The number of South Korean corporate bankruptcies fell to a record-low level in February on the back of the country’s continued economic recovery, the central bank said Sunday.

The number of companies that went bankrupt totaled 99 last month, down from 102 in the previous month, according to the Bank of Korea. The latest figure marked the smallest monthly number of business failures since the central bank began compiling the data in January 1990.

January’s reading marked a record-low level before last month’s figure was released.

The central bank said the number of bankrupt companies hit the lowest level last month due mainly to the country’s sustained economic growth.

Meanwhile, the number of newly established companies reached 4,248 last month, compared with 5,661 in January, the central bank added.

The default rate of corporate bills ― bonds, checks and promissory notes ― climbed to 0.02 percent in February from January’s 0.01 percent, according to the BOK. 

(Yonhap News)