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Net debt/EBITDA of the companies in the Russell 3000 index has never been this high for what is still a good economy. One should expect that net debt/EBITDA would increase in a recession, as it has in the past - a function of weaker denominator. fpa.com/docs/default-s… 
Over the past decade, investment grade debt has doubled, but the BBB tranche has nearly quadrupled – from $896 billion to almost $3.2 trillion! BBB-rated debt has never been so large, neither on a percentage basis nor in dollar terms.
Given the huge size of the BBB market, downgrades could incite a large volume of selling that could then infiltrate the rest of the market and quite possibly exacerbate the negative price action.
