1. Edward I. Altman is the Max L. Heine Professor of Finance and vice director of the New York University Salomon Center, Stern School of Business, and consultant to the corporate fixed-income research area at Salomon Brothers Inc.
2. Joseph C. Bencivenga was managing director of corporate bond research, Salomon Brothers Inc, when this article was written and is now managing director of emerging markets at Lehman Brothers.