(Reuters) - The volume of debt affected by the defaults in the first quarter was $1.1 billion, less than the $5.5 billion recorded in the first quarter of 2006, Standard & Poor's said. "Global credit quality continues to appear buoyant," Standard & Poor's said in its report.
The United States was home to four of the six companies that defaulted in the first quarter, including Pacific Lumber Co., a forest products and building materials company. The remaining two are based in Bermuda and in the UK.
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