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Global Corporate Default Update

(July 31, 2009 – August 6, 2009)

Global Fixed Income Research

Diane Vazza, Managing Director


(1) 212-438-2760
diane_vazza@
standardandpoors.com

Sudeep Kesh, Associate


(1) 212-438-7982
sudeep_kesh@
standardandpoors.com

Standard & Poor's


55 Water Street
33rd Floor
New York, NY 10041
Diane Vazza Sudeep Kesh
Managing Director Associate
+1 212 438 2760 +1 212 438 7982
diane_vazza@standardandpoors.com sudeep_kesh@standardandpoors.com

Global Corporate Default Update


(July 31, 2009 – August 6, 2009) (Premium)
NEW YORK (Standard & Poor's) August 7, 2009— Seven global corporate issuers defaulted this
week, bringing the 2009 year-to-date tally to 194 issuers—nearly 4x the 52 defaults at this time in
2008. This week’s defaults were largely concentrated in the U.S., where five out of seven of the
defaulters originated from, with the remaining two defaulters originating from the emerging
markets. The default tallies by region now stand at 137 issuers in the U.S., 11 in Europe, 33 in the
emerging markets, and 13 in the other developed region (Australia, Canada, Japan, and New
Zealand).

Distressed exchanges largely led this week’s default charge with five out of seven issuers having
their ratings revised to ‘SD’ as a result. Distressed exchanges have surged this year, with the
current tally of 60 issuers at 4x the full-year 2008 total and 15x the count of four issuers in 2007.
For more information on distressed exchanges, see “Global Credit Comment : Bondholders
Get Buzzed (Premium),” published May 1, 2009, on RatingsDirect.

The remaining two defaults this week were a result of missed interest payments, which currently
is the top reason for default this year at 67 issuers. Bankruptcy filings have also surged with 52
issuers so far this year that have filed for bankruptcy-protection, which has surpassed the full-year
2008 total of 49 bankruptcy-related defaults. The sharp increase in corporate bankruptcies brings
with it significant difficulties to private equity investors, particularly for those whose buyout
activities in the past several years placed much of their risks squarely in the speculative-grade
domain. Indeed, more than half of the defaulters this year either had or continue to have private
equity involvement, which presents both challenges and opportunities to private equity investors
during restructuring and reorganization. For more information, see “Global Credit Comment:
Exposure To Deteriorating Assets Increases Risks To Private Equity (Premium),” published
May 29, 2009.

Of the global corporate defaulters so far this year, 40% of issues with available recovery ratings
had recovery ratings of ‘6’ (indicating our expectation for negligible recovery of 0%-10%), 17%
of issues had recovery ratings of ‘5’ (modest recovery prospects of 10%-30%), 12% had recovery
ratings of ‘4’ (average recovery prospects of 30%-50%), and 10% had recovery ratings of ‘3’
(meaningful recovery prospects of 50%-70%). And for the remaining two rating categories, 12%
of issues had recovery ratings of ‘2’ (substantial recovery prospects of 70%-90%) and 9% of
issues had recovery ratings of ‘1’ (very high recovery prospects of 90%-100%). For more details
on recovery, see "Bank Loan Ratings (BLRs) And Recovery Ratings (Monthly List),"
published July 13, 2009, on RatingsDirect.

The precipitous increase in defaults reflects a pronounced decline in economic fundamentals and
earnings prospects, as well as the continued unfavorable environment to the lowest rungs of the
ratings latter, effectively halting lending to low-rated speculative-grade borrowers. A large
number of defaults likely will be concentrated in the first two or three quarters of 2009 as a result
of these factors, coupled with distressed exchange offers. Four other factors make the current
environment more conducive to defaults: deep recessionary conditions in the U.S., a record-high
proportion of issuers with speculative-grade ratings, the highest volume of low-rated issuance
since 2003, and the seasoning of much of the debt rated 'B-' or lower issued in the past several
years.

