding three years is helping to offset continuing pricing pressures across almost all sectors. Similarly, increasing M&A activity, dividends, and share repurchases offset improving financial profiles, further supporting expectations for a balanced ratings trend.

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