The global tally of weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications) remained at 227 as of July 22, 2019, following 10 removals and 10 additions since the previous month's report.
Chart 1
Risk Is Growing For Health Care
The number of health care weakest links has been gradually growing since February 2017: At this point in 2017, there were only eight weakest links in the sector, compared to 11 as of July 2018 and 18 as of July 2019. Of the current tally of health care weakest links, 83% are U.S. health care service providers. The median rating for the U.S. health care sector has fallen by one notch since the beginning of 2016, to 'B' from 'BB-' (see "A Weakening Economic Outlook And High Leverage Raise Global Corporate Downgrade Prospects," July 30, 2019).
In the U.S., which leads with 164 weakest links (72%), health care issuers led the additions to the tally in July. Contract development and manufacturing organizations Albany Molecular Research Inc. and Alcami Corp. were added after being downgraded due to declining revenues and lower-than-expected cash flows. The U.S. generic pharmaceutical sector, which includes companies like Alcami, has seen a number of negative rating actions in 2019. Generic price deflation in the U.S. market, the largest generic drug market in the world, has hurt generic drug companies' EBITDA and cash flows, leading to higher-than-expected leverage for longer periods and contributing to negative ratings actions in the sector (see "The Health Care Credit Beat: Has The U.S. Generic Pharma Sector Hit Rock Bottom?" July 31, 2019).
The percentage of speculative-grade issues in health care has been increasing since 2017 (see chart 3) as ratings have continued to decline due to chronic reimbursement pressure, an accelerating focus on value and quality, and a rapidly changing competitive environment that has led to falling patient volumes at hospitals, all of which have continued to pressure the industry (see "Industry Top Trends 2019: Health Care," Nov. 15, 2018).
Chart 2
Chart 3
Weakest Links In July
The U.S. region leads with 72.2% of weakest links as of July 22 (see table 1). By volume, the 164 U.S.-based weakest links account for $257 billion, or 77%, of the total debt of weakest links. Europe has the second-highest concentration of weakest links, with 27 (12%) and total debt of $65.7 billion. By sector, consumer products companies lead weakest links with 44 (see chart 4).
Chart 4
Table 1
Weakest Links By Region | ||||||||
---|---|---|---|---|---|---|---|---|
Weakest links tally | Current distribution (%) | Distribution 12 months ago (%) | ||||||
U.S. | 164 | 72.20 | 74.70 | |||||
Europe | 27 | 11.90 | 10.00 | |||||
Latin America | 13 | 5.70 | 4.20 | |||||
Asia-Pacific | 13 | 5.70 | 2.10 | |||||
EEMEA | 6 | 2.60 | 5.30 | |||||
Canada | 4 | 1.80 | 3.70 | |||||
EEMEA--Eastern Europe, Middle East, and Africa. Data as of July 22, 2019. Source: S&P Global Ratings Research. |
Table 2
40% Of The Removals In July Are From Europe | ||||||||
---|---|---|---|---|---|---|---|---|
Weakest Link Removals | ||||||||
Issuer | Sector | Region | Reasons for removal | |||||
Photonis Technologies SAS |
Aerospace and defense | Europe | Upgraded and outlook or CreditWatch change | |||||
Quality Distribution Inc. |
Transportation | U.S. | Outlook or CreditWatch change | |||||
Weatherford International PLC |
Oil and gas | Europe | Defaulted | |||||
Dogus Holding A.S. |
Financial institutions | EEMEA | Criteria | |||||
Vue International Bidco PLC |
Media and entertainment | Europe | Outlook or CreditWatch change | |||||
Monitchem Holdco 2 S.A. |
Chemicals, packaging, and environmental services | Europe | Outlook or CreditWatch change | |||||
Stearns Holdings LLC |
Financial institutions | U.S. | Defaulted | |||||
Ukrainian Railway PJSC | Utility | EEMEA | Outlook or CreditWatch change | |||||
American Energy - Permian Basin LLC |
Oil and gas | U.S. | Defaulted | |||||
Dr. Peng Telecom & Media Group Co. Ltd. |
Telecommunications | Asia-Pacific | Rating withdrawn | |||||
EEMEA--Eastern Europe, Middle East, and Africa. Data as of July 22, 2019. Source: S&P Global Ratings Research. |
Table 3
High Tech And Health Care Led The Additions In July | ||||||||
