The default rate for U.S. corporate debt fell last year to its lowest level since 2007, Standard & Poor's reported. The number of corporate defaults fell from 58 to 39 between 2010 and 2011. The default rate in 2011 was 1.04%, compared with 5.71% in 2009. Companies were able to refinance debt last year thanks to increased liquidity, S&P says.

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