The great deleveraging that was supposed to sweepover corporate America is dead. Or, at least, on hold.

Blue-chip companies have begun to ramp up borrowing again as central banksglobally flood economies with money. Liabilities have reached theirhighest level relative to income since 2009, according to MorganStanley's analysis of second-quarter data. As of last Thursday, thenumber of companies selling investment-grade debt in September hadsurged 63 percent from the same period last year.

It wasn't supposed to be this way. Last year and at thebeginning of 2019, corporations ranging from Verizon CommunicationsInc. to Tupperware Brands Corp. talked about their goals to cutdebt levels. Companies were under pressure from both stock and bondinvestors who worried about borrowers' liabilities. Around 40percent of investment-grade companies now have obligations that aremore consistent with junk ratings, according to Morgan Stanley.(Credit rating agencies use multiple factors beyond leverage toassess a company's debt rating.)