The rate U.K. banks use to loan each other money, called the LIBOR for London InterBank Offered Rate, reached a record 5.07 percent Wednesday for 30-day loans based in euros, USA Today reported Thursday.

Loans offered to speculative-grade companies – smaller companies without deep pockets – reached $37 billion on 101 debt issues, Standard & Poor's reported. A year ago, the same category of lending was at $107 billion based on 247 issuances, the newspaper said.

The impact of low credit availability is widespread as two-thirds of non-financial businesses are considered speculative-grade companies, USA Today said.

Big companies are also feeling the heat. General Electric (NYSE:GE), one of six U.S. firms that maintains an AAA rating at Standard & Poor's, agreed to pay 10 percent on a loan agreement made with Berkshire Hathaway Wednesday.