The default rate of corporate bills in South Korea dipped in September compared with the previous month when the figure soared to the highest level in more than three years, central bank data showed Tuesday.

The default rate of corporate bills -- bonds, checks and promissory notes -- reached 0.22 percent last month, compared with 0.28 percent in August, according to the Bank of Korea (BOK).

The central bank credited the on-month decline to a fall in defaults of cash-strapped conglomerates Tong Yang and STX.

The number of newly established firms in South Korea came in at 6,400, down 151 from the previous month and falling for the second month in a row.

The number of companies that went bankrupt in September rose to 70 from 62 in the previous month.

The data includes companies whose current deposit accounts have been suspended. They do not cover companies that have applied for court receivership. (Yonhap)