Corporate Defaults Record in 2001

By Paul Howes
Labor Council of NSW

Over 210 firms defaulted $A223.34 billion globally in 2001 setting a new record according to the credit rating firm Standard and Poor's.

Australia was in the top five with four major corporations defaulting on their debt. The United States took the lead with a staggering 162 major corporations defaulting.

Standard and Poor's has stated that the worst may not yet be over claiming that in 2002 corporate defaults may be more broad-based than they were in 2001.

For further information

Contact:   Paul Howes
Phone:   02 9264 1691
Fax:   02 9261 3505
Email:   p.howes@labor.org.au
WWW:   http://www.council.labor.net.au