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Default, Transition, and Recovery: 2025 Annual Asia-Pacific Corporate Default And Rating Transition Study

Published Oct 28, 2026

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Abstract:

This report does not constitute a rating action. Chart 1 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, with zero in 2024 and two in 2023. The lone default equated to a speculative-grade default rate of 0.7% in Asia-Pacific (see chart 1), compared with 3.1% globally, 3.7% in the U.S., and 4% in Europe. Last year's defaulter was Chinese real estate company China Vanke Co., which defaulted in December 2025 after bondholders agreed to extend a grace period. S&P Global Ratings viewed the extension as a distressed debt restructuring tantamount to a default (see"China Vanke Downgraded To'SD'On Completed Distressed

Report Type:

Commentary

Issuer

Yough School District

Sector

Global Issuers, Public Finance, Structured Finance

Country

United States

Region

United States

Format:

PDF

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MLA:	S&P Global Ratings’ Credit Research. "Default, Transition, and Recovery: 2025 Annual Asia-Pacific Corporate Default And Rating Transition Study" Oct 28, 2026. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Default-Transition-and-Recovery-2025-Annual-Asia-Pacific-Corporate-Default-And-Rating-Transition-Study-3651455>

APA:	S&P Global Ratings’ Credit Research. (). Default, Transition, and Recovery: 2025 Annual Asia-Pacific Corporate Default And Rating Transition Study Oct 28, 2026. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Default-Transition-and-Recovery-2025-Annual-Asia-Pacific-Corporate-Default-And-Rating-Transition-Study-3651455>

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