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Franchise Defaults Rise.(loans)(Brief Article)(Statistical Data Included)
Franchise loan defaults increased during the first quarter of 2002, continuing a trend of "skyrocketing defaults that began in 2001," according to Fitch Ratings.
The Fitch Ratings Franchise Loan Performance Index found 78 new borrower defaults in the first quarter of this year, compared to 62 new borrower defaults in the fourth quarter of 2001, resulting in an increase in currently defaulted collateral to over $1 billion at the end of the first quarter, up from $866 million in the fourth quarter of last year.
"The spike in defaults was anticipated as the delinquency level was $271 at the end of the fourth quarter 2001, the third highest level on record," said Adam Kaplan, associate director, Fitch Ratings.
However, he said delinquency data is beginning to show improvement. The current level of 60-plus-day delinquencies is at the lowest level in nearly a ...
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Source: HighBeam Research, Franchise Defaults Rise.(loans)(Brief Article)(Statistical Data...