European junk bond default rates rising

Default rates on speculative-grade debt rose in Europe last year, but fell in the US according to Moody’s data published today.

In Europe defaults rose to 1.9% in 2006 from 1.1% the year before. The rate dropped from 2.3% to 1.8% in the US, and from 1.9% to 1.7% globally over the same period.

“The steady tightening of European monetary conditions…clearly adversely affected some issuers, pushing up the number of European defaults in the final quarter of 2006,” says Andrea Zazzarelli, in Moody's

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