Capital Restructuring | Second Quarter 2021

August 2021 – At the end of second quarter 2021, Moody’s and S&P reported default rates of 4.1% and 4.7%, respectively, with both credit agencies forecasting default rates to fall to 1.6% (Moody’s by December 2021) and 4.0% (S&P by March 2022). S&P reports that near-term indicators of future defaults suggest a lower default rate ahead, with credit metrics stabilizing, vaccinations proceeding at a solid pace, favorable lending conditions, and a strong economic rebound expected to continue in the second half of this year.

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August 18, 2021