In terms of total debt gone sour, South Korea took first place, with 50 issuers defaulting on approximately $22 billion of debt.
Starting from the second half of 2016, the mainland eclipsed Indonesia as the biggest contributor to Asian defaults against a backdrop of weakened commodity prices accompanying a domestic economic slowdown, Moody's said.
From 2014 to 2016H1, the world's second-largest economy recorded 27 defaults affecting $10.3 billion of debt, accounting for roughly two-thirds of the region's default tally, according to the report.
Going forward, China's economic and liquidity situation will determine the pace of defaults, Clara Lau, Moody's senior vice president of credit strategy and standards, told CNBC.
Across the Asia-Pacific region, the bulk of defaults occurred during the last years of the 1990s in the aftermath of the Asian financial crisis. From the early 2000s, the number of incidents dropped significantly, with zero rated defaults from 2004 to 2007, the report said.
But the regional situation worsened once the global financial crisis hit, with a total of 44 issuers defaulting on $5.8 billion of debt in total during 2008-2010.