S&P: U.S. junk default rate decreases to estimated 2.8% in October

By Caroline Salls

Pittsburgh, Nov. 6 - Standard & Poor's estimates that the 12-month-trailing speculative-grade corporate default rate in the United States decreased to 2.8% in October from 3% in September, according to a report titled "Default Rate Flash: The U.S. Default Rate Declined To An Estimated 2.8% In October."

S&P said the slight decline during October is a result of the large number of defaults in October 2011 falling out from the pool of defaulters.

Three issuers defaulted in October, bringing S&P's year-to-date default count to 42.

Specifically, the ratings agency said that Southern Air Holdings Inc., AMF Bowling Worldwide Inc. and LBI Media Inc. defaulted in October.

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