European Debt Defaults Seen Surging in Echo of Covid Turmoil
- S&P sees speculative-grade company defaults at 3.25% by Sept.
- Fitch expects amend-and-extend transactions as maturities loom
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Credit defaults are set to more than double in Europe this year to levels approaching the worst days of the global coronavirus pandemic.
That’s the view of S&P Global Inc., which expects the trailing 12-month speculative-grade corporate default rate to reach 3.25% by September 2023, up from 1.4% a year earlier, according to its latest estimate.