ICYM: Investors are growing increasingly worried that the spreading coronavirus will hit US corporate cash flow and credit in some sectors, especially if the outbreak keeps workers at home or prevents companies from paying employees
US corporate debt is near all-time highs, as is the size of the so-called triple-B segment of the market – companies one notch above junk status. Sudden shocks to the economy disrupt cash flow and put companies at a greater risk of downgrade.
The US death toll stands at 11, in Washington state and in California. New York’s governor said on Thursday that 22 people in New York have the virus. Macro advisory firm Exante Data on Monday warned that banks may be reluctant to refinance loans to companies if creditworthiness is deteriorating rapidly.
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