The total amount of corporate debt defaults in the United States this year have already exceeded the amount seen in 2022.
Experts have been warning of a wave of defaults to hit the economy for some time due to higher borrowing rates.
At least fifty-five American-based companies defaulted on their loans in the first half of 2023, according to data from Moody’s Investors Services.
That is a 53 percent increase from the total number of defaults last year, when just 36 companies said they would fail to repay their debt obligations to lenders.
Moody’s blamed higher borrowing costs and tight lending standards for adding pressure on companies reliant on credit. In May alone, there were 16 corporate debt defaults worldwide, up from 12 in April….