If proof is needed that the global economy is returning to health then it arrives with news that speculative corporate default rates are set to fall by 50% in 2003, with further declines expected in 2004, according to the risk solutions team at S&P’s.
With the corporate debt default rate standing at 4.5% for 2003 records are being set – not since 1998 has the global default rate fallen below the long-term average of 5.2%.
Emerging market speculative grade default rates have made the most dramatic falls, from 14.8%
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