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US credit rating agency Standard & Poor gave further evidence of the pressure building up on corporates globally over commodity rout and emerging market crisis.
Pressure on corporates are intense this year as commodities are showing no signs of recovery adding pressure to the sector. Even giants like Glencore is in clear trouble. Several subsectors that cater to the global mining and commodities are under stress too. Even giants like Caterpillar in US feeling the heat.
US shale oil corporates have suffered big. More than 30% companies defaulting are from the oil sector.
As of latest so far 79 corporates have defaulted this year compared to 60 in total in 2014. However the number is still very much below that of 2009, when around 266 corporates defaulted around the world.
Among those defaulted 47 are from US, 16 are from emerging markets, 12 are from Europe and 1 each in Australia, Canada, Japan and New Zealand.
