Corporate America levered up in 2020 as the coronavirus pandemic threatened revenues. In the third quarter of 2020, S&P 500 companies held a total of $1.88 trillion in cash leaving them well placed to deleverage. But even with ample cash on hand, companies are likely in no hurry to unwind that buildup of debt.

Click below to read the full article to learn what this means for debt and downgrades, and liquidity for these companies.