Rating agencies see credit challenges growing as macro conditions hit company finances
Equity issuance plunged and debt offerings dropped in 2022, Refinitiv reported
Sharp drop in leveraged finance activity to reduce firms' cash cushions
Search for yield has boosted insurers' exposure to lower-rated bonds
Debt underwriting down too, led by a plunge in high-yield offerings
As slower growth hits corporate balance sheets, financial stress to materialize
U.S. investment-grade corporate bond market remains active
High yield issuers bolstered liquidity over the past couple of years, Fitch says
Defaults expected to stay low through 2023 despite challenges, Fitch says
Speculative-grade issuance is seen rising in 2021 amid investor appetite for yield