Because of these factors, our current 12-month-trailing U.S. corporate speculative-grade default
rate forecast is 13.9% by mid-2010, with a pessimistic scenario of 18% and an optimistic scenario
of 11.4%.

For more information and analysis, please see the following reports available on RatingsDirect:

• “Quarterly Default Update and Rating Transitions (Premium),” published August 5,


2009.
• “Second-Quarter 2009 Default Synopses (Premium),” published August 5, 2009.
• “U.S. Corporate Default Rate Expected To Inch Lower To 13.9% By June 2010
After Peaking In First-Quarter 2010,” published July 23, 2009.
• “The Devil is in the Details: Understanding The Variation In Corporate Default
Rates and Rating Transitions,” published July 14, 2009.
• "Global Bond Markets Weakest Links and Monthly Default Rates," published July
27, 2009.
• "U.S. High-Yield Prospects: Primary and Secondary Markets Rally In May
(Premium)," published June 11, 2009.
• "Global Credit Comment: Nearly 300 Global Corporate Entities Are Vulnerable To
Default (Premium)," published Mar. 26, 2009.
• "U.S. Distressed Debt Monitor: Distress Ratio Holds Steady Into The Summer
(Premium)," published July 27, 2009.
• "U.S. Recovery Study: Swollen Recovery Rates Conceal Underlying Trauma,"
published Nov. 25, 2008.

Table 1. Global Corporate Default Summary


12-Month Trailing
Speculative-Grade
Region Default Rate (%) 2008 Full-Year 2008 YTD 2009 YTD 2009 MTD Weakest Links
U.S. 9.25 96 49 137 5 198
Europe 5.1 7 1 11 0 27
Emerging Market 6.49 16 0 33 2 42
Other Developed 8.84 7 2 13 0 18
Global 8.25 126 52 194 7 285

YTD - Year To Date; MTD - Month To Date. Data as of Aug. 6, 2009. 12-Month Trailing Default
Rates from June 30, 2008 to June 30, 2009. Other Developed region includes Australia, Canada,
Japan, and New Zealand. Default counts may include confidentially-rated issuers.
Source : Standard & Poor's Global Fixed Income Research; Standard & Poor's CreditPro®.
Table 2. Global Corporate Defaults This Week
Date Parent Company Country Sector/Subsector To From
Aug. 3, 2009 Unisys Corp. United States High Tech SD CC
Aug. 3, 2009 Alfa-Bank Ukraine (OJSC Alfa-Bank.) Ukraine Bank SD CC
Aug. 4, 2009 China Glass Holdings Ltd. China FP / BM SD CC
Aug. 6, 2009 Accuride Corp. United States Auto D CCC
Aug. 6, 2009 Haights Cross Communications Inc. United States Media&Ent D CC
Aug. 6, 2009 Commercial Vehicle Group Inc. United States Auto SD CCC+
Aug. 6, 2009 Peach Holdings Inc. United States FinCo SD CC

Data as of July 30, 2009. Source : Standard & Poor's Global Fixed Income Research; Standard
& Poor's CreditPro®.

