In our Asian Revolvers report, we highlighted companies churning their debt, suggesting they were window-dressing their financials to present the best possible picture. This report looks for similar activity on a global basis and lists those we think vulnerable to credit downgrades. It is clear that while the Chinese property developers are still working to massage their financials, they are not the only property sector with lots of inventory and certainly not the only companies managing their financials. Furthermore, the preponderance of Oil & Gas Storage companies on our vulnerable list (Figure 1) would also suggest that the oil contango trade is crowded. Caveat emptor (buyer beware) the window dressers.