Distressed Debt Career Advice.

Want to piggy bank of the conversation Billy Mays started here:
http://www.wallstreetoasis.com/forums/credit-distressed-fund-technicals
Hoping the same group of experienced group can lend a few cents of advice.

About 1 year ago I took an analyst job as a credit analyst in high yield muni's, which is a bit of misnomer ,they are really independent private companies that have used that have used the issuing name of a municipality to take advantage tax benefits/lower borrowing yields. My firm doesn't deal with GO's, all revenue backed type bonds. Most of the credits I deal with are within the Utilities space, HealthCare and Hotel&Leasuire. All of the obligors I deal with are have pretty messed up capital structures, they are heavily leveraged, with declining EBITDA, and with escalating debt schedules which amortization schedules that have not peaked yet!!. I pretty much build out all the pro-forma models of the issuers we own, then update them as time goes on to make sure if they are able to service their semi-annual P&I payments, monitor them to make sure the issuer does not violate any covenants laid out in the bond indenture, and if a covenant is tripped my team exercises our right and remedies by forcing the issuer to cut costs, improve efficiency, expand their liquidity facilities in order to improve the their operations in order to service their debt schedule. If there is a default and a restructuring is needed, I build out all the waterfall models and analyze all the restructuring options to improve our LGD. I help value all the collateral that we own a security interest in and work with other creditors to see if prepack is possible. So far I have restructured 4 issuers since I got there.

I am trying think of my exit plans I after I leave my company. Is there any value in the work I do?? Does plain value fixed income asset management care about this type of work?? Especially the folks that deal with just investment grade credits?? Working in high yield/distressed, you tend to forgot that your in a small section of the bond market. Most bonds don't default, most bond perform as intended to service their P&I payments. I am guessing most shops that deal investment grade munis/corporate don't spend massive time on credit analysis. They are probably more concerned with their tracking error to some bench mark, hedging duration exposure, more bond math stuff.

Where in fixed income is there a lot of demand right now?? Which areas have the most potential of growth?? Kind of lost as to what I can do after this type of role. :)

I really appreciate any guiding words of advice.