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US private loan default rate hits 6.3%
The default rate on private credit loans in the United States rose to a record high of 6.3% by the end of August, up from 6.1% in July, according to a report from Fitch. The report attributed this increase to extension agreements resulting from financial pressures, interest rate fluctuations, and inflation, which led to a reduction in the sale of distressed companies before debt maturity. The healthcare, industrial, and manufacturing sectors recorded default rates of 9.9%, while the technology sector maintained the lowest rate at 0.6%.
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