Table 3. Global Corporate Defaults, 2009 Year-To-Date


Number Date Parent Company Country SectorSubsector To From Reason
1 Jan. 6, 2009 U.S. Shipping Partners L.P. U.S. Transportation D CCC Missed Interest and Principal Payment
2 Jan. 7, 2009 Penn Treaty Network America Insurance Co. U.S. Insurance R CC Regulatory Supervision
(Penn Treaty American Group)
3 Jan. 8, 2009 Triple Crown Media Inc. U.S. Media&Ent D CCC- Missed Interest Payment
4 Jan. 13, 2009 Merisant Worldwide Inc. U.S. ConProd D CC Bankruptcy
5 Jan. 14, 2009 Nortel Networks Corp. Canada High Tech D B- Chapter 11
6 Jan. 15, 2009 Confidential Australia Home/RE D CCC+ Distressed Exchange
7 Jan. 15, 2009 Spansion Inc. U.S. High Tech D CCC Missed Interest Payment
8 Jan. 16, 2009 Black Gaming LLC U.S. Media&Ent D CCC Missed Interest Payment
9 Jan. 20, 2009 Confidential Canada Transportation D CCC Missed Interest Payment
10 Jan. 20, 2009 EuroFresh Inc. U.S. ConProd D CC Missed Interest Payment
11 Jan. 20, 2009 Young Broadcasting Inc. U.S. Media&Ent D CCC Missed Interest Payment
12 Jan. 21, 2009 Simmons Company U.S. ConProd SD CCC Missed Interest Payment
13 Jan. 23, 2009 Foamex L.P. U.S. C,P,&ES D CCC+ Missed Interest Payment
14 Jan. 26, 2009 JSEC Inc. U.S. FP / BM D CC Chapter 11
15 Jan. 26, 2009 Smurfit-Stone Container Corp. U.S. FP / BM D CCC Chapter 11
16 Jan. 30, 2009 Bonten Media Group Inc. U.S. Media&Ent SD B Distressed Exchange
17 Jan. 30, 2009 Scottish Annuity & Life Insurance Co. Cayman Islands Insurance D CC Distressed Exchange
(Cayman) Ltd.
18 Feb. 2, 2009 ASAT Holdings Ltd. Hong Kong High Tech D CC Missed Interest Payment
19 Feb. 2, 2009 Confidential U.S. Media&Ent D CCC Missed Interest Payment
20 Feb. 2, 2009 Vitro S.A.B. de C.V. Mexico FP / BM D CC Missed Interest Payment
21 Feb. 3, 2009 Confidential Germany Auto D NR Bankruptcy
22 Feb. 3, 2009 Indalex Holding Corp. U.S. M,M,&S D CCC Missed Interest Payment
23 Feb. 4, 2009 Confidential Russia Transportation D CC -
24 Feb. 4, 2009 Spectrum Brands Inc. U.S. ConProd D CCC+ Chapter 11
25 Feb. 4, 2009 Station Casinos Inc. U.S. Media&Ent D CC Missed Interest Payment
26 Feb. 10, 2009 Akerys Holdings S.A. France Home/RE SD CCC Missed Interest Payment
27 Feb. 10, 2009 Rail Leasing Russia Finance Co. SD CCC+ Distressed Exchange
28 Feb. 12, 2009 Aleris International Inc. U.S. M,M,&S D CCC- Bankruptcy
29 Feb. 12, 2009 Confidential Mexico FP / BM D CC -
30 Feb. 12, 2009 Muzak Holdings LLC U.S. Media&Ent D CCC- Chapter 11
31 Feb. 12, 2009 Pliant Corp. U.S. C,P,&ES D CCC Chapter 11
32 Feb. 17, 2009 Castle HoldCo 4 Cayman Islands Home/RE SD CCC Missed Interest Payment
33 Feb. 18, 2009 BearingPoint Inc. U.S. High Tech D NR Chapter 11
34 Feb. 22, 2009 Confidential U.S. Media&Ent D NR Chapter 11
35 Feb. 22, 2009 Confidential Japan FinInst D B- Bankruptcy
36 Feb. 27, 2009 American Achievement Corp. U.S. Media&Ent SD B Distressed Exchange
37 Mar. 2, 2009 Independencia S.A. Brazil ConProd D B Chapter 11
38 Mar. 2, 2009 Nadra Bank Ukraine Bank SD CC Missed Interest Payment
39 Mar. 10, 2009 Milacron Inc. U.S. CapGoods D CCC+ Chapter 11
40 Mar. 11, 2009 Fleetwood Enterprises Inc. U.S. Home/RE D CCC- Chapter 11
41 Mar. 16, 2009 Canwest Media Inc. Canada Media&Ent D CCC Missed Interest Payment
42 Mar. 16, 2009 Primus Telecommunications Group Inc. U.S. Telecom D NR Chapter 11
43 Mar. 17, 2009 Confidential U.K. Bank SD A Distressed Exchange
44 Mar. 17, 2009 Asia Aluminum Holdings Limited China M,M,&S D CC Bankruptcy
45 Mar. 17, 2009 General Growth Properties, Inc. U.S. Home/RE D CC Missed Interest Payment
46 Mar. 18, 2009 True Temper Sports Inc. U.S. ConProd D CCC Missed Interest Payment
47 Mar. 18, 2009 Fairchild Corp. U.S. Aero&Def D NR Chapter 11
48 Mar. 18, 2009 Community Distributors Inc. U.S. Retail/Restaurants D NR Chapter 11
49 Mar. 19, 2009 Chemtura Corp. U.S. C,P,&ES D CCC Chapter 11
50 Mar. 19, 2009 Bite Finance International, B.V. Lithuania Telecom SD CC Distressed Exchange

