CFO.com said, according to a new survey by Ernst & Young, that refinancing was the issue that dominated the treasury agenda above all others during the past year at more than 100 companies worldwide.

CFO said a measure of the scale of the refinancing problem is revealed in a recent report by S&P wherein the rating agency suggests there is as much as a $46 trillion “credit overhang” – the amount of money corporates will need to raise between 2012 and 2016 to refinance their soon-to-mature debts and to fund capital expenditures and working capital growth.

The combination of bank balance sheet restructuring, a euro-zone crisis, a softening U.S. recovery, and the prospect of slower growth in China could make for what S&P calls “a perfect storm” in credit markets.

To read the full CFO article, click here.