Corporate defaults are at their highest level since 2009, per S&P Global reatings.
In a recent report, S&P Global Ratings revealed that corporate defaults reached a total of 16 in August, marking the highest level since 2009.
Corporate defaults are at their highest level since 2009
9/13/2023
S&P's findings indicate that distressed exchanges have been on the rise throughout this year and accounted for 60% of the monthly default count in August. Nicole Serino, from S&P Global Ratings Credit Market Research, commented on this trend, stating that "distressed issuers continue to favor out-of-court restructuring over alternatives like traditional bankruptcy."
The majority of defaults in August originated from the United States and Europe, while S&P pointed out that Latin America, particularly, has been experiencing notable pressure within emerging markets, contributing to 13 of the 14 defaults recorded year-to-date.
Furthermore, S&P highlighted a significant increase in media and entertainment defaults this year, surpassing the figures at this point in 2022 by a factor of six.
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