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Standard & Poor’s Ratings Services reports that instead of repatriating overseas cash, more and more U.S.-based corporations are holding cash abroad to avoid taxes while issuing debt domestically. The 25 largest cash holders control 43 percent of all cash balances, but these organizations have been increasing their debt at a rate comparable to their cash growth. Moreover, the 15 largest cash holders that disclose their overseas balances increased only overseas cash in 2013; domestically, they issued a “matching” amount of debt, according to S&P.

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