00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. private credit stress climbed to a new high as the trailing 12-month default rate
00:06reached 6.3% through August, up from 6.1% in July, according to Fitch Ratings.
00:12August produced 14 default events, the highest monthly total in the current trailing year period,
00:16including 11 first-time defaulters. Fitch counted 89 unique issuers and 109 default
00:21events over the past 12 months, compared to 83 issuers and 105 events in the prior month.
00:27Interest deferrals and payment-in-kind substitutions accounted for 47% of events,
00:31while stressed maturity extensions represented 41%.
00:34Uncured payment failures accounted for 8% of defaults, while bankruptcies, liquidations,
00:39and lender-controlled restructurings made up the remaining 4%.
00:43Healthcare providers and industrial and manufacturing companies each posted default rates of 9.9%.
00:48For all things money, visit Benzinga.com.
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