Falling default rate for Europe’s corporates, says Moody’s

European default and recovery rates in 2004 show Europe is experiencing the benign credit environment that prevailed across much of the globe last year, reports Moody's Investors Service. During 2004, there were only five European bond defaulters, two rated by Moody's. The total volume of defaulted bonds in Europe was €1.9 billion, of which Moody's rated defaulters accounted for €1.4 billion. Both rated defaulters, Avon Energy Partners and Equitable Finance, are located in the UK.