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Among non-financial companies, corporate defaults nearly tripled last year compared to 2022, and Moody's expects that figure to climb.
Firms took out a record $150 billion in bond-issued debt this month, the most ever recorded in the first few weeks of January.
"We expect a moderate default rate for the next 12 to 18 months — around 4% to 5% — rather than a tsunami of defaults and downgrades," Bernstein said.
Defaults next year will rise to a rate of 3.5%-4.0% for leveraged loans, and 5.0%-5.5% for high-yield bonds, Fitch Ratings says.
Defaults next year will rise to a rate of 3.5%-4.0% for leveraged loans, and 5.0%-5.5% for high-yield bonds, Fitch Ratings says.