S&P U.S. speculative-grade default rate hits estimated 2.7% in October

By Caroline Salls

Pittsburgh, Nov. 2 – Standard & Poor’s U.S. trailing-12-month speculative-grade corporate default rate increased to an estimated 2.7% in October, according to a news release.

S&P said the U.S. default rate has not been this high since 2012.

The ratings agency said it expects the rate to rise to 2.9% by June 30, 2016.

According to the release, Dex Media Inc., MMM Holdings Inc., American Apparel Inc., SandRidge Energy Inc., Logan’s Roadhouse Inc., EXCO Resources Inc., and NYDJ Apparel LLC defaulted in October. One confidential issuer also defaulted during the month.

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