US corporate defaults fell for the second consecutive year in 2018 to 47, the lowest figure since 2014, S&P Global Fixed Income Research said in a report on Tuesday.
The following are excerpts of the report:
- The 47 defaults accounted for rated outstanding debt of US$101.6bn.
- The consumer services sector led with 15 defaults in 2018.
- The energy and natural resources sector had 14 defaults.
- Energy and natural resources had the highest default rate, at 5.16%, while the consumer services default rate was 3.04%.
- More than two-thirds of the companies that defaulted in 2018 were rated in the Triple C rating category as of the beginning of the year.
- Not including defaults, there were more upgrades than downgrades among US corporate issuers in 2018.
