There have been 14 separate default events since 2020, across nine different sovereigns, a marked increase compared with 19 defaults across 13 different countries between 2000 and 2019, says Fitch Ratings in a new report. A record five Fitch-rated sovereigns are in default: Belarus, Lebanon, Ghana, Sri Lanka and Zambia Moreover, Fitch rates eight sovereigns at ‘CCC+’ or below, and a further nine at ‘B-’. The average cumulative five-year default rate between 1995 and 2021 for sovereigns rated ‘C’ to ‘CCC+’ by Fitch was 40.6%. The median general government debt/GDP ratio of Fitch-rated sovereigns rose steadily from 31% ... (full story)