U.S. high-yield defaults fall to 9.11% in August, European defaults up to 11.27%, S&P says

New York, Sept. 13 - The U.S. high-yield default rate fell to 9.11% in the 12 months to August from 9.39% the month before, according to Standard & Poor's.

The comparable rate for the European Union rose to 11.27% from 10.56%.

As a result, the global speculative-grade default rate was 10.71%.

For investment-grade issuers, the default rate in the U.S. held constant at 0.25% while the European rate was also constant at 0.0%.

Standard & Poor's said U.S. default rates this year are expected to remain below 2001 levels. The rating agency is forecasting a speculative-grade rate of 8.5% to 9.0% for the year compared to 9.72% in 2001. Its forecast for U.S. investment grade is 0.30% compared to 0.40% in 2001.

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