Of the 250 biggest high-risk companies, 22 are in the financial...

Of the 250 biggest high-risk companies, 22 are in the financial sector, with ANZ Bank classed as the main banker to 44 per cent of these companies. Manufacturing and transport rate as the two other riskiest sectors, while mining rates as the only corporate segment to be less risky.

The research, which covers 100 to 350 companies in any given year, found the entities' ability toservice interest has risen dramatically.

The ultimate "X factor" for investors is whether the sharp revision of bank-share valuations really accounts for a wider malaise, as mid-sized businesses and individuals succumb to the interest-rate burden.