U.S. clothing concern Rue21 and Croatia-based retailer Agrokor missed interest payments this week, bringing the global corporate default tally so far in 2017 to 39, according to S&P Global Fixed Income Research. That’s down from 62 defaults at this point in 2016.
Despite the two retail defaults, the global speculative default rate dipped for the third straight month, to 3.7% as of March 31, from 3.9% the previous month. The rate remains elevated compared to a year ago, when it was 3.1%, according to S&P.
This analysis was written by S&P’s Dian Vazza, Sudeep Kesh, and Nicole Serino. The full analysis is available via S&P Global Fixed Income Research.
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