Since 1925, the Grand Ole Opry has featured the music of countless country and bluegrass stars, from Bill Monroe to Dolly Parton.

As Ryman Hospitality Properties built a hospitality and entertainment empire around the original Nashville radio show, the parent company’s debt grew to over $2.5bn, but its chairman insisted that its balance sheet was “really strong”. 

That held through last week, when Ryman’s buildings escaped the tornado that hit Nashville, but another storm has since ripped through corporate debt markets. As coronavirus fears have consumed investors, warnings over the potential of a rising debt load to push companies towards collapse are beginning to be tested.