I don't know whether that's how it works in reality.
It seems to me to make sense - time for you to pay up, and No, good credit does not count as currency. I can't pay MY rent with YOUR good credit.

That argument doesn't make sense. A company is given a credit rating based on its balance sheet and earnings. If I have a $100k bond due but net assets worth more than that and $300k in annual earnings, then there is no scenario where I couldn't just issue another bond to pay off the old one.

If I had no earnings and more liabilities than assets (i.e. a bad credit rating), then sure, I couldn't get another bond and would go bankrupt.

Also, as mentioned, when I pause the game and pay off the bond (going over the overdraft limit for a hot second), my credit rating is back high and I can issue another bond, go way back into positive cash, and everything's fine. Except the end game overdraft limit has already triggered during the pause time... even though I settled my overdraft limit by "end of day."