Question: Another customer soon plans to issue debt at a floating rate. Over the next year, the customer expects their credit rating to improve over the

Another customer soon plans to issue debt at a floating rate. Over the next year, the customer expects their credit rating to improve over the next year, and then they will issue fixed-rate debt. Interest rates may rise in the interim, so they want to protect themselves.  


What side of the swap should the customer take?

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