1. Tower of debt: Corporate America is drunk on easy money.
US companies, encouraged by a decade of unbelievably low borrowing costs, are sitting on $6.3 trillion of debt, according to S&P Global Ratings. That sum, which excludes banks, is more than before the Great Recession — or any other time in history.
S&P Global Ratingsによれば、信用できないほど低い借り入れコストの10年を奨励している米国企業は、6.3兆ドルの債務を抱えているという。その総額は、銀行を除いて、大後退前よりも – または歴史の他の時間です。

Companies have used that debt to invest in the future, make splashy acquisitions and reward shareholders with a bonanza of stock buybacks.
But this is a dicey time to owe a bunch of money.
After years of extraordinarily low interest rates, borrowing costs are finally on the rise. That makes it more expensive for companies to refinance their debt when it comes due. Those costs will only rise further if inflation heats up, forcing the Federal Reserve to raise rates more rapidly.

The US economy is cruising. The economic expansion is already the second-longest in history. But another recession will come eventually. In previous downturns, companies with too much debt have found it difficult to repay their loans, forcing some into bankruptcy.
The “massive amount of debt” that American companies have piled on “should concern investors as we enter the late innings of a credit cycle in a rising rate environment,” S&P analyst Andrew Chang wrote in a report last week.

Of course, Corporate America has more firepower than ever to pay down debt. The strengthening economy and the Republican corporate tax cut have combined to unlock vast amounts of money for companies.
Indeed, S&P found that by the end of 2017, the 1,900 US companies that it rates, excluding banks, had accumulated a whopping $2.1 trillion in cash. That’s up 9% from the year before — and more than double what they were sitting on in 2009.



One Response to “6.3兆ドルの借金:アメリカの企業は!?①”

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