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Rex Energy Corp. said in a regulatory filing this week it failed to make a semi-annual interest payment that was due on Monday (April 2) for its senior notes, necessitating a forbearance agreement with lenders to prevent the acceleration of other debt obligations.

The trailing 12-month global speculative-grade default rate declined slightly to end the third quarter at 4.5%, with the stabilization of oil prices helping to stop the bleeding, according to a report issued Tuesday by Moody’s Investors Service.

The oil and natural gas bust beginning in 2015 was worse than many thought, fueling a spike in the U.S. default rate that rivaled the telecom industry collapse in the early 2000s, both in recorded bankruptcies and low creditor recoveries, Moody’s Investor Service said.

Four recent bankruptcy filings by exploration and production (E&P) companies have pushed the trailing 12-month (TTM) U.S. high-yield (HY) bond default for E&Ps to a record 27%, while the TTM default rate for the energy sector is approaching 14%, according to Fitch Ratings Service.

Denver-based Warren Resources Inc. is fast approaching a deadline to restructure its debt obligations with lenders and investors outside of court before it’s forced to seek bankruptcy protection, the company warned again on Wednesday.

Liquidity stress in the oil and gas industry reached its highest-ever level in February, continuing a trend that began in late 2014, Moody’s Investors Service said in a note published Tuesday.

Moody’s Investors Service’s liquidity stress index (LSI) for oil and gas rose to 19.6% in December from 19.3% in November as the rout in oil prices continued to take a toll on the industry.

With the oil and gas sector now accounting for 37% of total distressed debt, the U.S. distress ratio reached 20.1% in November, its highest level since September 2009, Standard & Poor’s Ratings Service (S&P) said in a report released Monday.

Struggling energy companies continue to put upward pressure on U.S. and global speculative grade default rates, according to a recent report from Moody’s Investors Service.