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Total amount of speculative-rated debt in the U.S. has declined in recent years.
Foiled deal shows that the retail industry is toxic to creditors.
The slow pace of the negotiations is creating uncertainty for corporate treasuries.
Corporations put off expansion as they wait for legislation.
Comcast, 3M and Wal-Mart among those buying back debt.
Three-quarters of new loans are now defined as "covenant-lite."
Three-quarters of new loans are now defined as "covenant-lite."