Spanish companies are facing the invisible attack of COVID-19 from a position of relative strength after experiencing strong deleveraging over the past decade due to the Global Financial Crisis, which led them to lower their debt from levels of more than 110% of GDP (2008) to 73% (2019).
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Corporate financial distress is a condition experienced by companies under pressure to service their debt due to one or more factors such as overindebtedness, an increase in borrowing costs, challenges rolling over maturing debt due to tighter financial conditions or a decline in revenues.
Nonfinancial corporate debt-to-GDP is high, but debt-to-assets and debt-to-earnings remain moderate. Solid earnings, tax cuts and low real interest rates allow corporations to service their debt without problems. However, tighter financial cond…