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S&P estimates 4.4% U.S. default rate for February; European rate 2.3%
By Caroline Salls
Pittsburgh, March 1 – Standard & Poor’s estimates that the U.S. trailing-12-month speculative-grade corporate default rate declined to 4.4% in February from 5% in January, according to a report released Wednesday.
S&P said one of the two defaults recorded in February was from the energy and natural resources sector, which had an estimated speculative-grade default rate of 23.7% for the month.
The two February defaulters were Vanguard Natural Resources LLC and iHeartMedia Inc.
In addition, S&P estimates that the European trailing-12-month speculative-grade corporate default rate rose to 2.3% in February from 2.1% in January.
The ratings agency said there was one confidential European default in February.
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