New accounting rules have exposed $64 billion in debt held by the largest US businesses, according to Lucca de Paoli, who covers distressed debt for Bloomberg News. This so-called supplier finance can be a safe way to manage cash flow — but it’s also been at the heart of some major corporate collapses, and could fuel ratings downgrades. In this episode of the Credit Edge Podcast, Bloomberg News senior editor James Crombie also talks to Bloomberg Intelligence analyst Sharon Chen about the outlook for SoftBank Group Corp. after it was cut deeper into junk. Elsewhere in Japan, Chen examines the refinancing risk at Rakuten Group Inc., which has $5 billion in bonds coming due.

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