S&P Global: Monthly default tally reached four-year high in April

Global defaults in April increased to 18, the highest monthly tally since October 2020. The global corporate default tally currently stands at 55 (see "Monthly Default Tally Reached Four-Year High In April," published today).

The monthly default tally increased across geographies. The U.S. led with 56%, followed by Europe (22%), other developed regions (11%), and emerging markets (11%). However, monthly defaulted debt nearly halved to $8.6 billion, compared with March.

"U.S. companies led defaults in April, while defaults in Europe remain at their highest year-to-date level since 2008," S&P Global Ratings credit analyst Ekaterina Tolstova said. "Defaults in April accounted for one-third of defaults year to date."

Distressed exchanges continue to be the main reason of defaults. They accounted for 44% of defaults in April, closely followed by bankruptcies (33%).

This report does not constitute a rating action.

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