---|---|---|---|---|---|---|---|---|
Weakest Link Additions | ||||||||
Issuer | Sector | Region | Reason for addition | |||||
4L Technologies Inc. |
High technology | U.S. | Downgraded and outlook or CreditWatch change | |||||
Denbury Resources Inc. |
Oil and gas | U.S. | Newly rated issuer | |||||
Albany Molecular Research Inc. |
Health care | U.S. | Downgraded | |||||
Lecta S.A. |
Forest products and building materials | Europe | Downgraded and outlook or CreditWatch change | |||||
Idemia France SAS |
High technology | Europe | Outlook or CreditWatch change | |||||
Geo Energy Resources Ltd. |
Metals, mining, and steel | Asia-Pacific | Downgraded and outlook or CreditWatch change | |||||
PT Delta Merlin Dunia Textile |
Consumer products | Asia-Pacific | Downgraded and outlook or CreditWatch change | |||||
Alcami Corp. |
Health care | U.S. | Downgraded and outlook or CreditWatch change | |||||
Hema B.V. |
Retail/restaurants | Europe | Outlook or CreditWatch change | |||||
PHL Variable Insurance Co. |
Insurance | U.S. | Downgraded and outlook or CreditWatch change | |||||
Data as of July 22, 2019. Source: S&P Global Ratings Research. |
Appendix
We closely monitor the issues S&P Global Ratings rates 'B-' or lower because, in our view, these demonstrate investors' appetite (or lack thereof) for absorbing riskier assets. Issuers at this end of the ratings spectrum are usually more prone to default and are often the first to lose access to financing when market liquidity recedes.
Over the long term (1981-2018), an average of 6.75% of all global issuers rated 'B-' defaulted within 12 months, and the average default rate was much higher for issuers rated lower than 'B-'. The average 12-month transition to default declines for higher-rated issuers (for example, 2.00% for issuers rated 'B+' and 0.95% for issuers rated 'BB-').
A spike in issuance rated 'B-' or lower in 1997-1999 led to an increase in defaults in 2001. During this period, the share of speculative-grade-rated companies with issues rated 'B-' or lower consistently exceeded 30%. An increase in issues rated 'B-' or lower in 2003-2007 was an early warning sign of the credit deterioration and default risk in 2008 and 2009. For more details, please see "2018 Annual Global Corporate Default And Rating Transition Study," published April 10, 2019.
Chart 5
Chart 6
Table 4
The Consumer Products Sector Has The Highest Concentration Of Weakest Link CLO Constituents | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Weakest Links Listed In The Top 250 Corporate Obligors In Outstanding Rated U.S. Cash Flow CLOs | ||||||||||
Organization | Rank in U.S. CLO transactions | Outlook/CreditWatch | Applied rating | Sector/subsector | ||||||
Advantage Sales & Marketing Inc. |
33 | Negative | B- | Consumer products | ||||||
Riverbed Parent Inc. |
101 | Negative | B- | High technology | ||||||
Petco Holdings Inc. |
118 | Negative | CCC+ | Retail/restaurants | ||||||
Serta Simmons Bedding LLC |
143 | Negative | CCC+ | Consumer products | ||||||
Alphabet Holding Co. Inc. |
162 | Negative | B- | Consumer products | ||||||
Revlon Inc. |
191 | Negative | CCC+ | Consumer products | ||||||
Ascena Retail Group Inc. |
198 | Negative | CCC+ | Consumer products | ||||||
Idemia France SAS |
209 | Negative | B- | High technology | ||||||
DTI Holdco Inc. |
213 | Negative | B- | Media and entertainment | ||||||
New Academy Holding Co. LLC |
232 | Negative | CCC+ | Retail/restaurants | ||||||
CLO--Collateralized loan obligation. Data as of July 22, 2019. Source: S&P Global Ratings Research. |
Table 5
The Largest Share (19.6%) Of Weakest Links Were Downgraded To 'B-' From 'B' | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Weakest Links: Current Rating Versus Previous Rating | ||||||||||||||
(%) | ||||||||||||||
Rating | B- | CCC+ | CCC | CCC- | CC | C | ||||||||
BB+ | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
BB | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
BB- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
B+ | 4.00 | 1.78 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
B | 19.56 | 11.11 | 6.67 | 1.78 | 0.89 | 0.00 | ||||||||
B- | 13.33 | 12.00 | 3.56 | 1.78 | 1.78 | 0.00 | ||||||||
