Moody's global speculative-grade default rate closed the final quarter of 2017 at 2.9%, unchanged from the prior quarter, the rating agency says in its latest global default report. The global rate is set to fall below 2% this year, while in the US it is projected to decline to 2.4%, and in Europe to 1.2%, by year's end. "Under our baseline scenario, we expect the global speculative-grade default rate to continue its downward path this year and to close it at 1.9%," said Sharon Ou, a Moody's Vice President and Senior Credit Officer. "This forecast aligns to the pick-up in global economic momentum and narrow option-adjusted high-yield spreads and generally good liquidity and low refinancing risk among Moody's-rated speculative-grade issuers." Overall, 90 defaults were recorded in 2017, compared with 143 in 2016, Ou says. In the fourth quarter, 24 Moody's-rated corporate issuers defaulted, up from 15 in the third, but down from 29 in the second.