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Global business defaults in 2021 remain at four, flawless this week. Although they are still at the start of the year, defaults are lower than at the same time last year. Additionally, there have been six faults at this point in each of the previous three years. The four 2021 defaults were linked to struggling exchanges – one each in the oil and gas, retail and food service, media and entertainment, and high-tech industries.
In 2020, the oil and gas sector led insolvencies with 50, just below its all-time high of 61 in 2016. While there were some positive revisions to the outlook for oil and gas issuers in the fourth quarter of 2020, exploration and production, refinery and oilfield services and drilling emitters remain highly sensitive to the impact of COVID-19, revenues are not expected to recover until 2023 (see “Key Industry Trends 2021: The oil and gas industry continues to face headwinds ”).
The number of corporate defaults worldwide in 2021 is four
Dated
Head quarter
Country
Sub-sector
AT
Of
Reason
5 January 21
HGIM Corp.
WE
Oil and gas
South Dakota
CC
Trade in trouble
6-Jan-21
Promotora de Informaciones SA
Spain
Media and entertainment
South Dakota
CC
Trade in trouble
8-Jan-21
Burger BossCo Intermediate Inc.
WE
Retail / restaurants
South Dakota
CCC
Trade in trouble
8-Jan-21
Riverbed Parent Inc.
WE
High technology
South Dakota
CC
Trade in trouble
More analysis and statistics are available in our annual default studies, published on RatingsDirect:
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