CCC+ | 0.00 | 2.67 | 2.67 | 2.22 | 0.44 | 0.00 | ||||||||
CCC | 0.44 | 0.44 | 0.44 | 0.00 | 0.00 | 0.00 | ||||||||
CCC- | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
CC | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
C | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
SD | 0.44 | 2.22 | 1.78 | 0.89 | 0.89 | 0.00 | ||||||||
D | 0.00 | 0.44 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
Other* | 2.22 | 2.22 | 1.33 | 0.00 | 0.00 | 0.00 | ||||||||
*Entities that are newly rated or were previously not rated. SD--Selective default. Data as of July 22, 2019. Source: S&P Global Ratings Research. |
Table 6
The Largest Portion Of Weakest Links Were Downgraded By Multiple Notches | ||||||||
---|---|---|---|---|---|---|---|---|
Matrix Summary | ||||||||
(%) | ||||||||
Magnitude of rating change | Upgraded | Downgraded | Unchanged* | |||||
One notch | 0.44 | 34.22 | -- | |||||
Multiple notches | 0.44 | 36.00 | -- | |||||
Unchanged* | -- | -- | 16.44 | |||||
Note: Excludes transition to/from 'D', 'SD' (selective default), newly rated, and not rated. *Only CreditWatch or outlook changed. Source: S&P Global Ratings Research. |
Chart 7
Chart 8
Table 7
Among U.S. Industries, Energy Has The Highest Default Rate | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Trailing-12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only) | ||||||||||
(%) | June 30, 2019 | May 31, 2019 | Six months ago | 12 months ago | ||||||
Financial | ||||||||||
Financial institutions | 4.12 | 4.21 | 1.09 | 2.11 | ||||||
Insurance | 1.67 | 1.67 | 0.00 | 1.64 | ||||||
Nonfinancial | ||||||||||
Aerospace/auto/capital goods/metals | 1.21 | 1.22 | 0.85 | 1.30 | ||||||
Consumer/service | 3.67 | 3.36 | 4.12 | 5.94 | ||||||
Energy and natural resources | 6.63 | 6.19 | 7.39 | 9.30 | ||||||
Forest and building products/homebuilders | 0.00 | 0.00 | 2.13 | 3.16 | ||||||
Health care/chemicals | 0.44 | 1.35 | 1.96 | 2.06 | ||||||
High tech/computers/office equipment | 2.05 | 2.06 | 1.09 | 0.57 | ||||||
Leisure time/media | 2.22 | 1.80 | 2.26 | 1.79 | ||||||
Real estate | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Telecommunications | 2.70 | 2.70 | 2.82 | 1.35 | ||||||
Transportation | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Utilities | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Note: U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of June 30, 2019. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®. |
Table 8
Historical Default Cycle Characteristics | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
--Default cycle-- | --Default rate (%)-- | --Default rate change (%)-- | ||||||||||||
Trough | Peak | Length (years) | At trough | At peak | Trough to peak | 12 months after trough | ||||||||
5/31/1989 | 7/31/1991 | 2.17 | 2.64 | 12.54 | 9.90 | 3.81 | ||||||||
3/31/1995 | 3/31/1996 | 1.00 | 1.68 | 4.06 | 2.38 | 2.38 | ||||||||
4/30/1997 | 4/30/2002 | 5.00 | 1.31 | 10.82 | 9.51 | 1.71 | ||||||||
12/31/2007 | 11/30/2009 | 1.90 | 1.00 | 11.50 | 10.50 | 3.09 | ||||||||
Average | 2.52 | 1.66 | 9.73 | 8.07 | 2.75 | |||||||||
Source: S&P Global Ratings Research. |
Chart 9
Chart 10
Chart 11
Table 9
Issuers Rated 'B-' Or Lower With Negative Outlooks Or Ratings On CreditWatch With Negative Implications | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | Outlook/CreditWatch | Subsector | Issuer | Parent company | New to the list this month | Outlook/CreditWatch change | Debt (mil. US$) | Country | Region | |||||||||||
B- | CreditWatch negative | Capital goods |
Jain Irrigation Systems Ltd. |
200 | India | Asia/Pacific | ||||||||||||||
B- | CreditWatch negative | Media and entertainment |
Deluxe Entertainment Services Group Inc. |
880 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Aerospace and defense | Constellis Holdings LLC | 1,087 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Automotive |
Accuride Corp. |
363 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Automotive | GC EOS Buyer Inc. | 875 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Automotive | K&N Parent Inc. | 345 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Automotive |
SK HoldCo LLC |
