Bangkok--2 Sep--Standard & Poor's
The 2011 global corporate default tally remains at 26 after no issuers defaulted this week, said an article published today by Standard & Poor's Global Fixed Income Research, titled "Global Corporate Default Update (Aug. 25 - 31, 2011)."
The tally of global corporate defaults in 2011 is slightly less than half the 61 issuers that defaulted by this time last year. Regionally, 18 of the defaulters this year were based in the U.S., three were based in New Zealand, two were in Canada, and one each was in the Czech Republic, France, and Russia. Of the total defaulters by this time in 2010, 44 were U.S.-based issuers, eight were in the other developed region (Australia, Canada, Japan, and New Zealand), seven were from the emerging markets, and two were European issuers.
Twelve 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.
The report is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. If you are not a RatingsDirect subscriber, you may purchase a copy of the report by calling (1) 212-438-7280 or sending an e-mail to
[email protected]. Ratings information can also be found on Standard & Poor's public Web site by using the Ratings search box located in the left column at www.standardandpoors.com. Members of the media may request a copy of this report by contacting the media representative provided.
Media Contact:
Mimi Barker, New York (1) 212-438-5054,
[email protected]
Analyst Contacts:
Diane Vazza, New York (1) 212-438-2760