Global defaults in April increased to 18, the highest monthly tally since October 2020. The global corporate default tally currently stands at 55 (see "Monthly Default Tally Reached Four-Year High In April," published today).

The monthly default tally increased across geographies. The U.S. led with 56%, followed by Europe (22%), other developed regions (11%), and emerging markets (11%). However, monthly defaulted debt nearly halved to $8.6 billion, compared with March.

"U.S. companies led defaults in April, while defaults in Europe remain at their highest year-to-date level since 2008," S&P Global Ratings credit analyst Ekaterina Tolstova said. "Defaults in April accounted for one-third of defaults year to date."

Distressed exchanges continue to be the main reason of defaults. They accounted for 44% of defaults in April, closely followed by bankruptcies (33%).

This report does not constitute a rating action.

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