The ever insightful Alea points us in the direction of rising correlation on credit indices.

Reuters reports that correlation - a measure of systemic risk - appears to be increasing:

Correlation sets a price on the marketís fear that a few bad apples will default versus its fear of an economic cataclysm...

Systemic risk rises: correlation hits new highs
See also "Very Good Credit Default Swap Article" thread:
https://www.kitcomm.com/showthread.php?p=179463

If the correlation numbers correspond to real-world conditions, then they're essentially saying that if any companies start defaulting, then all companies are liable to start defaulting.

Chart of the Day: Debt Tranche Correlation