Abstract: Highlights from this month's report are: Through July 14, 2008, 42 companies have defaulted, affecting debt worth $33.6 billion. This already surpassed the 22 defaults recorded in all of 2007 and 30 defaults in 2006. Of the 42 defaults, 41 are domiciled in the U.S., and one is from Canada. The U.S. also leads in the number of weakest links—entities that are closest to the default threshold—with 118 (81%) of the 145 entities. Through the first half of 2008, defaults have increased significantly in the U.S. but remain scarce elsewhere. The 12-month trailing global corporate speculative-grade bond default rate declined marginally to 1.44% in June from 1.45% in May, remaining below its long-term (1981-2007) average of 4.35% for 53 consecutive

Brief Excerpt: RESEARCH Ratings Definitions Default, Transition, and Recovery: Global Bond MarketsaÇÖ Weakest Links And Monthly Default Rates Publication date: 21-Jul-2008 Global Fixed Income Research: Diane Vazza, Managing Director, New York (1)...

Report Type: Commentary
Sector: Asset-Backed Commercial Paper, Asset-Backed Securities, Collateralized Debt Obligations, Commercial MBS, Consumer Products, Corporations, Financial Institutions, Global Issuers, Insurance, International Public Finance, Media & Entertainment, Public Finance, Real Estate Companies, Residential MBS, Servicer Evaluations, Sovereigns, Structured Finance, Transportation, Utilities
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.