Distressed Exchanges Reach Highest Level Since 2009, S&P Says
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Distressed exchanges remain the leading cause of defaults this year and are at their highest since 2009, driven partly by companies that have defaulted more than once, according to a report by S&P Global Ratings.
The global year-to-date default tally stood at 87 at the end of July, four fewer than the previous year and just one above the five-year average. In just over half of the cases, the default was triggered by a distressed exchange, according to the report released on Thursday.