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Default, Transition, and Recovery: Missed Payments Dominated Global Corporate Defaults In 2011 Jan 12 Product Image

Default, Transition, and Recovery: Missed Payments Dominated Global Corporate Defaults In 2011 Jan 12

  • Published: January 2012
  • Region: Global
  • Standard & Poors


  • Ahern Rentals Inc.
  • Cinram International Inc.
  • Kate Spade & Co.
  • NZF Money Ltd.
  • Sbarro LLC
  • Travelport Holdings Ltd.
  • MORE

Global corporate defaults totaled 53 in 2011, roughly two-thirds of the default total in 2010. On a regional basis, 39 defaults were based in the U.S. (see the "Details On The Default Count" section for more information), followed by the other developed region (Australia, Canada, Japan, and New Zealand) with seven defaults, Europe with four, and the emerging markets with three. Default counts declined in 2011 across all regions but Europe, where defaults doubled compared with 2010. However, the total in Europe is still only a quarter of the 20 defaults in the region in 2009. Missed interest and/or principal payments were the primary reason for default in 2011, with 21 issuers defaulting for this reason. Bankruptcy-related filings followed with...

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 READ MORE >

- American Airlines Group Inc.
- Energy Future Holdings Corp.
- Hovnanian Enterprises Inc.
- PMI Mortgage Insurance Co.
- Dynegy Holdings LLC
- PMI Group Inc.
- Perkins & Marie Callender's Inc.
- Neebo Inc.
- Sbarro LLC
- Kate Spade & Co.
- Catalyst Paper Corp.
- Wastequip LLC
- Keystone Automotive Operations Inc.
- Cinram International Inc.
- YRC Worldwide Inc.
- Real Mex Restaurants Inc.
- SEAT PagineGialle SpA
- Harry & David Operations Corp. (Unsolicited Ratings)
- SAZKA a.s.
- Trailer Bridge Inc.
- Delta Petroleum Corp. (Unsolicited Ratings)
- Horizon Lines Inc.
- Chukchansi Economic Development Authority
- Yioula Glassworks S.A.
- Caribe Media Inc
- Western Pacific Insurance Ltd.
- OPTI Canada Inc.
- Travelport Holdings Ltd.
- Dune Energy Inc. (Unsolicited Ratings)
- GMX Resources Inc.
- William Lyon Homes
- General Maritime Corp.
- River Rock Entertainment Authority
- Berkline/BenchCraft Holdings LLC
- Ahern Rentals Inc.
- NewPage Corp.
- MF Global Holdings Ltd.
- Aquilex Holdings LLC
- Global Aviation Holdings Inc.
- Novasep Holding S.A.S.
- Broadlands Finance Ltd.
- SuperMedia Inc.
- NZF Money Ltd.

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