β οΈ Default Rate Analysis (S&P Global)
Default Rate by Rating (Historical vs Latest)
Default Rate by Sector (Latest 12M)
π Default Rate by Rating Category
| Rating |
Historical Annual |
Latest 12M |
Change |
Trend |
| AAA |
0.00% |
0.00% |
+0.00% |
β |
| AA |
0.02% |
0.00% |
-0.02% |
β |
| A |
0.06% |
0.04% |
-0.02% |
β |
| BBB |
0.25% |
0.18% |
-0.07% |
β |
| BB |
0.95% |
0.72% |
-0.23% |
β |
| B |
3.85% |
3.12% |
-0.73% |
β |
| CCC/C |
28.50% |
22.80% |
-5.70% |
β |
π Default Rate by Sector
| Sector |
Historical Annual |
Latest 12M |
Change |
Trend |
| Energy |
4.85% |
3.95% |
-0.90% |
β Improving |
| Financials |
1.95% |
1.55% |
-0.40% |
β Stable |
| Healthcare |
2.25% |
2.85% |
+0.60% |
β Worsening |
| Technology |
1.85% |
1.25% |
-0.60% |
β Improving |
| Consumer Discretionary |
3.45% |
3.85% |
+0.40% |
β Worsening |
| Industrials |
2.55% |
2.15% |
-0.40% |
β Improving |
| Materials |
2.95% |
2.45% |
-0.50% |
β Improving |
| Real Estate (REITs) |
3.25% |
4.55% |
+1.30% |
β Worsening |
Data Sources: S&P Global Ratings (Default Rates), BofA/Merrill Lynch (Credit Spreads),
ICE Data Services. Historical averages based on 15-year data (2010-2025).
Default rates represent issuer-weighted trailing 12-month global corporate default rates.