Bangkok--17 Dec--Standard & Poor's
Standard & Poor's has published its latest "Global Bond Markets' Weakest Links And Monthly Default Rates (Premium)" article, which states that through Dec. 10, 2008, 108 companies defaulted, affecting debt worth $302 billion.
"The rise in defaults in 2008 is in sharp contrast with trends in prior years, when only 22 defaults were recorded in all of 2007 and 30 in 2006," noted Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. Of the 108 defaults, 86 are from the U.S., seven from Europe, five each from Asia and Canada, three from Latin America, and two from Russia.
The U.S. also leads in the number of weakest links, with 174 of the 232 entities, or 75%. (Weakest links are defined as issuers rated 'B-' or lower with either a negative outlook or with ratings on CreditWatch with negative implications, and they are at greater risk of default.)
This article is part of our premium Global Fixed Income Research content, which is available to premium subscribers of RatingsDirect, the real-time Web-based source for Standard & Poor's credit ratings, research, and risk analysis, at www.ratingsdirect.com. 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 Contacts:
Diane Vazza, New York (1) 212-438-2760
Jacinto Torres, New York (1) 212-438-3243