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S&P: YTD global corporate defaults on course to surpass 2018 tally

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S&P: YTD global corporate defaults on course to surpass 2018 tally

Global corporate defaults so far in 2019 are on course to surpass the 2018 year-end tally, with the oil and gas and retail/restaurants sectors leading other sectors in contributing the most defaults this year, S&P Global Ratings said Sept. 26.

British travel service provider Thomas Cook Group PLC entered into compulsory liquidation earlier this week, bringing the number of year-to-date defaults to 82. The number now matches the tally for 2018, when defaults reached a four-year low, the rating agency said.

By sector, oil and gas companies are leading the year-to-date tally with 18 corporate defaults. Retail and restaurants follow with 13 defaults, while the media and entertainment sector is the third-highest contributor with eight defaults so far this year.

By region, the U.S. is in the top spot with 56 defaults, followed by emerging markets with 13. The number of European corporate defaults stands at 10.

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