tables.xls

	A	B	C	D	F	G
1
2	Table 1: Sovereigns: Years in Default 1975-2002 on Foreign Currency Bond Debt
3
4		Years	Rating in Previous Year		Rating during Period of Default
5			Moody's	S & P	Moody's	S & P
6	Argentina	1989 ; 2001-02	Ba3 ; B1	na ; BB-	B3 ; Ca	na ; SD
7	Bolivia	1989-97
8	Costa Rica	1984-85
9	Ecuador	1999-2000	B3		Caa2	SD
10	Former Yugoslavia	1992-2002
11	Guatemala	1989
12	Ivory Coast	2000-02
13	Moldova	1998 ; 2002	Ba2 ; Caa1		B2 ; Caa1
14	Nigeria	1986-88 ; 92
15	Pakistan	1999	Caa1	CC	Caa1	SD
16	Panama	1987-94
17	Russia	1998-2000	Ba2	BB-	B3	SD
18	Ukraine	1998-2000	B2		Caa1
19	Venezuela	1995-97	Ba2	B+	Ba2	B
20	Zimbabwe	1975-80
21
22	Source: Standard & Poor's Credit Week December 22, 1999 "Sovereign Defaults: Hiatus in 2000?",
23	updated with S&P publication September 24, 2002 "Sovereign Defaults: Moving Higher Again in 2003?"
24	and S&P and Moody's Ratings Services for ratings.
25	Note: Ratings refer to the minimum ratings given during the period, and for Ukraine the previous year is the new rating issued on 2/6/98
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100