Is French companies' debt level a cause for concern?

The corporate debt ratio has continued to rise in France since the subprime crisis, while it has fallen in other euro-zone countries and in other OECD countries. French companies have also taken on more debt than companies in other countries since the start of the COVID crisis. There is therefore a legitimate fear that French companies are over-indebted and that many of them are becoming zombie firms. What should we look at to determine whether French companies have excessive debt? Debt in relation to equity and cash held by companies; The possible weakness in investment that could result from debt; Corporate debt servicing in relation to earnings; The trend in the corporate default rate. All things considered, we can conclude that nothing from the subprime crisis to the COVID crisis shows that the increase in French companies' debt is worrying.