A number less than one represents a low ratio. This typically indicates that a corporation will struggle to meet or will be unable to meet its short-term obligations. This can also indicate a company's financial difficulties. Even healthy organizations can have a liquidity crisis in this situation if events emerge that make it difficult to meet short-term obligations, such as repaying loans and paying employees or suppliers. The worldwide credit crunch of 2007-09, for example, was a recent example of a wide-ranging liquidity crisis, in which many companies were unable to get short-term financing to meet their urgent obligations.