1,370 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Automotive | Tesla Inc. | 5,998 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Capital goods |
CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. |
318 | Argentina | Latin America | ||||||||||||||
B- | Outlook negative | Capital goods |
Elion Resources Group Co. Ltd. |
- | China | Asia/Pacific | ||||||||||||||
B- | Outlook negative | Capital goods | Infrastructure and Energy Alternatives Inc. | - | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Capital goods |
PowerTeam Services LLC |
2,190 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Capital goods |
Praesidiad Group Ltd. |
355 | U.K. | Europe | ||||||||||||||
B- | Outlook negative | Consumer products |
Advantage Sales & Marketing Inc. |
3,345 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products | Alphabet Holding Co. Inc. | 3,800 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products | Badger Finance LLC | Badger Intermediate Holdings LLC | 2,252 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Consumer products |
Corporacion Azucarera del Peru S. A. |
325 | Peru | Latin America | ||||||||||||||
B- | Outlook negative | Consumer products |
Fetch Holdco LLC |
- | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products |
Frigoglass SAIC |
200 | Greece | Europe | ||||||||||||||
B- | Outlook negative | Consumer products |
Grupo Kaltex, S.A. de C.V. |
320 | Mexico | Latin America | ||||||||||||||
B- | Outlook negative | Consumer products |
KNEL Acquisition LLC |
465 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products | Output Services Group Inc. | Yes | 827 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Consumer products | P&L Development Holdings LLC | 313 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products |
S.A. Usina Coruripe Acucar e Alcool |
- | Brazil | Latin America | ||||||||||||||
B- | Outlook negative | Consumer products |
Yihua Enterprise (Group) Co. Ltd. |
250 | China | Asia/Pacific | ||||||||||||||
B- | Outlook negative | Chemicals, packaging, and environmental services |
Anchor Glass Container Corp. |
800 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Chemicals, packaging, and environmental services |
Dunn Paper Holdings Inc. |
350 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Chemicals, packaging, and environmental services |
EnergySolutions Inc. |
650 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Chemicals, packaging, and environmental services | Fort Dearborn Holding Co. Inc. | 625 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Chemicals, packaging, and environmental services |
Kleopatra Holdings 1 S.C.A. |
2,092 | Luxembourg | Europe | ||||||||||||||
B- | Outlook negative | Chemicals, packaging, and environmental services |
Shandong Yuhuang Chemical Co. Ltd. |
300 | China | Asia/Pacific | ||||||||||||||
B- | Outlook negative | Financial institutions |
Banco Fibra S.A. |
- | Brazil | Latin America | ||||||||||||||
B- | Outlook negative | Financial institutions |
Bank Audi S.A.L. |
- | Lebanon | Eastern Europe/Middle East/Africa | ||||||||||||||
B- | Outlook negative | Financial institutions | Bankmed, s.a.l. | - | Lebanon | Eastern Europe/Middle East/Africa | ||||||||||||||
B- | Outlook negative | Financial institutions |
Blom Bank sal |
- | Lebanon | Eastern Europe/Middle East/Africa | ||||||||||||||
B- | Outlook negative | Financial institutions |
Nurbank JSC |
42 | Kazakhstan | Eastern Europe/Middle East/Africa | ||||||||||||||
B- | Outlook negative | Financial institutions |
OCWEN Financial Corp. |
702 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Forest products and building materials |
Lecta S.A. |
Yes | 1,347 | Luxembourg | Europe | |||||||||||||
B- | Outlook negative | Forest products and building materials | The New Home Co. Inc. | 325 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Health care |
Aenova Holding GmbH |
1,334 | Germany | Europe | ||||||||||||||
B- | Outlook negative | Health care |
Albany Molecular Research Inc. |
Yes | 1,720 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Health care |
Alliance HealthCare Services |
525 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Health care |
Aveanna Healthcare LLC |
