The SVB collapse is going to make it a lot more expensive for companies with bad credit to raise capital. But it's not just junk-rated companies that will face higher fund-raising costs. Credit spreads for investment grade companies have also risen in recent days as investors reprice risk across the spectrum of corporate credit quality. That's leading to more zombie companies, or companies that rely on low financing costs to fund their business, that could ultimately default. To blunt the rise in financing costs, companies need to take action, according Embarc Advisors' Jay Jung.

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