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2003 Defaults in Profile Jan 04
Standard & Poors, Jan 2004
Abstract
During 2003, 126 companies that were rated or formerly rated by Standard & Poor's Ratings Services defaulted on $62.5 billion of debt. This article provides summaries of the events leading up to each default, and in some cases, events following default. Also included are the defaulting instruments for each company that was rated by Standard & Poor's. Companies that were confidentially rated by Standard & Poor's are not included. (Editor's note: For more information on corporate defaults, see 'Corporate Defaults in 2003 Recede From Recent Highs,' published on RatingsDirect on Jan. 27, 2004.) No longer rated at the time of default. $191 million 11.5% senior secured second lien notes due Nov. 1, 2004 On Jan. 24, 2003, San Antonio, Texas-based...
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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