Fueled by a struggling energy industry, there were 37 corporate defaults world-wide in 2016’s first quarter, the most since the third quarter 0f 2009, in the wake of the Lehman-inspired financial crisis.

The first-quarter number is down from the 30 defaults during the previous three months and from the 22 defaults in the first quarter of 2015, according to S&P Global Fixed Income Research. Of the 37 1Q defaults, 17 were from the energy/natural gas sectors; 29 were from issuers domiciled in the U.S.

The full Global Corporate Quarterly Default Update is available to S&P Global Fixed Income Research subscribers here. It was written by Diane Vazza, Nick Kraemer, and Zev Gurwitz. 

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