S&P estimates 2.8% November U.S. junk default rate; highest since 2012

By Caroline Salls

Pittsburgh, Dec. 1 – Standard & Poor’s estimated that the U.S. trailing-12-month speculative-grade corporate default rate increased to 2.8% in November – the highest level since 2012, according to a report released Tuesday.

S&P said it expects this default rate to rise to 3.3% by Sept. 30, 2016.

The ratings agency said EXCO Resources Inc., Vantage Drilling Co., Hidili Industry International Development Ltd., Affinion Group Holdings Inc. and Millennium Health LLC defaulted in November.

Meanwhile, S&P estimated that the European trailing-12-month speculative-grade corporate default rate remained at 1.7% in November.

In Europe, Globo plc defaulted in November.

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