By Dena Aubin
NEW YORK, June 12 (Reuters) - Global junk bond defaults have hit the $50 billion mark in 2001 -- a record for one
year -- and are expected to continue piling up because corporate profits are sagging and credit quality is getting
worse.
Credit rating agency Moody's Investors Service, which reported that default total for the first five months of
the year, said defaults have already surpassed the $49.1 billion posted for all of last year.
Falling profits, rising energy costs and intense global competition mean the worst may not be over, Moody's chief
economist John Lonski said.
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