Nidhi Pandurangi | Yahoo Finance | May 9th, 2023
Corporate default rates are at the highest level in years, according to a bankruptcy report released on April 14 by ratings agency Moody's.
Widespread tech layoffs, rising interest rates, a war in Europe, and a looming recession all weighed on companies' performances in the first quarter of 2023.
In the first quarter of the year, 33 companies rated by Moody's were unable to pay their debts. That's the highest number since the last quarter of 2020, when 47 companies defaulted on their debt, the agency said in the report.