In default

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1. Borrowing and lending.

A situation in which a borrower has failed to pay an instalment of interest in principal in full and on time.


2. Credit ratings - credit risk evaluation.

Defined more broadly, a situation in which a borrower has entered into bankruptcy filings, administration, receivership, liquidation or another formal winding-up procedure, or has otherwise ceased business with its debt obligation still outstanding, or has failed to pay an instalment in full and on time.

(Source - Fitch rating definitions - D (default).)


See also


Other resource