CapGoods – Capital Goods, ConProd – Consumer Products C,P,&ES – Chemical, Packaging,


and Environmental Services, FinInst – Financial Institutions, FP/BM – Forest Products &
Building Materials, High Tech – High Technology, Home/RE – Homebuilders and Real Estate
Co., Media&Ent – Media and Entertainment, Telecom – Telecommunications.
Data as of Aug. 6, 2009. Source : Standard & Poor’s Global Fixed Income Research.
Table 3. Global Corporate Defaults, 2009 Year-To-Date (cont.)
Number Date Parent Company Country SectorSubsector To From Reason
51 Mar. 23, 2009 U.S. Central Federal Credit Union U.S. FinInst R AA- Regulatory Supervision
52 Mar. 23, 2009 Western Corporate Federal Credit Union U.S. FinInst R A Regulatory Supervision
53 Mar. 24, 2009 BI-LO LLC U.S. Retail/Restaurants D CCC Chapter 11
54 Mar. 26, 2009 Industrias Unidas S.A.de C.V. Mexico Diversified SD CC Missed Interest Payment
55 Mar. 27, 2009 Charter Communications Inc. U.S. Telecom D CC Chapter 11
56 Mar. 27, 2009 Freescale Semiconductor Inc. U.S. High Tech SD CC Distressed Exchange
57 Mar. 31, 2009 Riviera Holdings Corp. U.S. Media&Ent D CCC+ Missed Interest Payment
58 Mar. 31, 2009 Ply Gem Industries Inc. U.S. FP / BM SD B- Distressed Exchange
59 Mar. 31, 2009 Sensata Technologies B.V. Netherlands CapGoods SD CC Distressed Exchange
60 Mar. 31, 2009 Idearc Inc. U.S. Media&Ent D CCC Chapter 11
61 Mar. 31, 2009 Abitibi-Consolidated Inc. Canada FP / BM D CC Missed Interest and Principal Payment
62 Mar. 31, 2009 MediaNews Group Inc. U.S. Media&Ent D NR Missed Interest Payment
63 Apr. 1, 2009 Thornburg Mortgage Inc. U.S. Finance Co. D CC Chapter 11
64 Apr. 1, 2009 United Subcontractors Inc. U.S. FP / BM D CCC- Chapter 11
65 Apr. 1, 2009 Confidential U.K. Bank D CC -
66 Apr. 1, 2009 J.G. Wentworth LLC U.S. FP / BM D NR Missed Interest Payment
67 Apr. 1, 2009 155 East Tropicana LLC U.S. Media&Ent D CCC- Missed Interest Payment
68 Apr. 2, 2009 Panolam Industries International Inc. U.S. FP / BM SD CCC+ Missed Interest Payment
69 Apr. 2, 2009 Nexstar Broadcasting Group Inc. U.S. Media&Ent SD CC Distressed Exchange
70 Apr. 2, 2009 NXP B.V. Netherlands High Tech SD CC Distressed Exchange
71 Apr. 2, 2009 Confidential Brazil Home/RE SD CC -
72 Apr. 3, 2009 Polymer Holdings LLC U.S. C,P,&ES SD B- Distressed Exchange
73 Apr. 3, 2009 Rhodes Companies LLC (The) U.S. Home/RE D CCC Chapter 11
