Default, Transition, and Recovery: By Default: January Sets Records Jan 02
Standard & Poors, January 2002
Abstract
Defaults by issuers across the globe have set multiple records in January 2002. Forty-one issuers with a combined $31.3 billion in rated bonds defaulted. Both this count and volume surpass even the largest peak in any preceding monthly period. On Jan. 16, 2002, Standard & Poor's identified 59 issuers with rated bonds totaling $58.2 billion that were the weakest credits around the globe. Of those, nine ($4.4 billion) have already defaulted. Standard & Poor's expects defaults to peak in the first half of this year. With 22 defaults on rated bonds across the globe in January, the industrial sector represents 54% of default counts across the sectors. By dollar volume, $12.9 billion in rated bonds defaulted in the sector, accounting...
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Research Type: Commentary
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