Celebrating Wild Caraway: Taste of Nova Scotia's Restaurant of the Year | SaltWire - Rising borrowing costs made a slight dent in U.S. companies' ability to make interest payments on their debt in the third quarter despite a boost in earnings, according to BofA Global Research.
Coverage ratios hit their lowest since the first quarter of 2021, when companies in many sectors struggled with pandemic-related supply cost increases and weak demand. Borrowers' weaker interest coverage stems from higher borrowing costs, the report noted. The median cost of debt increased to 3.77% in the third quarter from the second quarter - its highest since the fourth quarter of 2018. Companies' gross debt was little changed, but net debt growth turned negative for the first time since the third quarter of 2021.
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