Credit market risk is at an all-time high, according to Scott Mather, chief investment officer of U.S. core strategies at Pacific Investment Management Co. The investment firm is defensive on the asset class as it sees high likelihood of a recession over the next three-to-five years. ``We have probably the riskiest credit market that we have ever had,'' Mather said Wednesday in an interview on Bloomberg Television. Newport Beach, California-based Pimco manages $1.76 trillion in assets. The increased size, lower quality and lack of liquidity in corporate bond markets are all red flags, Mather said.