“Banks are much more cautions about lending, causing credit growth to decelerate substantially relative to the past couple of years,” said Diane Vazza, head of S&P's global fixed income research group.
“For issuers with weaker fundamentals, available financing options have shrunken considerably at a time when business is softening and financial strain is spreading,” she added.
S&P said Japan and Australia account for 94 per cent of the $368bn of corporate debt rated by the agency in Asia that would mature or require refunding between the final quarter of this year and the end of 2011. That compared with $2,100bn maturing across all rating categories in Europe and $700bn of speculative grade debt in the US.
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