Stats › Valuation › Corporate defaults
Debt swaps were 59.3% of corporate defaults in 2024
| Measure | Period | Share of defaults |
|---|---|---|
| Distressed exchanges, global (S&P) | 2024 | 59.3% |
| Distressed exchanges, US (Moody's) | 2024 | about 63% |
| Distressed restructurings, US (Moody's) | first half 2025 | 64% |
A distressed exchange counts as a default because lenders receive less than they were promised, while the company carries on trading. Moody's US high yield default rate in June 2025 was 5.8% including them and 2.1% excluding them. Sources: S&P Global Ratings 2024 annual global corporate default study, Moody's US credit report.
A default is a company failing to repay on the terms it agreed. In 2024, 59.3% of global defaults were distressed exchanges, where lenders accept less rather than see a bankruptcy. Most of the headline rate is now restructuring, not failure.
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