Aveanna Healthcare Holdings Inc. | 996 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Health care |
BioClinica Holding I LP |
2,620 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Health care | HC Group Holdings III Inc. | 565 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Health care | Heartland Dental LLC | Hadrian Merger Sub Inc. | 1,610 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Health care |
Lannett Co. Inc. |
1,060 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Health care |
Medical Depot Holdings Inc. |
1,194 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Health care | Turnstone Midco 2 Ltd. | 781 | U.K. | Europe | ||||||||||||||
B- | Outlook negative | High technology |
Diebold Nixdorf Inc. |
4,109 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | High technology | Digital River Inc. | 335 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | High technology |
Idemia France SAS |
Yes | 6,943 | France | Europe | |||||||||||||
B- | Outlook negative | High technology | Riverbed Parent Inc. | 2,150 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | High technology |
Tunghsu Group Co. Ltd. |
390 | China | Asia/Pacific | ||||||||||||||
B- | Outlook negative | Insurance |
ENSA Seguros de Angola S.A. |
- | Angola | Eastern Europe/Middle East/Africa | ||||||||||||||
B- | Outlook negative | Media and entertainment |
Avatar Holdco LLC |
- | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Media and entertainment | DTI Holdco Inc. | 1,195 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Media and entertainment |
Exela Technologies Inc. |
2,396 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Media and entertainment |
Infogroup Inc. |
250 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Media and entertainment |
IRI Holdings Inc. |
1,600 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Media and entertainment |
Richmond UK Holdco Ltd. |
1,688 | U.K. | Europe | ||||||||||||||
B- | Outlook negative | Media and entertainment |
Tornante - MDP Joe Holding LLC |
135 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Media and entertainment |
Travelex Holdings Ltd. |
517 | U.K. | Europe | ||||||||||||||
B- | Outlook negative | Metals, mining, and steel |
Ferroglobe PLC |
Grupo Villar Mir S.A.U. | - | U.K. | Europe | |||||||||||||
B- | Outlook negative | Metals, mining, and steel |
Geo Energy Resources Ltd. |
Yes | 300 | Singapore | Asia/Pacific | |||||||||||||
B- | Outlook negative | Metals, mining, and steel |
Hecla Mining Co. |
500 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Metals, mining, and steel |
International Wire Group Holdings Inc. |
260 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Metals, mining, and steel |
Petropavlovsk PLC |
- | U.K. | Europe | ||||||||||||||
B- | Outlook negative | Oil and gas |
Basic Energy Services Inc. |
300 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Oil and gas | Ensco Rowan plc | 10,050 | U.K. | Europe | ||||||||||||||
B- | Outlook negative | Oil and gas |
Era Group Inc. |
200 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Oil and gas | Gulf Finance LLC | 1,150 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Oil and gas | Permian Production Partners LLC | FCP II Holdings LLC | 300 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Oil and gas | Profrac Services LLC | 180 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Oil and gas |
Transocean Ltd. |
10,446 | Switzerland | Europe | ||||||||||||||
B- | Outlook negative | Oil and gas |
Vallourec |
2,076 | France | Europe | ||||||||||||||
B- | Outlook negative | Oil and gas |
Vesta Energy Corp. |
153 | Canada | Canada | ||||||||||||||
B- | Outlook negative | Retail/restaurants | Grupo Famsa, S.A.B. de C.V. | 250 | Mexico | Latin America | ||||||||||||||
B- | Outlook negative | Retail/restaurants |
Hema B.V. |
AMEH XXVI B.V. |
Yes | 112 | Netherlands | Europe | ||||||||||||
B- | Outlook negative | Retail/restaurants |
Red Lobster Intermediate Holdings LLC |
380 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Retail/restaurants |
Rite Aid Corp. |
2,700 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Telecommunications | Cologix Holdings Inc. | 425 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Telecommunications |
