Recently, a growing number of investors and market commentators have been advocating for caution in credit lending - rightfully so, in my opinion. However, despite the publicity this has received in the press, it appears that little has actually been done to clamp down on aggressive lending. Perhaps this should not be surprising, since in practice, lending is done from the bottom up. Viewed at the individual borrower level, the plethora of recent deals may not look so bad, so why pass? After all, in many cases, company fundamentals - boosted by strong earnings -