S&P: 11 More Issuers Default This Week; YTD Total Tops '08

   DOW JONES NEWSWIRES 
 

Eleven more global corporate issuers defaulted this week, bringing the year-to-date total to 132 and topping all of last year's total, according to Standard & Poor's.

Defaults have been surging for more than a year as the economy deteriorated and tight credit made refinancing debt much more difficult.

Missed interest payments caused the majority of the defaults this week. One U.S. company, ION Media Networks Inc. (IION), filed for bankruptcy.

Of the week's defaults, eight were based in the U.S. and three in emerging markets, bringing the totals to 93 and 24, respectively. There have been seven defaults this year in Europe and eight in the other developed region, which includes Australia, Canada, Japan and New Zealand, according to S&P.

Other U.S.-based companies defaulting this week include Atrium Cos. (ACIH), Inn of the Mountain Gods Resort and Casino, Caraustar Industries Inc.(CSAR), Dana Holding Corp. (DAN) and Georgia Gulf Corp. (GGC).

-By Tess Stynes, Dow Jones Newswires; 201-938-2473; [e-mail]