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TEXT-S&P report says global corp default tally still at 39 issuers
July 5 - The 2012 global corporate default tally remains unchanged this week at 39 issuers (through July 4), said an article published today by Standard & Poor's Global Fixed Income Research, titled The 2012 Global Corporate Default Tally Remains At 39 Issuers This Week There were no corporate defaults since the last report.
This total is nearly double the default tally at this time last year. By region, 23 of the 39 defaulters were based in the U.S., nine were in the emerging markets, five in Europe, and two in the other developed region (Australia, Canada, Japan, and New Zealand). In comparison, the 2011 total (through June 28) was 20: 12 defaulters in the U.S., two in the emerging markets, two in Europe, and four in the other developed region.
So far this year, missed payments accounted for 13 defaults, distressed exchanges accounted for eight, bankruptcy filings accounted for six, and another eight defaulters were confidential. The remaining four entities defaulted for various other reasons. In 2011, 21 issuers defaulted because of missed interest or principal payments, and 13 because of bankruptcy filings--both of which were among the top reasons for defaults in 2010. Distressed exchanges--another top reason for default in 2010--followed with 11 defaults in 2011. Of the remaining defaults, two issuers failed to finalize refinancing on bank loans, two were subject to regulatory action, one had its banking license revoked by its country's central bank, one was appointed a receiver, and two were confidential.
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