Corporate Defaults Fall Below Long-Term Average, S&P Global Says

The number of corporate defaults continues to decline “despite the recent tariff-related volatility,” S&P Global says in a report.

• There have been 34 defaults this year through April 30, the lowest level in two years, and below the five-year average of 42
  • Seven out of eight defaults in April were first-time defaulters
  • Two thirds of defaults in April were in health care, media and entertainment, and chemicals, packaging and environmental services
• Distressed exchanges accounted for almost 90% of defaults in April and 68% of the total in 2025 — the biggest share since 2008
• S&P maintains base-case view of a ...