Appendix 1: US Corporate Debt Market

Size of US Corporate Debt Reveals Prominence of the Nonfinancial Sector

The majority (72%) of rated corporate debt in the U.S. are investment grade, even as the number of investment-grade
companies has dwindled relative to the number of speculative-grade ones. Investment-grade companies account for
just 43% of the total number of U.S. corporate issuer credit ratings. These investment-grade issuers include many of
the U.S.'s largest and most creditworthy companies, which have high capacities to meet their financial obligations.
While the majority of corporate issuer credit ratings are speculative grade, these issuers tend to be smaller--with less
debt, on average--than the investment-grade rated companies. By issuer count, 57% of rated U.S. corporate issuers are
speculative grade, but by debt amount, just 28% of U.S. corporate debt is speculative grade.

Fig. 1: Distribution of US Corporate Debt by Selling Category

Table 1: US Corporate Debt Amounts by Rating Category

Table 2: US Corporate Investment Grade and Speculative Grade Debt Amounts by Sector
Table 3: Rated U.S. Corporate Debt Amounts by Instrument Type
Table 4: US Nonfinancial Corporate Debt by Rating Category and Original Maturity Length

Table 5: US Financial Services Debt Amounts by Rating Category and Original Maturity Length
Table 6: Original Issue Year for Currently Outstanding US Corporate Rated Debt
Table 7: Distribution of Rated Debt within the US Region