2Q 2023 Investor Presentation slide image

2Q 2023 Investor Presentation

Default Rates Expected to Rise Amid High Interest Rates and Tight Lending Conditions¹ Default Rates for Global Speculative-Grade Corporate Rated Issuance Speculative-Grade Corporate Default Rates by Region2 Baseline -Optimistic 14% Moderately Pessimistic Severely Pessimistic 10% Global US Europe 12% 8% 10% 8% 6% 4.1% global historical average1 4% 8.3% 6% 6.8% 4% 4.5% 4.2% 2% 2% 0% 0% 2008 2011 2014 2017 2020 2023F Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 » Global speculative-grade default rate expected to rise to 4.5% by year-end, slightly above long-term average but well below prior recessionary levels 1. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through December 31, 2022. 2023 forecast ended December 31, 2023. Moody's Investors Service; Default Trends - Global: July 2023 Default Report, August 14, 2023. 2. Statistics are based on issuer-weighted data. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 14
View entire presentation