Bangkok--2 May--Standard & Poor's Globally, 17 companies (15 public and two confidentially rated) defaulted in the first quarter of 2008, according to an article published today by Standard & Poor's. The article, which is titled "Quarterly Default Update And Rating Transitions," says that this is the highest number of defaults since the fourth quarter of 2004 and only four fewer than the total number of defaults for all of 2007. Standard & Poor's has also published an article titled "First-Quarter 2008 Quarterly Default Synopses," which profiles the 15 publicly rated companies that defaulted. It provides summaries of the events leading up to each default and, in some cases, events following default. Also included are the defaulting instruments for each company that was rated by Standard & Poor's. The volume of rated debt affected by last quarter's defaults was $11.2 billion, significantly higher than the $7.47 billion last year but still well below the most recent peak of $25.1 billion in the fourth quarter of 2005. "Of the 15 public defaults reported in the first quarter of 2008, two were in the financial sector, and 13 belonged to the nonfinancial sector," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "Of the 17 defaulters, 15 are domiciled in the U.S., and all but two originally had speculative-grade ratings." 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, 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 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 Contact: Diane Vazza, New York (1) 212-438-2760