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Moodyâ€™s: Corporate defaults quadrupled last year

Moodyâ€™s: Corporate defaults quadrupled last year

16 January 2009 14:52 (UTC +04:00)

Moodyâ€™s Investors Service said Wednesday that the rate of defaults by corporate borrowers around the world more than quadrupled last year to 4 percent.
The ratings agency said it expects the global default rate to continue to rise in 2009, climbing to about 15.1 percent by the end of this year. This is up from a prior estimate of 10.4 percent.
Moodyâ€™s said this implies about 300 corporate defaulters over the next 12 months, or 25 defaulters a month.
A total of 104 Moodyâ€™s-rated corporate issuers defaulted last year, 22 of which were recorded in December, including major newspaper publisher Tribune Co. and finance provider GMAC LLC.
"Global economic conditions are now substantially weaker and more perilous than they were in the two previous credit cycles of 1990-91 and 2001-02," Moodyâ€™s said. AP

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