Credit markets see record downgrades.

There are more than $1 trillion ( $ 1.53 trillion ) of BBB-rated investment grade bonds that have been put on negative outlook by credit rating agencies to be downgraded in the future. This is a record, and more than double the value of BBB bonds at risk during the last big credit blow-up in 2015. There is a further $200 billion of bonds that are placed on the more dangerous watch by ratings agencies for an imminent downgrade.