Companies in need of financial flexibility have tapped the high-yield debt market, but Moody's Investors Service said those firms are facing looming maturities. More than $700 billion is set to come due from 2012 to 2014, according to the credit rating agency. "If everything behaves normally and you have an efficient market, things should be OK," said Kevin Cassidy, senior credit officer at Moody's. "But that's a big if."

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