The financial meltdown in the fall of 2008 prompted many largecompanies to prep for future calamities, but recent events arepushing them to accelerate the implementation of those defensivemoves.

Corporate giants including Coca-Cola, Hyatt Corp., Kinder Morganand J.P. Morgan have issued upwards of $5 billion in long-term debtover the last week, notes Robert Kramer, vice president of workingcapital solutions at PrimeRevenue, an Atlanta-based supply chainfinance provider.

Market volatility—rather than last week's downgrade of U.S.debt—is “pushing treasury departments into very defensive cashpositions, so they're issuing longer-term debt and piling cash onthe balance sheet,” Kramer says.

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