There is a growing gap between what markets are expecting and a likely wave of defaults among struggling companies before summer 2021, according to an analysis by S&P Global published Monday.

The report by Nick Kraemer, head of S&P Global Ratings Performance Analytics, found that the dire state of the U.S. economy suggests a higher rate of defaults for what are known as speculative-grade companies. His analysis concluded that between this past June and the same month next year, defaults in that sector would rise from 5.4 percent to 12.5 percent.

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The baseline scenario, which would see 229 speculative-grade companies default, involved a range of possible outcomes, from as few as 74 defaults to as many as 284.

Read more at The Hill.