Prospect News, S&P see no new defaults for week ended Thursday

By Caroline Salls

Pittsburgh, March 25 - Prospect News and Standard & Poor's each reported no new defaults for the week of March 18 to March 24.

Prospect News did report during the week that III to I Maritime Partners Cayman I, LP missed an interest payment on its loan, guarantee facility and credit facility with Norddeutsche Landesbank Girozentrale.

However, the III to I defaults occurred on March 10 and March 14, before the week in question.

This marks S&P's fifth straight week without a global corporate default, the longest gap between defaults since June 2007, when six weeks passed between defaults.

The ratings agency's year-to-date global default tally stands at three.

S&P said that 22 global corporate issuers had defaulted at this time last year, including 16 U.S.-based issuers and one European issuer, two issuers based in the emerging markets and three issuers based in the other developed region, which includes Australia, Canada, Japan and New Zealand.

Two of this year's defaulters were based in the United States and the other in the Czech Republic.

S&P said all three of this year's defaulters missed interest or principal payments, which was one of the top reasons for default last year. Missed interest or principal payments accounted for 28 defaults in 2010.

Also in 2010, 25 defaults resulted from Chapter 11 and foreign bankruptcy filings, 23 from distressed exchanges, three from receiverships and one each from regulatory directives and administration.

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