Three months into the year, and corporations are feeling the squeeze of default season. Rising interest rates and stubborn inflation are causing companies worldwide to miss debt payments at levels not seen since the global financial crisis, according to S&P Global Ratings.

• 29 companies have already defaulted this year, the highest year-to-date count for this period since 2009, when 36 defaults were recorded.
• Most of the defaults occurred in the US; companies in the healthcare or media and entertainment spaces accounted for 40% of the total in February.

Corps aren’t doing too bad: Despite the comparison to the financial crisis, many US companies are still posting strong profits. These robust corporate earnings have also propelled the stock market to new highs. However, while stocks have soared by 30% over the past year, company profits have only risen by 4% — indicating that companies might soon face a “profit recession.” Nevertheless, analysts at Goldman Sachs remain optimistic, believing that profit margins may continue to grow throughout the year.