Cyxtera DC Holdings Inc. |
1,225 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Telecommunications |
DISH DBS Corp. |
DISH Network Corp. |
11,750 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Telecommunications | GCI LLC | GCI Liberty Inc. | 1,531 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Telecommunications |
Tele Columbus AG |
1,700 | Germany | Europe | ||||||||||||||
B- | Outlook negative | Transportation |
Dynagas LNG Partners LP |
480 | Marshall Islands | Asia/Pacific | ||||||||||||||
B- | Outlook negative | Transportation |
International Seaways Inc. |
1,150 | Marshall Islands | Asia/Pacific | ||||||||||||||
B- | Outlook negative | Transportation | United States Shipping Corp. | 220 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Utilities |
Terra-Gen Finance Co. LLC |
Terra-Gen Power Holding II LLC |
325 | U.S. | U.S. | |||||||||||||
CCC+ | CreditWatch negative | Metals, mining, and steel |
Qinghai Provincial Investment Group Co. Ltd. |
850 | China | Asia/Pacific | ||||||||||||||
CCC+ | CreditWatch negative | Transportation |
Avianca Holdings S.A. |
1,045 | Panama | Latin America | ||||||||||||||
CCC+ | CreditWatch negative | Utilities | Crockett Cogeneration, A California Ltd. Partnership | 283 | U.S. | U.S. | ||||||||||||||
CCC+ | CreditWatch negative | Utilities |
Panda Green Energy Group Ltd. |
350 | Bermuda | U.S. | ||||||||||||||
CCC+ | CreditWatch negative | Utilities |
Topaz Solar Farms LLC |
Berkshire Hathaway Inc. |
1,100 | U.S. | U.S. | |||||||||||||
CCC+ | Outlook negative | Automotive | APC Automotive Technologies Intermediate Holdings LLC | 630 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Automotive |
Techniplas LLC |
350 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Capital goods |
NESCO LLC |
1,050 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Capital goods |
North American Lifting Holdings Inc. |
655 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Ascena Retail Group Inc. |
1,800 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
ASP MCS Acquisition Corp. |
455 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Boparan Holdings Ltd. |
749 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
David's Bridal Inc. |
300 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Dean Foods Co. |
700 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products | Del Monte Foods Inc. | 970 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Deoleo, S.A. |
578 | Spain | Europe | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Lanai Holdings III Inc. |
2,655 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Never Slip Topco Inc. |
283 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products | New Look Bonds Ltd. | - | Jersey | Eastern Europe/Middle East/Africa | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Outerstuff LLC |
155 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products | Pyxus International Inc. | 995 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Revlon Inc. |
2,750 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
RGIS Holdings LLC |
460 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Serta Simmons Bedding LLC |
9,150 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
StoneMor Partners L.P. |
350 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
SunOpta Inc. |
- | Canada | Canada | ||||||||||||||
CCC+ | Outlook negative | Consumer products | TMK Hawk Parent, Corp. | 820 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
USJ Acucar e Alcool S/A |
275 | Brazil | Latin America | ||||||||||||||
CCC+ | Outlook negative | Consumer products |
Winebow Group LLC |
360 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Chemicals, packaging, and environmental services |
Road Infrastructure Investment Holdings Inc. |
614 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Financial institutions |
CCF Holdings LLC |
319 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Financial institutions |
Corp Group Banking S.A. |
Inversiones CorpGroup Interhold, Ltda. | 500 | Chile | Latin America | |||||||||||||
CCC+ | Outlook negative | Health care | Alcami Corp. | Yes | 1,425 | U.S. | U.S. | |||||||||||||
