Deja Vu - Asian Debts Replay 1997 Crisis ?

From Morgan Stanley, here are two charts that should have you a bit concerned about corporate debt in Asia.
First, Corporate Asia is the most leveraged in the world.

Morgan Stanley

And second, growth is slowing, while real interest rates (borrowing costs) are rising.

Morgan Stanley

So between massive leverage, slowing growth and rising rates... there are some reasons to be concerned.