Fitch Ratings Credit Market Research said financial turmoil and fear of an extended recession have pushed the cost of corporate borrowing to "extraordinary levels," creating serious problems for companies that need to refinance debt next year. Unless debt markets loosen, more than $500 billion in bonds maturing next year will be subject to substantially higher refinancing costs, Fitch said. Credit downgrades cut the value of nearly $300 billion in U.S. corporate debt in the third quarter.

Full Story:
Financial Week

Related Summaries