This report does not constitute a rating action. NEW YORK (S&P Global Ratings) Oct. 28, 2026--There was one default among corporate issuers rated by S&P Global Ratings in Asia-Pacific in 2025, maintaining the region's recent trend of exceptionally low defaults, according to"2025 Annual Asia-Pacific Corporate Default And Rating Transition Study ,"published today. The lone default equated to a speculative-grade default rate of 0.7% in Asia-Pacific, compared with 3.1% globally, 3.7% in the U.S., and 4% in Europe. Corporate credit quality improved again in the region in 2025, with the upgrade rate (6.6%) doubling the downgrade rate (3.3%), though the pace of improvement decreased, with upgrades down and downgrades up from 2024. About 87% of Asia-Pacific corporations are
