, Columnist
There’s No Sugarcoating Corporate Debt
It looks like borrowers are gaming the ratings firms, and not for the first time. Also, Brexit follies and literary winners.
Corporate America is debt-strapped.
Photographer: Paul J. Richards/AFP/Getty Images
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If you are looking for reasons to worry about the stock market, few things beat U.S. corporate leverage. Excluding banks, which have very different dynamics, corporate debt has never been greater as a percentage of gross domestic product.