Global Credit Conditions Have Started to Deteriorate But Latest IACPM Forecast Sees Even More Defaults and Wider Credit Spreads Ahead in the Face of Stubborn Inflation and Rising Interest Rates

New York, NY – Even as credit conditions have begun to deteriorate globally, the latest IACPM Credit Outlook Survey forecasts even higher defaults and wider cred- it spreads in the months ahead. Survey respondents, who manage corporate loan portfo- lios at banks, insurance companies and asset management companies, overwhelmingly expect to see rising defaults over the next 12 months in almost every part of the world. Eighty two percent of respondents think corporate defaults will increase in North America. Seventy seven percent say defaults will rise in Asia and more than 90% be- lieve defaults will rise in Europe. Globally, 83% expect defaults to increase.