Bangkok--30 Apr--Standard & Poor's Through the first quarter of 2008, 17 defaults were recorded, compared with only six in the same period last year, according to an article published today by Standard & Poor's. The report, titled "Global Bond Markets' Weakest Links And Monthly Default Rates," says that four additional defaults have been recorded in April, bringing the total to 21, affecting debt worth $12.8 billion. "The U.S. led the charge with 16 defaults in the year to date," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "It also leads in the number of weakest links, that is, entities that are closest to the default threshold, with 101 entities or 82.8%." As of April 15, 2008, 122 weakest links globally—defined as issuers rated 'B-' or lower with either a negative outlook or ratings on CreditWatch with negative implications—were vulnerable to default on rated debt worth $102.2 billion. The current count of weakest links is the highest in 19 months. By sector, media and entertainment, consumer products, and retail/restaurants continued to show the most vulnerability for the 10th consecutive month, with the highest concentrations of weakest links. Ms. Vazza added, "Continued financial-market volatility, tightening credit conditions, an unfolding housing correction, dollar weakness, and the risk of a larger or a smaller impact of the fiscal stimulus package contribute to substantial variability in the default forecast. A material risk remains that defaults could be significantly more pronounced and severe, especially if a recession were to be deeper and longer than expected." 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 23 countries and markets, 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]