Risk.net

Corporate defaults at new record levels last year, says S&P

Global corporate defaults last year were at new record levels, with 234 companies defaulting on $178 billion of debt, according to credit rating agency Standard & Poor's (S&P).

This represents the fourth year in a row where default levels have hit record lows. Last year, 220 companies defaulted on $119 billion of debt.

S&P was cautious in its predictions for the year ahead. While stating that default rates peaked in June 2002, and it exepected a "continued, though painfully slow" inprovement in default rates this year, the agency added that "poor credit quality", "a slow economic recovery" and "global uncertainty about war" meant any upturn could be "jeaopardised".

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here