74 Apr. 6, 2009 Ford Motor Co. U.S. Auto SD CC Distressed Exchange
75 Apr. 6, 2009 Noranda Aluminum Holding Corp. U.S. M,M,&S SD CCC+ Distressed Exchange
76 Apr. 7, 2009 Cinram International Inc. Canada Media&Ent SD CC Distressed Exchange
77 Apr. 7, 2009 BCBG Max Azria Group, Inc. U.S. Retail/Restaurants SD CCC+ Distressed Exchange
78 Apr. 8, 2009 The Newark Group Inc. U.S. FP / BM D CCC Missed Interest Payment
79 Apr. 8, 2009 Aventine Renewable Energy Holdings U.S. Oil & Gas D CC Bankruptcy
Incorporated
80 Apr. 8, 2009 CMP Susquehanna Radio Holdings Corp. U.S. Media&Ent SD CC Distressed Exchange
81 Apr. 14, 2009 Alliance Bank JSC Kazakhstan Bank SD CC Missed Interest Payment
82 Apr. 15, 2009 Harrah's Entertainment Inc. U.S. Media&Ent SD CC Distressed Exchange
83 Apr. 15, 2009 Energy Partners Ltd U.S. Oil & Gas D CCC- Missed Interest Payment
84 Apr. 15, 2009 French Lick Resorts & Casino LLC U.S. Media&Ent SD CC Distressed Exchange
85 Apr. 16, 2009 Broder Bros. Co. U.S. ConProd SD CC Distressed Exchange
86 Apr. 16, 2009 R.H. Donnelley U.S. Media&Ent D CCC+ Missed Interest Payment
87 Apr. 16, 2009 AbitibiBowater Inc. Canada FP / BM D CC Chapter 11
88 Apr. 16, 2009 Bowater Inc. U.S. FP / BM D CC Chapter 11
89 Apr. 16, 2009 Six Flags U.S. Media&Ent D CCC Missed Interest Payment
90 Apr. 16, 2009 Six Flags Theme Park Inc. U.S. Media&Ent D CCC Missed Interest Payment
91 Apr. 16, 2009 Human Touch LLC. U.S. ConProd D CC Missed Interest Payment
92 Apr. 20, 2009 Dayton Superior Corp. U.S. FP / BM D CCC- Chapter 11
93 Apr. 21, 2009 Hexion Specialty Chemicals Inc. U.S. C,P,&ES SD CCC+ Distressed Exchange
94 Apr. 21, 2009 NTK Holdings Inc. U.S. FP / BM SD B- Distressed Exchange
95 Apr. 21, 2009 Barrington Broadcasting LLC U.S. Media&Ent SD CCC+ Distressed Exchange
96 Apr. 21, 2009 Emmis Communications Corp. U.S. Media&Ent SD CCC+ Distressed Exchange
97 Apr. 24, 2009 Banco Hipotecario S.A. Argentina Bank SD CC Distressed Exchange
98 Apr. 24, 2009 BTA Bank J.S.C. Kazakhstan Bank D CC Missed Principal Payment
99 Apr. 24, 2009 Metrofinanciera S.A. de C.V. SOFOM. E.N.R. Mexico FinInst SD CC Missed Interest Payment

100 Apr. 27, 2009 Syncora Guarantee Inc. (Syncora Holdings U.S. FinCo R CC Regulatory Supervision
Ltd.)

CapGoods – Capital Goods, ConProd – Consumer Products C,P,&ES – Chemical, Packaging,


