Absent any significant shocks to the financial markets, Canadian companies should be able to refinance their upcoming debt maturities, which total about $72 billion over the next five years, says Moody’s Investors Service in a new report.

Moody’s notes that the total is far lower than $1.3 trillion of debt securities maturing in the U.S. over the same period. And, most of the debt maturing from 2012 through 2016 — $52 billion of the $72 billion — is investment-grade, it says.

Speculative-grade corporate bonds total $10 billion and speculative-grade bank credit facilities represent another $10 billion. But this is still better than the U.S., where less than 50% of the maturities over the next five years are investment grade. Moody’s says it believes speculative-grade companies are vulnerable to potential shifts in market sentiment.

“European sovereign-debt uncertainties pose the biggest risk,” said Kevin Cassidy, a Moody’s senior credit officer, and one of the authors of the report. “While most companies should be able to refinance their upcoming maturities assuming the normal functioning of credit markets, some lower-rated companies could struggle amid macroeconomic uncertainty and the sovereign-debt crisis in Europe.”

Total Canadian corporate debt maturities will peak in 2014 at $23 billion, the rating agency reports. Although it notes that the amount due in 2014 could decline to $19 billion if companies refinance their credit facilities earlier.

“Overall near-term refinancing needs rise modestly with the pull-forward effect,” said Tiina Siilaberg, an analyst at Moody’s and a report author, referring to the situation where a company refinances an entire credit facility as the first debt instrument comes due.

Moody’s says total refunding needs in Canada in 2012-2013 could increase 24% to approximately $23 billion from $19 billion because of the pull-forward effect. “The magnitude of the Canadian increase is in stark contrast to the U.S., where near-term bank maturities could triple because of the pull-forward effect,” Siilaberg added.

Refinancing needs continue to be concentrated among a few issuers and industries, the rating agency notes. It says that the energy/natural resources/chemicals industry dominates the maturity schedule with approximately 39% ($28 billion) of the total debt due over the next five years, followed by telecommunications/technology/media with 29% ($21 billion), and utilities with 14% ($10.3 billion).

Ten companies, almost all of which are investment grade, account for approximately 44% of the total maturing debt over the next five years ($32 billion); led by Hydro-Quebec, Thomson Reuters Corp., and Bell Canada.