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Supply-chain finance is new risk in crisis
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Experts say the economic slowdown could expose weak spots in the arrangements A “sleeping risk" on the books of U.S. businesses could be awakened by the pandemic, as the sudden cash crunch exposes a hidden type of financing that makes balance sheets look better, credit-rating firms are warning.
The three biggest ratings firms each issued reports last month highlighting the dangers of supply-chain financing, a fast-growing, opaque technique for delaying payments to suppliers to improve cash flow.
S&P Global Inc. called supply-chain finance a “sleeping risk" that can “mask episodes of financial stress." A prime concern is that the banks or other lenders may yank the financing from struggling companies, cutting off a source of cash at a time
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