S&P reports one new default for March 8-March 14; 2018 count hits 20

By Caroline Salls

Pittsburgh, March 19 – Standard & Poor’s reported Monday that its 2018 global corporate default tally reached 20 in the week of March 8 to March 14 following the default of HGIM Corp.

With this default, S&P said the oil and gas sector now leads the default tally with five, followed by finance companies with three.

Of the 20 defaulting issuers so far in 2018, the agency said 13 came from the United States, three from emerging markets and two each from the other developed region, which includes Australia, Canada, Japan and New Zealand, and Europe.

Following the trend of 2017, S&P said distressed exchanges are the number one cause of default so far this year, with eight. Missed interest payments and bankruptcy filings follow with five defaults each. Two of the 20 defaults were confidential.

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