Despite falling issuance volumes this year, U.S. corporate issuers remain broadly well positioned after stretching maturities into later years. S&P Global Ratings rates $11.6 trillion in U.S. corporate debt: 9% is scheduled to mature over the next 18 months (through Dec. 31, 2023) and 43% over the next five years (through June 30, 2027). While speculative-grade debt is more vulnerable to refinancing risk, it represents a relatively small share (19%) of U.S. corporate debt maturing through 2023.