Corporate bill default rate falls to 20-month low in Feb.
SEOUL, March 30 (Yonhap) -- The default rate of corporate bills in South Korea improved to its lowest level in 20 months in February as the amount of default corporate bills at cash-squeezed conglomerate Tong Yang declined, data showed Monday.
The corporate bill default rate reached 0.08 percent last month, hitting the lowest level since 0.08 percent in June 2013 when the figure dipped on a fall in default corporate bills at logistics-focused conglomerate STX, according to the data by the Bank of Korea.
The February reading also marks a 0.11 percentage point drop from the previous month.
South Korea's corporate bill default rate soared to 0.52 percent in 1997 from 0.17 percent the previous year as the Korean economy, Asia's fourth-largest, faltered from the Asian financial crisis. It improved to 0.11 percent in 2002 but backtracked to around 0.15 percent during the global financial crisis.
The default rate had improved to the low 0.1 percent level between 2011 and 2012 but started rising again as business conglomerates STX and Tong Yang ran into heavy cash shortages.
While the use of corporate bills has waned in recent years, the default rate of corporate bills is often used to gauge companies' financial stability.
mil@yna.co.kr
(END)
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
Ex-Justice Minister Cho slams Yoon's statement on crushing election defeat
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
Overdue debut of Korean abstract art pioneer Yoo Young-kuk at Venice Biennale
-
Relax, immerse yourself in scents at Venice Biennale's Korean Pavilion
-
Artist Lee Bae captures ethereal Korean aesthetics at Venice Biennale
-
S. Korea marks 30th anniv. of Korean Pavilion at Venice Biennale with contemporary art
-
(LEAD) Presidential office denies Moon aides under consideration for PM, chief of staff
-
Hybe says spinoff attempt by subsidiary label revealed clearly
-
(LEAD) N. Korea says Kim guided simulated nuclear counterattack drill
-
Hybe launches audit into NewJeans' label ADOR over alleged independence move
-
N. Korea says Kim guided simulated nuclear counterattack drills for 1st time
-
(LEAD) N. Korea fires several short-range ballistic missiles toward East Sea: JCS