and Environmental Services, FinInst – Financial Institutions, FP/BM – Forest Products &
Building Materials, High Tech – High Technology, Home/RE – Homebuilders and Real Estate
Co., Media&Ent – Media and Entertainment, Telecom – Telecommunications.
Data as of Aug. 6, 2009. Source : Standard & Poor’s Global Fixed Income Research.
Table 3. Global Corporate Defaults, 2009 Year-To-Date (cont.)
Number Date Parent Company Country SectorSubsector To From Reason
101 Apr. 27, 2009 Synagro Technologies Inc. U.S. C,P,&ES SD CC Distressed Exchange
102 Apr. 28, 2009 Airborne Health Inc. U.S. ConProd D CCC Missed Interest Payment
103 Apr. 28, 2009 Brand Development Inc. Belize ConProd D CCC+ Missed Interest and Principal Payment
104 Apr. 30, 2009 Rexnord LLC U.S. CapGoods SD CC Distressed Exchange
105 Apr. 30, 2009 Confidential Mexico FinInst D B- -
106 Apr. 30, 2009 Chrysler LLC (Chrysler Holding LLC) U.S. Auto D CC Chapter 11
107 May. 1, 2009 Mark IV Industries Inc. U.S. Auto D CCC+ Chapter 11
108 May. 1, 2009 Workflow Management Inc. U.S. Media&Ent SD CC Loan Amendments
109 May. 1, 2009 Source Interlink Companies, Inc. U.S. Media&Ent D CCC Chapter 11
110 May. 4, 2009 Wolverine Tube Inc. U.S. FP / BM SD CC Distressed Exchange
111 May. 5, 2009 GSCP (NJ) L.P. U.S. Bank D B Missed Interest Payment
112 May. 7, 2009 Thomson S.A. France High Tech SD CC Missed Principal Payment
113 May. 8, 2009 Sonic Automotive Inc. U.S. Auto SD CCC+ Distressed Exchange
114 May. 8, 2009 Standard Motor Products Inc. U.S. Auto SD CC Distressed Exchange
115 May. 11, 2009 November 2005 Land Investors, LLC U.S. Home/RE D CC Chapter 11
116 May. 12, 2009 Hayes Lemmerz International Inc. U.S. Auto D CC Chapter 11
117 May. 12, 2009 G Steel Public Co. Ltd. Thailand M,M,&S SD CC Missed Payment
118 May. 12, 2009 International Banking Corp. (The) Bahrain Bank SD BBB- Missed Payment
119 May. 12, 2009 PT Davomas Abadi Tbk. Indonesia ConProd D CCC+ Missed Interest Payment
120 May. 12, 2009 Pakistan Mobile Communications Ltd. Pakistan Telecom SD CC Distressed Exchange
(Orascom Telecom Holdings S.A.E.)
121 May. 13, 2009 NES Rentals Holdings Inc. U.S. CapGoods SD CC Distressed Exchange
122 May. 15, 2009 Rapsod Trade Ltd. British Virgin Islands Media&Ent D CC Missed Interest Payment
123 May. 15, 2009 Dex Media Inc. U.S. Media&Ent D C Missed Interest Payment
124 May. 15, 2009 Donnelley (R.H.), Inc. U.S. Media&Ent D C Missed Interest Payment
125 May. 18, 2009 Atrium Cos. Inc. (ACIH) U.S. FP / BM D CCC- Missed Interest Payment
126 May. 18, 2009 Inn of the Mountain Gods Resort and Casino U.S. Media&Ent D CCC Missed Interest Payment

