Bangkok--28 Feb--Standard & Poor's
The 2011 global corporate default tally remains at three after no issuers defaulted this week, said an article published today by Standard & Poor's, titled "Global Corporate Default Update (Feb. 18 - 24, 2011) (Premium)."
Two of the defaults were based in the U.S., and one was based in the Czech Republic. By comparison, 17 global corporate issuers had defaulted by this time last year (14 U.S.-based issuers and one each based in Australia, Bahrain, and Canada).
All three of this year's defaulters missed interest or principal payments, which was one of the top reasons for default last year. Of the defaults in 2010, 28 defaults resulted from missed interest or principal payments, 25 resulted from Chapter 11 and foreign bankruptcy filings, 23 from distressed exchanges, three from receiverships, and one each from regulatory directives and administration.
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