The recent trend of elevated corporate defaults continues into 2024 with January seeing 14, the most for the month in more than a decade, S&P Global Ratings Credit Research & Insights said today in a new report, "Highest January For Corporate Defaults Since 2010."

These global corporate defaults were largely driven by the consumer and media and entertainment sectors in the U.S. and Europe.

"We are expecting defaults to remain high as the number of rating transitions in the 'CCC+' and below rating category continues to be elevated, particularly in North America," noted Nicole Serino of S&P Global Ratings Credit Research & Insights.

S&P Global Ratings expects the U.S. speculative-grade corporate default rate could reach 5% by September 2024, while the European corporate speculative-grade default rate could reach 3.75% by September 2024.

This report does not constitute a rating action.

The report is available to RatingsDirect subscribers at www.capitaliq.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by sending an e-mail to [email protected]. Ratings information can also be found on S&P Global Ratings' public website by using the Ratings search box at www.spglobal.com/ratings.