The amount of US speculative-grade debt trading at distressed levels has reached an all-time high and spreads on high-yield bonds have continued to climb as investors favor US treasuries, according to new reports from ratings agency Standard & Poor’s.

The US S&P distressed ratio, which equals the percentage of speculative-grade corporate bonds that trade at spreads of more than 1000 basis points above treasuries, has increased to 85%. At this time last year, it stood at 6%.