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S&P: European corporate debt defaults hit all-time highs in 2020

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The defaults of debt by European companies have reached all-time highs so far in 2020, when there are still several months to close the year, according to S&P Global Ratings, which registered a total of 23 'defaults' until mid-August, a figure that constitutes a new record and exceeds the suspension of payments declared in Africa, Asia and Europe during the financial crisis of 2009.

Europe barely registered 8 debt defaults, during the same period of 2019, by companies, with a total of 15 in the whole of last year, 35% less than in the first eight months of 2020.

But, despite the increase in the default rate and the number of declarations of suspension of payments, the risk rating agency indicates that the growth of the universe of speculative-grade companies on the continent will help the default rate stay below the highs recorded during the financial crisis.

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