The global speculative-grade default rate has fallen by more than 75% in the second quarter of 2003, according to Moody’s, the ratings agency. Twenty-one of Moody’s rated corporate bond issuers have defaulted on $8.9 billion of debt; this compares to $42 billion for the same period in 2002.
And the annual figures also look promising. The yearly figure for corporate default in 2003 stands at $19 billion; the corresponding figure for 2002 was $76 billion.
This is also reinforced by a fall in the global speculative-grade default rate, dropping to 6% in the second quarter, falling from 7% in the first quarter.
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