S&P Global: “This Week In Credit”: Weekly defaults remain at year-to-date high

S&P Global Ratings today published the latest edition of its weekly newsletter, "This Week In Credit," a data-driven research snapshot that provides forward-looking, actionable insights on weekly market-moving credit trends every Monday.

Key Takeaways

• Last week's positive and negative rating actions and outlook changes were roughly equal, marking an easing of the credit-improvement momentum of the past two months.
• There were six defaults last week, equal to the prior week's year-to-date high. Distressed exchanges and bankruptcy filings each accounted for half the defaults.
• The addition of a new fallen angel last week, Chinese real estate developer China Vanke Co. Ltd., brought this year's count to five, compared to 10 rising stars for the year-to-date.
• It was a mixed week for credit pricing as benchmark yields increased at the longer end, CDS spreads widened, but corporate bond spreads dipped.

This report does not constitute a rating action.

The report is available to RatingsDirect subscribers at www.capitaliq.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by sending an e-mail to [email protected]. Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box at www.spglobal.com/ratings.