S&P Global Ratings says corporate defaults ease in September
Global corporate defaults slow in September after two months of elevated activity, with the monthly tally falling to seven. The decline brings the year-to-date total to 81 and spans companies in waste management, aviation, chemicals, services and hardware across Europe, Australia and the U.S.
Highlights
- Global corporate defaults fell to seven in September 2026 from 11 in August, reversing the recent upward trend, according to S&P Global Ratings.
- The year-to-date global corporate default total stands at 81, remaining below the earlier count of 89 defaults in 2026.
- September defaults spanned diverse industries and regions, indicating dispersed credit stress despite the monthly decline in default activity.
September default count reverses recent rise
As reported by S&P Global Ratings, the global corporate default count stands at seven in September 2026, down from 11 in August and marking a reversal from the higher levels seen over the prior two months.The September defaults include Australia-based waste management solutions provider Recycle and Resource Operations Pty Limited, France-based diagnostic operator Chrome Holdco S.A.S., Latvia-based air carrier Air Baltic Corp. AS and Luxembourg-based specialty chemicals manufacturer Herens Midco S.à r.l. The list also includes U.S.-based chemicals manufacturer Advancion Holdings LLC, U.S.-based business and consumer services provider Atlas CC Holding LLC and U.S.-based hardware provider Oscar AcquisitionCo LLC.
Year-to-date trend remains below earlier level
The September figure brings the global year-to-date corporate default tally to 81, according to the ratings firm. That remains below the 89 defaults recorded earlier this year, indicating that while default activity continues across sectors and regions, the latest monthly data points to a moderation in pace.The companies named in September reflect a broad spread of industries rather than pressure concentrated in a single segment. The mix suggests credit stress is still present in multiple parts of the global corporate market, even as the latest monthly count declines.
Our earlier coverage of S&P Global Ratings’ sovereign resilience analysis noted that persistent geopolitical shocks and elevated fiscal spending are increasing borrowing and refinancing risks in a higher-interest-rate environment. The report highlighted that emerging and frontier markets are particularly exposed because debt-service costs are high relative to narrower revenue bases, while inflation pressures from energy and food prices can further strain public finances.
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