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Record $2 trillion of U.S. corporate debt comes due in the next 5 years

A record $2 trillion of U.S. corporate debt comes due in the next five years, Moody’s Investors Service said Wednesday. That’s potentially challenging for industries with the heaviest debt loads, including telecom and energy, but is softened by relatively high credit ratings overall.

“For the majority of U.S. investment-grade companies, refunding risk over the next five years is manageable,” said Moody’s senior analyst Tiina Siilaberg. Some 75% of firms holding maturing debt have either positive or stable rating outlooks.

But that doesn’t mean refinancing will be without challenges. Short-term collateralized loan obligations issued before 2017 by themselves won’t be sufficient to cover speculative-grade refunding needs, particularly in 2021, when $402 billion of debt comes due.

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