You are here
Global corporate defaults hit six-year high: S&P
[NEW YORK] A total of 112 corporate issuers defaulted on their debt worldwide in 2015, marking the highest amount seen since 2009, said Standard & Poor's on Tuesday.
Companies in the oil and gas sector suffered the largest amount of defaults as the crude price rout took its toll on commodity players last year.
In that sector, a total of 29 issuers missed payments in 2015, or 26% of the global total.
The metals and mining sector was also hard hit, with 17 issuers defaulting, or 15% of the total. Consumer product companies and banks tied for third position with 13 issuers from each of those sectors defaulting.
By geography, US companies dominated the distressed space with 66 issuers defaulting, followed by eight and seven in Brazil and Russia, respectively.