Corporate bond default rates soar

News

Corporate bond speculative grade default rates in 2001 exceeded annual expectations by last November, and nearly doubled 1999’s total, according to a recent report by Moody’s Investor Services. Moody’s predicts that worse is yet to come in 2002.

Up until November 2001, 229 issuers defaulted on more than $94.5 billion of bonds, compared with $49.1 billion of defaults from 167 issuers in the whole of 2000.

Moody’s default rate, which measures the number of companies that default on their bond p

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