Credit spreads widened dramatically during the turmoil in the credit markets this summer as the global economic outlook worsened, Standard & Poor's stripped the US of its triple-A credit rating, and the sovereign debt crisis in Europe contributed to volatile financial markets. But analysts say it is unlikely that there will be an increase in corporate default rates in the next 12 months. Standard & Poor's says it expects the US corporate trailing 12-month speculative-grade default rate to decline to 1.6% by June 2012 under its baseline projection. Stronger credit quality. The turmoil is affecting the volume of debt sales, particularly in the high-yield bond market.