Canadian corporate debt obligations declined slightly in 2014, but debt maturities are slated to peak in 2019, suggests a new report from Moody’s Investors Service Inc.

The New York-based credit-rating agency says that debt issued by Canada’s non-financial companies, and maturing in 2015-19, declined by 5% in 2014 to $83 billion, primarily because of a drop in investment-grade maturities.

“Speculative-grade bond and bank credit facility maturities rose by 37% to $37 billion, but investment-grade bond maturities decreased by 32% to $45 billion,” said Jennifer Gioia, an associate analyst with Moody’s. “The increase in speculative-grade maturities reflects strong issuance amid low interest rates and accommodating credit markets.”

“We expect that Canadian debt maturities will peak in 2019 at $29 billion, which amounts to 63% of all debt maturing in the next four years,” added Tiina Siilaberg, assistant vice president at Moody’s. “But near-term risk is very low, given that only $6 billion is due in 2015, the lowest one-year amount since our 2012 study.”

Of the $29 billion maturing in 2019, $13 billion is in investment-grade debt and the remaining $16 billion is speculative-grade debt. Furthermore, the Moody’s report notes that these debt maturities are highly concentrated among a few issuers and industries.

“The energy, natural resources and chemicals industries have the most debt maturing, accounting for around 41% of debt coming due in 2015-19,” said Adam McLaren, a Moody’s analyst, followed by telecommunications, technology and media, with a combined 29%, and automotive and aerospace, with 9%.

Most Canadian issuers have stable outlooks, the Moody’s report says, with only 7% having negative outlooks, down from 20% in 2014. However, the report notes that the growing U.S. economy “points to a likely rise in interest rates during 2015-19, which is a key risk.”

Nevertheless, the Moody’s report says to expect corporate credit quality to remain stable in 2015 — and it suggests that most Canadian non-financial companies will be able to refinance their debt.