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¿Quién teme a la deuda corporativa americana?
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    <strong>Artículo publicado en <a href="http://www.lacartadelbolsa.com">La Carta de la Bolsa</a> el Martes, 12 de Junio en la sección: Articulos</strong>
    <h3 class="titulo_articulo">¿Quién teme a la deuda corporativa americana?</h3>
    Redacción
    <p><a href="https://www.axa-im.es/content/-/asset_publisher/qxx9OlkAqLWg/content/who-s-afraid-of-us-corporate-debt-/23818" target="_blank"><img alt="" class="ilustraciones" src="http://lacartadelabolsa.com/images/ilustraciones/dollar-1029742__480.jpg" style="border-style:solid; border-width:1px; height:90px; width:180px" />Who’s afraid of US corporate debt? </a> <em>Pockets of weakness rather than broad fragility characterise the sector </em>§  The level of total business debt has fallen as a proportion of GDP since the global financial crisis reflecting the deleveraging of financial companies. §  On aggregate, US non-financial corporate indebtedness has risen as a proportion of GDP, but remains subdued as a proportion of business income (net operating surplus) and has fallen as a proportion of profits.</p>
    <p>§  Moreover, with interest rates low, interest payments as a proportion of business incomes are still at decade-low levels.</p>

<p>§  However, favourable conditions have encouraged many companies to adjust their capital structure which has seen borrowing from corporate debt markets increase 130% since the financial crisis.</p>

<p>§  This has included a large increase in BBB-rated (and single A) issuance, leading to a modest deterioration in overall credit index quality.</p>

<p>§  In the main, low interest rates make these debt structures affordable. And in stress-test scenarios, only in the most extreme cases do we envisage a deterioration in interest-cover ratios.</p>

<p>§  Moreover, we expect recent developments (rising interest rates and Tax Reform changes) to result in a contraction of non-financial corporate debt growth over the coming years.</p>

<p>§  We identify pockets of weakness in credit markets, where leverage is high and interest-cover ratios are low.</p>

<p>§  Legitimate concerns over contagion risk are somewhat assuaged by relatively high corporate liquidity and the borrowing disintermediation over the past decade. </p>

<p> </p>

<p><a href="https://www.axa-im.es/content/-/asset_publisher/qxx9OlkAqLWg/content/who-s-afraid-of-us-corporate-debt-/23818" target="_blank"><img alt="Read more" src="https://mail.google.com/mail/u/0?ui=2&ik=ad04113e64&attid=0.0.8&permmsgid=msg-f:1603059348097153137&th=163f35fbd5333871&view=fimg&sz=w1600-h1000&attbid=ANGjdJ_Jac5hWST9SI6hTyjEMWqyqBSjYhS_26zcAMBnMOSohMpIv2p_jNuq99xuVbnRLej39RgqxR57HxXpeK5knHl63b4ZPN01N7fs1QGnGXRYuhFbWSKeuUsfYKM&disp=emb" style="height:0.3541in; width:1.4375in" /></a></p>
    https://lacartadelabolsa.com/index.php/272835
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