I'm guessing that quite a few companies must be at risk for exceeding their debt covenant ratios in 2009. What I'm specifically looking at is a company I know quite well (Raymarine, UK listed) they have max debt/ebitda ratio of 3.0. I've got no idea what is normal, it seems low to me. Anyone got any ideas what the current pain threshold for bankers is? Assuming interest payments etc are maintained of course
