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Prospect News records one new default for week while S&P sees two
By Caroline Salls
Pittsburgh, June 4 - Prospect News reported one new default for the week ended June 3 in the form of a bankruptcy filing made by RPM International Inc. subsidiaries Specialty Products Holding Corp. and Bondex International Inc.
Meanwhile, Standard & Poor's reported two global corporate issuer defaults for the week, raising the year-to-date default tally to 36.
S&P's latest defaults were recorded by Truvo Intermediate LLC and Holdings Gaming Borrower LP.
By region, the current year-to-date default tallies are 25 in the United States, two in Europe, three in emerging markets and six in the other developed region, which includes Australia, Canada, Japan and New Zealand.
So far this year, distressed exchanges have accounted for 12 defaults, Chapter 11 filings for 10, missed interest or principal payments for eight and regulatory directives and receiverships for one issuer each. The remaining four defaulted issuers were confidential.
Of the global corporate defaulters so far in 2010, S&P said:
• 40% of issues with available recovery ratings had recovery ratings of 6, indicating the agency's expectation for negligible recovery of 0% to 10%;
• 10% of the issues had recovery ratings of 5, for modest recovery prospects of 10% to 30%;
• 10% had recovery ratings of 4, for average recovery prospects of 30% to 50%;
• 23% had recovery ratings of 3, for meaningful recovery prospects of 50% to 70%;
• 13% of the issues had recovery ratings of 2, indicating substantial recovery prospects of 70% to 90%; and
• 3% of issues had recovery ratings of 1, or very high recovery prospects of 90% to 100%.
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