More NewsDefaults Characterise Watershed Year for European Corporate Bonds

Defaults Characterise Watershed Year for European Corporate Bonds

Defaults on European corporate bonds rose by roughly 60 per cent in 2002, making it a watershed year for defaults in Europe, according to a new report by Moody’s. ‘Europe has seen a dramatic increase in the overall default rate in 2002, especially in the speculative-grade arena,’ said Moody’s Vice President and Senior Analyst Praveen Varma. The overall default rate increased sharply from 1.8 per cent in 2001 to 2.9 per cent in 2002, a proportional increase of roughly 60 per cent in one year. The rise in the speculative-grade default rate was even larger, soaring to over 20 per cent for 2002 from 12.7 per cent in 2001.

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