Default, Transition, and Recovery: Missed Payments Dominated Global Corporate Defaults In 2011 Jan 12
Standard & Poors, January 2012
Abstract
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...
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