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Defaults rising at fastest pace since crisis: S&P

[NEW YORK] Defaults are rising at their fastest clip since the financial crisis as two more this week took the tally to 53 so far this year across the globe, rating agency S&P said in a note Friday.

In April there were 16 defaulters, the most in a single month since November 2009, it said.

Roughly half of this year's defaults have been in the energy and natural resources industry, including 17 in the oil and gas sector. Forty out of the 53 were based in the US.

Community Choice Financial and E&P company Trident Resources both defaulted this week.

The first bought back debt at steeply discounted prices, a default under S&P's criteria, while the latter said it would skip a coupon payment.

About half of this year's defaults so far, 27 of the 53, were due to missed principal and/or interest payments.

Eight were a result of distressed exchanges and five because of bankruptcy filings, S&P said.

IFR