In fact, said the paper, one of the big three credit-rating agencies had ranked them as "just one notch above non-investment grade or 'junk'".

That is just one category above speculative or "junk" grade, although there are some intermediate steps within that category.

Vivendi's current debt rating of Baa is two notches above junk.

The credit ratings agency cut its rating on Ireland's sovereign debt to one notch above junk last week.

Its bonds are rated just above junk and some entities have borrowed just to keep going.

Enron chose instead to maintain a credit rating just notches above junk, apparently in the belief that a bad day would never arrive.

Because of the county's chronically deficit-riddled finances, its bonds already rank at the lowest investment grade, just one notch above junk.

Its deficit rose to $300 million over the summer, and its bonds were downgraded to a level just above junk.

Last week, two credit-rating agencies downgraded one of the medical center's two bond ratings, to a level just above junk.

The company's debt, rated just above junk by Standard & Poor's, is also a concern.