On the one hand, states with record levels of debt, scrutinised by rating agencies and funding themselves at ever higher interest rates. On the other, large companies with high margins and strong balance sheets, about to report their third-quarter results and in some cases able to borrow on better terms than sovereigns. How can such a dichotomy be explained, and is it sustainable? Barring a major surprise, the results to be announced by companies over the coming weeks will confirm the excellent earnings health of listed corporates. At the same time, the rating agencies will deliver their verdict on a few sovereign credits, including France¹. The contrast will be striking, as it has been for more than fifteen years in developed economies […]