Asia-Pacific corporate defaults stay low in S&P Global Ratings' 2025 report

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Oleksii Zaichenko

29.10.2026

Asia-Pacific corporate defaults stay low in S&P Global Ratings' 2025 report — Asia-Pacific defaults stay low

Asia-Pacific records just one corporate default in 2025, extending an unusually subdued credit cycle for the region. The speculative-grade default rate stands at 0.7%, well below global, U.S., and European levels in the S&P Global Ratings review.

Highlights

S&P Global Ratings reports only one Asia-Pacific corporate default in 2025, compared to zero in 2024 and two in 2023.
Asia-Pacific's speculative-grade default rate is 0.7% for 2025, significantly below the global rate of 3.1%, U.S. at 3.7%, and Europe at 4%.
China Vanke Co. becomes Asia-Pacific's sole 2025 defaulter after a distressed debt restructuring in December, but broader regional defaults remain low.

2025 default data and regional comparison

As reported by S&P Global Ratings, one corporate issuer rated by the firm defaults in Asia-Pacific in 2025, following zero defaults in 2024 and two in 2023. The report says this keeps intact the region's recent pattern of exceptionally low corporate defaults.

The lone default translates into a speculative-grade default rate of 0.7% in Asia-Pacific. That compares with 3.1% globally, 3.7% in the U.S., and 4% in Europe, indicating that regional issuers continue to outperform broader international default trends.

China Vanke case and market implications

China Vanke Co., a Chinese real estate company, is the only defaulter cited for 2025 in the report. The company defaults in December 2025 after bondholders agree to extend a grace period.

S&P Global Ratings views that extension as a distressed debt restructuring tantamount to a default. The outcome underscores how isolated stress in parts of China's property sector still does not alter the broader picture of low corporate default activity across Asia-Pacific.

In our earlier coverage of China’s Q3 growth outlook and new stimulus measures, we noted that economists expected only a modest pickup despite policy support such as targeted rate cuts, mortgage subsidies, and the use of unused local government debt quotas. The article highlighted how strong exports and factory output were helping offset weak domestic demand, while persistent property-market stress continued to weigh on confidence and investment.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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