Corporate Defaults in August Highest Since 2009

Corporate defaults stood at 16 in August, their highest level since 2009, S&P Global Ratings said in a report. According to S&P, distressed exchanges have been increasing this year and represented 60% of the monthly tally in August. Most of August's defaults were from the U.S. or Europe, S&P said, adding "Latin America is the pressure point within emerging markets accounting for 13 of the 14 defaults year to date."