US corporate defaults jumped 123% to $45bn in the second quarter, the highest level since 2009, as oil and gas companies missed more payments, according to Moody's. The US speculative-grade default rate rose to 5.1% from 4.4% in the first quarter, and is expected to rise to 6.4%, the highest since June 2010. Moody's said that it expects a further increase of $55bn-$650bn this year due to rising energy prices and higher interest rates.
US corporate defaults jumped 123% to $45bn in the second quarter, the highest level since 2009, as oil and gas companies missed more payments, according to Moody's. The US speculative-grade default rate rose to 5.1% from 4.4% in the first quarter, and is expected to rise to 6.4%, the highest since June 2010. The US speculative commodity default rate rose to 23.9% from 19.9%.