1/6/2024 0 Comments Ifinance corprateDefault counts may include confidentially rated issuers. Notes: Other developed region includes Australia, Canada, Japan, and New Zealand. ![]() Year-To-Date Defaults Are 24% Lower Than Last Yearġ2-month-trailing speculative-grade default rate (%) Defaults in the homebuilders and real estate sector and utilities sector are higher than at this point in 2021.The emerging markets region is the only region with defaults above previous year-to-date totals.This year's global default tally remains nearly one-quarter lower than the 2021 year-to-date total of 41.Thus, these issuers will be highly dependent on operating performance or their ability to obtain liquidity from external sources, which may prove difficult given current regional challenges (see " Risky Credits: The Number Of European 'CCC' Issuers Rises, While Liquidity And Leverage Indicators Point To Potential Future Stress," May 11, 2022). and European defaults remain lower than at this point in 2021 (see table 1), but the gap may close, particularly in Europe, where two-thirds of companies rated 'CCC+' or below have less-than-adequate liquidity, indicating the sources of funding available to them in the next 12 months closely match their expected uses of funds. So far in 2022, missed interest payments lead the tally with 12, followed by distressed exchanges with 11. The default of Talen Energy marks the first nonconfidential bankruptcy of 2022-a historically low tally (see chart 1). Germany-based gaming company Safari Beteiligungs GmbH.Pennsylvania-based power generation and infrastructure company Talen Energy Supply LLC.S&P Global Ratings' 2022 global corporate default tally has increased to 31 after three companies defaulted since our last report:
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