Default, Transition, and Recovery: Global Corporate Default Update (May 20 - 26, 2011) (Premium) May 11
Standard & Poors, May 2011
Abstract
The 2011 global corporate default tally remains at 15 after no issuers defaulted this week. Ten of this year's defaults were based in the U.S., two were based in New Zealand, and one each was based in Canada, the Czech Republic, and Russia. By comparison, 38 global corporate issuers had defaulted by this time in 2010. Of these defaulters, 26 were U.S.-based issuers, two were European issuers, three were from the emerging markets, and seven were in the other developed region (Australia, Canada, Japan, and New Zealand). Six of this year's defaults were due to distressed exchanges and five were due to missed interest or principal payments--both among the top reasons for default in 2010. Of the remaining four, two...
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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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