Default, Transition, and Recovery: Global Bond Markets' Weakest Links And Monthly Default Rates Dec 06
- ID: 2026252
- December 2006
- Region: Global
- Standard & Poors
This month, we note the following key points: Four defaults were recorded among global corporates rated by Standard & Poor's since the last report, bringing the year-to-date total to 26 corporate defaults affecting rated debt worth US$6.9 billion. The 12-month trailing global corporate speculative-grade bond default rate increased further to 1.19% in November from 1.02% in October. This has been below its long-term (1981-2005) average of 4.61% for 34 consecutive months. By region, speculative-grade default rates were recorded at 1.33% in the U.S., 2.12% in Europe, and 0.59% in the emerging markets. As of Dec. 11, 2006, 26 weakest links remained vulnerable to default on combined rated debt worth US$10.7 billion, the highest in 24 months. This number has been...
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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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