Reuters reported corporations are expected to default on debt at higher rates as economic growth drops and political trouble increase, according to an International Association of Credit Portfolio Managers survey.

The group’s credit default index dropped to the lowest level seen in nine years, sounding an alarm for rising debt defaults in 2019, according to Reuters.

“We’re very late in a long economic growth cycle and we’re finally beginning to see the impact of U.S. Federal Reserve rate hikes, along with a bite from trade tariffs,” Som-lok Leung, IACPM’s executive director, said in a release.