Bangkok--23 Feb--Standard & Poor's,
One more issuer defaulted this week, bringing the year-to-date tally to 32 defaulted issuers--more than triple the number during the same period in 2008, said an article published today by Standard & Poor's.
Of the 32 issuers, 23 are based in the U.S., six are in emerging markets, one is in Europe, and two are in Canada, according to the article, titled "Global Corporate Default Update (Feb. 13 - 19, 2009) (Premium)."
We have revised these figures since last week because Workflow Management Inc. was removed from the list after it paid its missed interest payment within its grace period. Further, the defaults of three U.S.-based subsidiaries of France-based LyondellBasell were superseded by their parent company's default, which occurred on Dec. 30, 2008.
This week's default is Castle HoldCo 4 (Countrywide), the holding company for U.K.-based real estate services provider Countrywide PLC, which defaulted as a result of a missed coupon payment.
"Castle HoldCo 4 is the second default this year from the real estate company sector, both of which were non-U.S.-based real estate companies, illustrative of the toll real estate issues have taken outside of the U.S. after a number of real estate defaults occurred in the U.S. in 2008," said Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group.
This article is part of our premium Global Fixed Income Research content, which is available to premium subscribers to RatingsDirect, at www.ratingsdirect.com. Ratings information can also be found on Standard & Poor's public Web site at www.standardandpoors.com; under Ratings in the left navigation bar, select Find a Rating. Members of the media may request a copy of this report by contacting the media representative provided.
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