Moody’s report says actual rate of default could be as high as 17.7 per cent depending on the fallout from rising interest rates, the Russian invasion of Ukraine and China’s economic slowdown
Moody’s Investors Service expects the U.S. corporate debt default rate to accelerate to nearly 6 per cent by year-end from 2 per cent in 2022, it said in a report on Tuesday.
The number of non-financial corporate defaulters doubled to 10 in the last quarter of 2022 from just five in the third quarter, it said. A total 32 corporate families defaulted on their debt in 2022, compared to 21 in 2021, it added.
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