A rising tide of corporate defaults may signal trouble for U.S. banks, especially Bank of America Corp., according to a report by Standard & Poor's.

At the pace marked through the first six months, corporate defaults this year would be a record 110 companies with $41 billion in debt, S&P said. The current record was set in 1991, when 65 companies defaulted on $19.8 billion. Though the report examined only companies rated by S&P, the survey is considered to be a strong indication of the U.S. corporate credit picture.

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