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S&P Global sees jump in defaults by junk-rated European firms

Published 03/31/2020, 08:10 PM
Updated 03/31/2020, 08:20 PM
© Reuters.

LONDON, March 31 (Reuters) - Europe is likely to see the
default rate by 'junk'-rated firms almost quadruple to 8% over
the next 12-months, credit rating agency S&P Global said on
Tuesday.
S&P warned last week that Europe was set for at least a 2%
recession this year, but possibly as deep as 10% if the current
coronavirus lockdowns lasted four months. The ratings agency said the oil and gas sector is likely to
be "particularly hard hit" due to rout in crude prices.
Last year's default rate by Europem firms in the speculative
grade bracket, as 'junk' is also known, was 2.2%.

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