CNBC reports that according to Australian bank ANZ, among Asian economies, corporate debt is building up the fastest and the most in China, South Korea and Singapore.

Companies in those countries had already been rapidly chalking up debt in the past few years, said the report by ANZ Research. But the coronavirus situation has hurt revenues and in turn, affected their ability to service their debts.

"The magnitude and speed of debt accumulation is the highest in China, Singapore, and South Korea," the report said. "Owing to both the intensity of the COVID-19 pandemic as well as the various government measures that have followed, corporate revenues in several industries have been impacted ... If this situation continues, it can result in credit rating downgrades and defaults and drag economic growth lower."

Companies in the energy sector are particularly hard-hit in Singapore and South Korea, while in China, real estate companies are stretched, according to the report.