U.S. Franchise Loan Defaults Soar in 2001 <b></b>

New York City-Defaults on loans to U.S. franchiseoperators of fast-food chains and gas stations soared this year,due to a slumping economy and aggressive lending practices,according to bond rating service Fitch Investors. More than $900million of franchise loans were in default for the 12-month periodthat ended in September, compared with $200 million a yearearlier.

Fitch attributes the increase in defaults to the slumpingeconomy and relaxed lending requirements. -Reuters

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