Bangkok--20 Nov--Standard & Poor's Standard & Poor's today published its "Global Bond Markets' Weakest Links And Monthly Default Rates (Premium)" report, which states there were two more defaults among global corporates rated by Standard & Poor's Ratings Services in October, bringing the total to 17 defaults in 2007. These defaults affected rated debt worth $6.1 billion. "The 12-month trailing global corporate speculative-grade bond default rate declined to a 25-year low of 0.79% in October from 0.92% in September," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "The default rate has been below its long-term (1981-2006) average of 4.48% for 45 consecutive months." By region, the speculative-grade default rates were 0.98% in the U.S., 1.42% in Europe, and zero in Emerging Markets. The U.S. speculative-grade default rate remains suppressed and is likely to post a year-end 25-year low of close to 1%. This year's default count continues to be constrained, in part, because of limited refunding requirements and structural concessions that avert payment default even as corporate credit risks build momentum. We continue to believe that corporate defaults will materialize in a more meaningful way in the second half of 2008 and likely continue into 2009. The report is available to RatingsDirect subscribers who have upgraded their package to include the Global Fixed Income Research add-on. RatingsDirect is the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. If you are not a RatingsDirect subscriber with the Global Fixed Income Research add-on, please contact your local Standard & Poor's representative or [email protected] for further information. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; under Credit Ratings in the left navigation bar, select Find a Rating, then Credit Ratings Search. 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 Contact: Diane Vazza, New York (1) 212-438-2760 Standard & Poor's, a division of The McGraw-Hill Companies (NYSE:MHP), is the world's foremost provider of financial market intelligence, including independent credit ratings, indices, risk evaluation, investment research and data. With approximately 8,500 employees, including wholly owned affiliates, located in 21 countries, Standard & Poor's is an essential part of the world's financial infrastructure and has played a leading role for more than 140 years in providing investors with the independent benchmarks they need to feel more confident about their investment and financial decisions. For more information, visit http://www.standardandpoors.com. Key Contacts: Americas Media Relations: (1) 212-438-6667 media_ [email protected] Americas Customer Service: (1) 212-438-7280 [email protected]