Bangkok--19 Aug--Standard & Poor's
The global corporate default total remains at 23 so far in 2011 after no corporate issuers defaulted this week, said an article published today by Standard & Poor's Global Fixed Income Research, titled "Global Corporate Default Update (Aug. 11 - 17, 2011)."
Of the total defaulters this year, 15 were based in the U.S., three were based in New Zealand, two were based in Canada, and one each was based in the Czech Republic, France, and Russia. By comparison, 56 global corporate issuers had defaulted by this time in 2010. Of these defaulters, 40 were U.S.-based issuers, two were European issuers, seven were from the emerging markets, and another seven were in the other developed region (Australia, Canada, Japan, and New Zealand).
Nine of this year's defaults were due to missed interest or principal payments and six were due to distressed exchanges--both among the top reasons for default in 2010. Of the remaining eight, four issuers defaulted after they filed for bankruptcy, another two were forced into liquidation as a result of regulatory actions, the seventh had its banking license revoked by its country's central bank, and the eighth was appointed a receiver.
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, one from regulatory directives, and one from administration.
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