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S&P: U.S. default rate up to 4.32% as of June 30; energy rate hits 19%
By Caroline Salls
Pittsburgh, Sept. 2 – Standard & Poor’s said the U.S. default rate increased to 4.32% as of June 30, according to a report released Friday.
S&P said the energy sector default rate is elevated and increased to 19% as of June 30.
According to the report, the oil and gas and metals, mining and steel sectors have the highest distress ratios of 32.1% and 25%, respectively.
S&P said the oil and gas sector accounted for 59, or about 24%, of the 247 distressed issues that compose the distress ratio, followed by the media and entertainment sector with 29. The metals, mining and steel sector had the largest decrease in issues in August.
The U.S. distress ratio increased to 14.2% as of Aug. 15.
The ratings agency said the default rate is a lagging indicator of distress.
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