S&P estimated U.S. junk default rate climbs in February; Europe down

By Caroline Salls

Pittsburgh, March 1 – Standard & Poor’s estimates that the U.S. trailing-12-month speculative-grade corporate default rate widened to 3.3% in February, the highest level since 2010, according to a report released Tuesday.

S&P said Constellation Enterprises LLC, SFX Entertainment Inc., Sheridan Investment Partners I LLC, Sheridan Investment Partners II LP, Comstock Resources Inc., Noranda Aluminum Holding Corp., A.M. Castle & Co., Paragon Offshore plc, Energy XXI Ltd., Denver Parent Corp. and PetroQuest Energy Inc. each defaulted in February.

According to a separate report, S&P estimates that the European trailing-12-month speculative-grade corporate default rate fell to 1.4% in February from 1.8% in January.

The ratings agency said no European defaults were recorded in February.

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