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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Lucretius who wrote (97279)	4/23/2001 12:42:01 PM
From: patron_anejo_por_favor	Read Replies (2) of 436258

Q1 defaults worst in history: cbs.marketwatch.com; 12:28pm 04/23/01 S&P: Q1 corp. debt defaults worst ever By Chris Kraeuter The first quarter marked a new milestone for debt defaults: 48 companies worldwide, mostly in the United States, defaulted on $37 billion worth of debt, according to a new report by Standard & Poor's. The first quarter default tally represents 87 percent of the total defaulted on in 2000. Taken on an annual basis, the default amount could approach that of 1991, a recession year. Pacific Gas & Electric Co., Southern California Edison, Finova and Indonesia's Asia Pulp & Paper Co. represented more than $22 billion of the first-quarter's debt defaults. Also, only four companies that defaulted had ever held investment-grade ratings and 84 percent of them had never been rated higher than "B-plus." Four of the defaults came from Canada and Bermuda, Indonesia and the Philippines each had one company default. S&P downgraded 243 companies representing $398 billion in debt during the quarter and upgraded 70 companies representing $88 billion in debt.

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