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1、GLOBALCORPORATEFINANCEFEBRUARY28,2011CorporateDefaultandRecoveryRates,SPECIALCOMMENT1920-2010TableofContents:SummarySUMMARY1INTRODUCTION2ThisreportcomprisesMoody'stwenty-fourthannualdefaultstudyinwhichweupdateDEFAULTSSLOWEDDOWNstatisticsonthedefault,loss,andratingtransitionexp
2、erienceofcorporatebondandloanCONSIDERABLYIN20102issuersfor2010,aswellasforthehistoricalperiodsince1920.ThisstudycoversfinancialDEFAULTRATEOUTLOOKFOR20117institutions,non-financialcorporates,andregulatedutilitieswhichhavelong-termdebtRATINGACCURACYMETRICS9ratings.Briefly,wefind
3、that:MOODY’SRELATEDRESEARCH12DATATABLESANDCHARTS13»57Moody’s-ratedcorporateissuersdefaultedonatotalof$25.1billionofbondsandGUIDETODATATABLESANDCHARTS60$14.0billionofloansin2010.IncludingissuerswhoseratingswerewithdrawnpriortoMETHODOLOGYANDDATASOURCES61January1,2010ornewlyrated
4、in2010,61corporateissuersdefaultedon$26.1billionofbondsand$15.0billionofloans.AnalystContacts:»2010’sdefaultswerefoundinavarietyofindustriesledbytheCapitalIndustriesandtheNEWYORK1.212.553.1653ConsumerIndustriessectors,whichsawthirteenandtendefaults,respectively.Acrossregions,d
5、efaultsremainedconcentratedinNorthAmericawith45issuersdefaultingonSharonOu1.212.553.4403$23.4billionofdebt.Incomparison,eightMoody’s-ratedcorporateissuersdefaultedAssistantVicePresident-AnalystSharon.Qu@moodys.comon$9.0billionofdebtinEurope.TheremainingdefaulterswereLatin-Amer
6、icanandDavidChiu1.212.533.1718Asianissuers.AssociateAnalyst»Moody’sglobalspeculative-gradedefaultrateended2010at3.2%,noticeablydownDavid.Chiu@moodys.comfrom2009’syear-endlevelof13.1%.ThedefaultrateforallMoody’s-ratedcorporateAlbertMetz1.212.553.4867ManagingDirector-CreditPolic
7、yResearchissuersfellto1.3%attheendof2010from5.4%atyear-end2009.BothresultsAlbert.Metz@moodys.comcorrespondquitecloselywithourone-year-agoforecastsof3.3%and1.4%,respectively.»Measuredonadollarvolumebasis,Moody’sglobalspeculative-gradebonddefaultrateended2010at1.6%,downfrom16.8%
8、attheendof2009.AmongallMoody’s-ratedissuers,thevolume-weighte
