Financial Times FT.com

Record number of companies at risk of default

By Miles Johnson, David Oakley and Anousha Sakoui in London

Published: December 3 2008 16:15 | Last updated: December 3 2008 22:58

A fresh sign in the deterioration of credit market conditions emerged on Wednesday when one of the most closely watched barometers of sentiment broke through an important threshold.

The Markit iTraxx Crossover index rose above 1,000 basis points for the first time since it was created in 2004, implying a record number of companies are on the verge of default because of deepening financial problems.

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