127 May. 18, 2009 Mandra Forestry Finance Ltd. British Virgin Islands FP / BM D CC Missed Interest Payment
128 May. 18, 2009 Confidential China Home/RE SD CC Distressed Exchange
129 May. 19, 2009 Caraustar Industries Inc. U.S. FP / BM D CC Missed Interest Payment
130 May. 19, 2009 Majestic Holdco, LLC U.S. Media&Ent D C Missed Interest Payment
131 May. 19, 2009 Barzel Industries Inc. U.S. M,M,&S SD CCC+ Missed Interest Payment
132 May. 19, 2009 Confidential Russia M,M,&S D CCC -
133 May. 19, 2009 Lazy Days' R.V. Center Inc. U.S. Auto SD CC Missed Interest Payment
134 May. 20, 2009 ION Media Networks Inc. U.S. Media&Ent D CC Chapter 11
135 May. 21, 2009 Dana Holding Corp. U.S. Auto SD CC Distressed Exchange
136 May. 21, 2009 Georgia Gulf Corp. U.S. C,P,&ES D CC Missed Interest Payment
137 May. 22, 2009 Berry Plastics Group Inc. U.S. C,P,&ES SD CC Distressed Exchange
138 May. 28, 2009 Metaldyne Corp. U.S. Auto D CCC- Chapter 11
139 May. 28, 2009 Visteon Corp. U.S. Auto D CCC Chapter 11
140 May. 29, 2009 Canwest Limited Partnership Canada Media&Ent D CCC Missed Interest and Principal Payment
141 Jun. 1, 2009 General Motors Corp. U.S. Auto D CC Chapter 11
142 Jun. 1, 2009 Imcopa Importacao, Exportacao E Industria De Brazil ConProd D CCC- Missed Interest Payment
Oleos S.A.
143 Jun. 1, 2009 Confidential Brazil Home/RE D CCC -
144 Jun. 1, 2009 Genmar Holdings Inc. U.S. Media&Ent D NR Chapter 11
145 Jun. 2, 2009 Lear Corp. U.S. Auto D CCC+ Missed Interest Payment
146 Jun. 2, 2009 Newport Television Holdings LLC U.S. Media&Ent SD B- Distressed Exchange
147 Jun. 2, 2009 Saad Group Saudi Arabia Financial Institutions D BBB+ Payment Suspension
148 Jun. 5, 2009 Confidential U.S. High Tech SD B -
149 Jun. 5, 2009 Hawker Beechcraft Inc. U.S. Aero&Def SD CC Distressed Exchange
150 Jun. 5, 2009 Travelport Holdings Ltd. U.S. Transportation SD B- Distressed Exchange

CapGoods – Capital Goods, ConProd – Consumer Products C,P,&ES – Chemical, Packaging,


