## Figure 1.11. Corporate Credit Quality Indicators in Advanced Economies

## Source details

**Canonical URL:** [Figure 1.11. Corporate Credit Quality Indicators in Advanced Economies](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-11.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-11.pdf.md)
- [Structured JSON version](/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-11.pdf.json)

---

### 1. Share of Corporate Debt Owed by Firms with Low (below 1) and Subpar (between 1 and 3) EBITDA-to-Interest Expense Ratios (Percent)
- Chart axis values shown: 0, 5, 10, 15, 20, 25, 30, 35
- Time markers indicated: 2007, 08, 18, 2007, 09, 18, 2007, 08, 18, 2007, 09, 18 (plotted for United States, Euro area, United Kingdom, Japan)
- Key statement from source: "Extraordinary monetary accommodation has supported the corporate sector ..."
- Definition preserved: EBITDA = earnings before interest, tax, depreciation, and amortization; ICR = interest coverage ratio.

### 2. Share of Corporate Debt Owed by Firms with Low (below 10 Percent) and Subpar (between 10 Percent and 50 Percent) Cash-to-Short-Term-Debt Ratios (Percent)
- Chart axis values shown: 0, 10, 20, 30, 40, 50, 60, 70
- Time markers indicated: 2007, 08, 18, 2007, 09, 18, 2007, 08, 18, 2007, 09, 18 (plotted for United States, Euro area, United Kingdom, Japan)
- Key statement from source: "... and favorable financing terms have allowed firms to extend maturities and reduce rollover risks."

### 3. Share of Corporate Debt Owed by Firms with High (above 6) and Elevated (between 4 and 6) Net Debt-to-EBITDA Ratios (Percent)
- Chart axis values shown: 0, 20, 40, 60, 80
- Time markers indicated: 2007, 08, 18, 2007, 09, 18, 2007, 08, 18, 2007, 09, 18 (plotted for United States, Euro area, United Kingdom, Japan)
- Key statement from source: "A recovery in earnings has helped restrain the increase in corporate leverage (debt-to-earnings ratios) ..."

### 4. Share of Corporate Debt Owed by Firms with High (above 0.6) and Moderate (between 0.3 and 0.6) Debt-to-Asset Ratios (Percent)
- Chart axis values shown: 0, 20, 40, 60, 80, 100
- Time markers indicated: 2007, 08, 18, 2007, 09, 18, 2007, 08, 18, 2007, 09, 18 (plotted for United States, Euro area, United Kingdom, Japan)
- Key statement from source: "... whereas debt-to-asset ratios have continued to climb at moderately indebted firms."

### Sample and Data Notes
- Sample size: about 20,000 firms in the euro area, Japan, the United Kingdom, and the United States.
- Coverage by region (measured as loans and debt securities):
  - euro area: 23 percent of total debt in the total corporate sector
  - Japan: 40 percent of total debt
  - United Kingdom: 36 percent of total debt
  - United States: 76 percent of total debt
- The middle bars in every panel show the worst year (in terms of corporate credit metrics) since the global financial crisis, which could be either 2008 or 2009.
- Data sources: S&P Capital IQ; and IMF staff calculations.

*Source: Figure 1.11. Corporate Credit Quality Indicators in Advanced Economies (figure1-11).*

---


_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-11.pdf_