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Moody’s Talks – The Big Picture
Corporate default rate will ease in 2024 while remaining near its long-term average
Mar 13, 2024
Exploring corporate default trends and distress exchanges in 2023, with a focus on regional shifts in North and Latin America. Predictions for a decline in default rate to 3.6% by 2024, influenced by rate cuts, private lending, and potential risks like inflation and energy shocks
17:18
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Quick takeaways
- Global default rate expected to decline to 3.6% by end of 2024 due to central banks easing policy rates.
- Durable consumer goods sector had highest default rate in 2023 influenced by factors like higher funding costs and shifts in consumer spending.
Deep dives
Global Credit Market Insights for 2023
In the podcast, the focus is on the 2023 global credit market insights, highlighting 159 recorded defaults in the previous year, with an uptick excluding Russian defaults reaching 73%. The increase in defaults was driven by higher funding costs, tighter financing conditions, and lingering inflation. Notably, North America experienced a significant rise in defaults, accounting for two-thirds of global defaults in 2023.
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