Default, Transition, and Recovery: 2020 Annual Global Corporate Default And Rating Transition Study | S&P Global Ratings
![A man walks past a Portugal Telecom public phone in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more A man walks past a Portugal Telecom public phone in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more](https://c8.alamy.com/compfr/2e67rkx/a-man-walks-past-a-portugal-telecom-public-phone-in-lisbon-july-13-2014-investors-in-portugal-telecom-and-notably-its-brazilian-merger-partner-grupo-oi-should-know-by-tuesday-whether-more-than-1-billion-it-lent-in-april-to-a-vehicle-of-the-troubled-espirito-santo-family-is-being-repaid-on-time-fears-of-a-default-by-holding-company-rioforte-have-already-angered-the-brazilians-who-say-they-did-not-know-of-the-loan-but-a-revelation-that-executives-at-portugal-telecom-in-which-the-family-has-a-significant-stake-knew-the-espirito-santos-had-problems-before-handing-over-the-cash-could-rai-2e67rkx.jpg)
A man walks past a Portugal Telecom public phone in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more
![A Portugal Telecom (PT) flag (R) flies beside a Portugal national flag outside the Portugal Telecom building in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner A Portugal Telecom (PT) flag (R) flies beside a Portugal national flag outside the Portugal Telecom building in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner](https://c8.alamy.com/compfr/2cyy1jm/a-portugal-telecom-pt-flag-r-flies-beside-a-portugal-national-flag-outside-the-portugal-telecom-building-in-lisbon-july-13-2014-investors-in-portugal-telecom-and-notably-its-brazilian-merger-partner-grupo-oi-should-know-by-tuesday-whether-more-than-1-billion-it-lent-in-april-to-a-vehicle-of-the-troubled-espirito-santo-family-is-being-repaid-on-time-fears-of-a-default-by-holding-company-rioforte-have-already-angered-the-brazilians-who-say-they-did-not-know-of-the-loan-but-a-revelation-that-executives-at-portugal-telecom-in-which-the-family-has-a-significant-stake-knew-the-espirit-2cyy1jm.jpg)
A Portugal Telecom (PT) flag (R) flies beside a Portugal national flag outside the Portugal Telecom building in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner
![The Portugal Telecom (PT) headquarters is seen in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more than $1 The Portugal Telecom (PT) headquarters is seen in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more than $1](https://l450v.alamy.com/450v/2d09kb8/the-portugal-telecom-pt-headquarters-is-seen-in-lisbon-july-13-2014-investors-in-portugal-telecom-and-notably-its-brazilian-merger-partner-grupo-oi-should-know-by-tuesday-whether-more-than-1-billion-it-lent-in-april-to-a-vehicle-of-the-troubled-espirito-santo-family-is-being-repaid-on-time-fears-of-a-default-by-holding-company-rioforte-have-already-angered-the-brazilians-who-say-they-did-not-know-of-the-loan-but-a-revelation-that-executives-at-portugal-telecom-in-which-the-family-has-a-significant-stake-knew-the-espirito-santos-had-problems-before-handing-over-the-cash-could-raise-2d09kb8.jpg)
The Portugal Telecom (PT) headquarters is seen in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more than $1
![A man walks outside the Portugal Telecom building in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more than A man walks outside the Portugal Telecom building in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more than](https://l450v.alamy.com/450v/2d0chcf/a-man-walks-outside-the-portugal-telecom-building-in-lisbon-july-13-2014-investors-in-portugal-telecom-and-notably-its-brazilian-merger-partner-grupo-oi-should-know-by-tuesday-whether-more-than-1-billion-it-lent-in-april-to-a-vehicle-of-the-troubled-espirito-santo-family-is-being-repaid-on-time-fears-of-a-default-by-holding-company-rioforte-have-already-angered-the-brazilians-who-say-they-did-not-know-of-the-loan-but-a-revelation-that-executives-at-portugal-telecom-in-which-the-family-has-a-significant-stake-knew-the-espirito-santos-had-problems-before-handing-over-the-cash-could-rai-2d0chcf.jpg)
A man walks outside the Portugal Telecom building in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more than
![Ground-breaking Marathon PowerCycle battery range propels Exide Technologies to the forefront of telecom and utility – irrespective of the grid! | Exide Ground-breaking Marathon PowerCycle battery range propels Exide Technologies to the forefront of telecom and utility – irrespective of the grid! | Exide](https://www.exidegroup.com/de/sites/default/files/2022-03/Marathon_PowerCycle_press-release_0322_1.jpg)
Ground-breaking Marathon PowerCycle battery range propels Exide Technologies to the forefront of telecom and utility – irrespective of the grid! | Exide
![A man walks past a Portugal Telecom public phone in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more A man walks past a Portugal Telecom public phone in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more](https://c8.alamy.com/compfr/2cwp01w/a-man-walks-past-a-portugal-telecom-public-phone-in-lisbon-july-13-2014-investors-in-portugal-telecom-and-notably-its-brazilian-merger-partner-grupo-oi-should-know-by-tuesday-whether-more-than-1-billion-it-lent-in-april-to-a-vehicle-of-the-troubled-espirito-santo-family-is-being-repaid-on-time-fears-of-a-default-by-holding-company-rioforte-have-already-angered-the-brazilians-who-say-they-did-not-know-of-the-loan-but-a-revelation-that-executives-at-portugal-telecom-in-which-the-family-has-a-significant-stake-knew-the-espirito-santos-had-problems-before-handing-over-the-cash-could-rai-2cwp01w.jpg)
A man walks past a Portugal Telecom public phone in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo Oi, should know by Tuesday whether more
![The logo of Portugal Telecom is seen at one of the entrances to their office building in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo The logo of Portugal Telecom is seen at one of the entrances to their office building in Lisbon July 13, 2014. Investors in Portugal Telecom, and notably its Brazilian merger partner Grupo](https://c8.alamy.com/comp/2CWE58G/the-logo-of-portugal-telecom-is-seen-at-one-of-the-entrances-to-their-office-building-in-lisbon-july-13-2014-investors-in-portugal-telecom-and-notably-its-brazilian-merger-partner-grupo-oi-should-know-by-tuesday-whether-more-than-1-billion-it-lent-in-april-to-a-vehicle-of-the-troubled-espirito-santo-family-is-being-repaid-on-time-fears-of-a-default-by-holding-company-rioforte-have-already-angered-the-brazilians-who-say-they-did-not-know-of-the-loan-but-a-revelation-that-executives-at-portugal-telecom-in-which-the-family-has-a-significant-stake-knew-the-espirito-santos-had-problems-b-2CWE58G.jpg)