and Environmental Services, FinInst – Financial Institutions, FP/BM – Forest Products &
Building Materials, High Tech – High Technology, Home/RE – Homebuilders and Real Estate
Co., Media&Ent – Media and Entertainment, Telecom – Telecommunications.
Data as of Aug. 6, 2009. Source : Standard & Poor’s Global Fixed Income Research.
Table 3. Global Corporate Defaults, 2009 Year-To-Date (cont.)
Number Date Parent Company Country SectorSubsector To From Reason
151 Jun. 8, 2009 Confidential Brazil Utility SD CCC -
152 Jun. 10, 2009 Kinetek Holdings Corp. U.S. CapGoods SD B- Distressed Exchange
153 Jun. 10, 2009 Fontainebleau Las Vegas Holdings LLC U.S. Media&Ent D CCC Chapter 11
154 Jun. 11, 2009 Confidential U.S. Auto SD B- -
155 Jun. 11, 2009 Crescent Resources LLC U.S. Home/RE D CCC- Chapter 11
156 Jun. 15, 2009 William Lyon Homes U.S. Home/RE SD CC Distressed Exchange
157 Jun. 15, 2009 Momentive Performance Materials Inc. U.S. C,P,&ES SD CC Distressed Exchange
158 Jun. 15, 2009 Extended Stay America Inc U.S. Media&Ent D NR Chapter 11
159 Jun. 16, 2009 Sabre Holdings Corp. U.S. Transportation SD B Distressed Exchange
160 Jun. 16, 2009 Cooper-Standard Automotive Inc. U.S. Auto D CC Missed Interest Payment
161 Jun. 16, 2009 Building Materials Holding Corp U.S. C,P,&ES D NR Chapter 11
162 Jun. 17, 2009 Eddie Bauer Holdings Inc. U.S. Retail/Restaurants D CCC Chapter 11
163 Jun. 17, 2009 Finlay Fine Jewelry Corp. U.S. Retail/Restaurants D CCC Missed Interest Payment
164 Jun. 17, 2009 Hovnanian Enterprises Inc. U.S. Home/RE SD CCC Distressed Exchange
165 Jun. 18, 2009 Metromedia International Group Inc. U.S. ConProd D NR Chapter 11
166 Jun. 18, 2009 Kazanorgsintez OJSC Russia C,P,&ES D CC Missed Interest and Principal Payment
167 Jun. 19, 2009 Affinity Group Holding Inc. U.S. Media&Ent SD CCC Distressed Exchange
168 Jun. 19, 2009 Fraser Papers Inc. Canada C,P,&ES D NR Foreign Bankruptcy
169 Jun. 25, 2009 Red Roof Inns, Inc. U.S. Media&Ent D NR Missed Interest
170 Jun. 25, 2009 Grant Forest Products Inc. Canada C,P,&ES D NR Foreign Bankruptcy
171 Jun. 25, 2009 Confidential U.S. C,P,&ES D CCC- Missed Interest and Principal Payment
172 Jun. 29, 2009 McClatchy Co. (The) U.S. Media&Ent SD CC Distressed Exchange
173 Jun. 29, 2009 Allis-Chalmers Energy Inc. U.S. Oil & Gas SD CC Distressed Exchange
174 Jul. 2, 2009 Bombardier Recreational Products Inc. Canada Media&Ent SD CC Distressed Exchange
175 Jul. 2, 2009 Express Energy Services Operating, LP U.S. Oil & Gas D CCC Missed Interest and Principal Payment
176 Jul. 3, 2009 Safilo SpA Italy ConProd SD CC Distressed Exchange
177 Jul. 6, 2009 Confidential U.S. C,P,&ES SD CCC+ Distressed Exchange
178 Jul. 8, 2009 CCS Medical U.S. Health Care D CCC Chapter 11
179 Jul. 13, 2009 NXP B.V. Netherlands High Tech SD CC Distressed Exchange
180 Jul. 14, 2009 Euramax International Inc. U.S. CapGoods D CC Out-Of-Court Restructuring
181 Jul. 14, 2009 RathGibson Inc. U.S. CapGoods D CC Chapter 11
182 Jul. 20, 2009 CEVA Group PLC Netherlands Transportation SD CC Distressed Exchange
183 Jul. 23, 2009 Confidential U.S. Media&Ent SD CCC Distressed Exchange
184 Jul. 23, 2009 PT Gajah Tunggal Tbk. Indonesia Auto SD CC Distressed Exchange
185 Jul. 28, 2009 Headwaters Inc. U.S. C,P,&ES SD B Distressed Exchange
186 Jul. 29, 2009 Treofan Holdings GmbH Germany FP / BM SD CC Deferred Interest Payment
187 Jul. 29, 2009 Arclin Canada Ltd. Canada C,P,&ES D CCC Foreign Bankruptcy
188 Aug. 3, 2009 Unisys Corp. United States High Tech SD CC Distressed Exchange
189 Aug. 3, 2009 Alfa-Bank Ukraine (OJSC Alfa-Bank.) Ukraine Bank SD CC Distressed Exchange
190 Aug. 4, 2009 China Glass Holdings Ltd. China FP / BM SD CC Distressed Exchange
191 Aug. 6, 2009 Accuride Corp. United States Auto D CCC Missed Interest Payment
192 Aug. 6, 2009 Haights Cross Communications Inc. United States Media&Ent D CC Missed Interest Payment
193 Aug. 6, 2009 Commercial Vehicle Group Inc. United States Auto SD CCC+ Distressed Exchange
194 Aug. 6, 2009 Peach Holdings Inc. United States FinCo SD CC Distressed Exchange

CapGoods – Capital Goods, ConProd – Consumer Products C,P,&ES – Chemical, Packaging,


and Environmental Services, FinInst – Financial Institutions, FP/BM – Forest Products &
Building Materials, High Tech – High Technology, Home/RE – Homebuilders and Real Estate
Co., Media&Ent – Media and Entertainment, Telecom – Telecommunications.
Data as of Aug. 6, 2009. Source : Standard & Poor’s Global Fixed Income Research.
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