The default rate of corporate bills[Courtesy of the Bank of Korea ]
The default rate of corporate bills (bonds, checks and promissory notes) in South Korea averaged 0.19 percent in 2014, the highest since 2001, data showed Wednesday.
Companies' dishonored bills were valued at a combined 6.02 trillion won last year, according to the data compiled by the Bank of Korea (BOK) and the Korea Financial Telecommunications and Clearings Institute.
Officials said the default rate hit a 13-year high due to a protracted economic sluggishness as well as the STX case and the bankruptcy of Tong Yang Group.
"Such a high default rate in 2014 largely resulted from the impact of STX and Tong Yang crises," a BOK official said.
In 2013, the default rate of corporate bills stood at 0.14 percent.
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