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Global Default Rate to Rise to 3.1% By Year-End, Moody’s Says

The global speculative-grade corporate default rate will rise to 3.1 percent by the end of 2012 before easing back to 3 percent a year from now, according to Moody’s Investors Service.

These rates are relatively low compared with the historical average of 4.8 percent since 1983, Moody’s said in a report.

The global rate rose to 2.7 percent in May, from 2.6 percent the month before, according to the report. A total of 31 Moody’s-rated corporate debt issuers defaulted this year, five of them last month.

In the U.S., the default rate rose to 3.1 percent from 3 percent at the end of the previous month, while in Europe the rate fell to 2.7 percent from 2.8 percent. A year ago, the U.S. rate was 2.7 percent and in Europe it was 2.1 percent, Moody’s said.

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