Default risk in the Travel and Leisure (T&L) industry remains understudied despite its implications for the industry’s health and stability. This paper investigates the transmission of default risk among US T&L firms over various credit horizons from July 22, 2008 to December 9, 2022, paying special attention to the impact of COVID-19. The short-, medium-, and long-term default risk factors are extracted from the Credit Default Spread (CDS) curve of the US T&L industry then used within a connectedness approach. The results reveal considerable default risk transmission, particularly in the long-term. Default risk transmission has spiked across all horizons since the pandemic, reflecting the deterioration in credit quality of T&L firms under the pandemic. Analysis of the drivers of default risk transmission shows that several macro-financial variables, especially news market sentiment and stock market volatility induced by the pandemic, have an important explanatory role.

旅游和休闲 (T&L) 行业的违约风险尽管对行业的健康和稳定有影响，但仍未得到充分研究。本文调查了 2008 年 7 月 22 日至 2022 年 12 月 9 日期间美国运输与物流公司在不同信用期限内的违约风险传递，特别关注 COVID-19 的影响。短期、中期和长期违约风险因素是从美国 T&L 行业的信用违约利差 (CDS) 曲线中提取的，然后在连通性方法中使用。结果揭示了相当大的违约风险传递，特别是从长期来看。自大流行以来，违约风险传播在各个领域都激增，反映出大流行下运输与物流公司信用质量的恶化。