The last two times this happened, a downturn was around the corner
From JPMorgan's Mislav Matejka:
The current deterioration in the credit market is particularly worrying at a time when corporates are becoming more and more dependent on external sources of liquidity. The US corporate financing gap - the difference between cash flow generation and spending on capex and dividends - has turned strongly negative. In the past, when the financing gap went strongly negative, the next downturn was just around the corner.