European defaults growing – Moody’s

The rate of defaults among speculative-grade European corporate bond and loan issuers more than doubled in 2006 and will increase further in 2007, according to Moody’s Investors Service.

In its European Corporate Default and Recovery Rate Study, the agency reported no European investment-grade defaults in 2006. But the European weighted speculative-grade default rate rose to 1.9% last year, from 0.8% in 2005.

Andrea Zazzarelli, Moody’s associate director of corporate default research, says: “For

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