CCC+ | Outlook negative | Health care | CDRH Parent Inc. | 1,590 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Health care |
Community Health Systems Inc. |
20,532 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Health care | Vyaire Medical Inc. | 360 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Health care |
YanAn Bicon Pharmaceutical Listed Co. |
- | China | Asia/Pacific | ||||||||||||||
CCC+ | Outlook negative | High technology |
Blackboard Inc. |
1,673 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | High technology |
Pactera Technology International Ltd. |
HNA Group Co. Ltd. | - | China | Asia/Pacific | |||||||||||||
CCC+ | Outlook negative | Homebuilders/real estate companies |
Hovnanian Enterprises Inc. |
1,968 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Homebuilders/real estate companies |
Oceanwide Holdings Co. Ltd. |
1,000 | China | Asia/Pacific | ||||||||||||||
CCC+ | Outlook negative | Homebuilders/real estate companies |
Sunshine 100 China Holdings Ltd. |
- | Cayman Islands | U.S. | ||||||||||||||
CCC+ | Outlook negative | Insurance |
PHL Variable Insurance Co. |
Nassau Financial Group, L.P. | Yes | - | U.S. | U.S. | ||||||||||||
CCC+ | Outlook negative | Media and entertainment |
ALM Media LLC |
265 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment |
Bioplan USA Inc. |
1,040 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment |
CPI Card Group Inc. |
435 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | Diamond Resorts International Inc. | 1,990 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | Intralot S.A. | 1,122 | Greece | Europe | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment |
PGX Holdings Inc. |
555 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | RentPath LLC | 662 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Metals, mining, and steel |
Murray Energy Corp. |
4,869 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas |
Abaco Energy Technologies LLC |
170 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas | California Resources Corp. | 7,821 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas |
Chaparral Energy Inc. |
300 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas |
Denbury Resources Inc. |
Yes | 4,674 | U.S. | U.S. | |||||||||||||
CCC+ | Outlook negative | Oil and gas |
Gavilan Resources LLC |
450 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas |
Jonah Energy LLC |
2,100 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas |
Osum Oil Sands Corp. |
210 | Canada | Canada | ||||||||||||||
CCC+ | Outlook negative | Oil and gas |
Pacific Drilling S.A. |
1,024 | Luxembourg | Europe | ||||||||||||||
CCC+ | Outlook negative | Oil and gas |
Pioneer Energy Services Corp. |
175 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas |
Tapstone Energy LLC |
600 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas | Ultra Petroleum Corp. | 1,547 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants | Beverages & More Inc. | 190 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants | Burger BossCo Intermediate Inc. | 193 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants | California Pizza Kitchen Inc. | 365 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants |
GNC Holdings Inc. |
1,254 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants |
Guitar Center Holdings Inc. |
946 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants |
New Academy Holding Co. LLC |
1,825 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants |
NPC International Inc. |
765 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants | Penney (J.C.) Co. Inc. | 6,568 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants |
Petco Holdings Inc. |
3,200 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Telecommunications |
Gogo Inc. |
2,177 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Telecommunications |
Intelsat S.A. |
16,535 | Luxembourg | Europe | ||||||||||||||
CCC+ | Outlook negative | Transportation |
Commercial Barge Line Co. |
ACL I Corp. | 1,150 | U.S. | U.S. | |||||||||||||
CCC+ | Outlook negative | Utilities |
Investimentos e Participacoes em Infraestrutura S.A. - Invepar |
- | Brazil | Latin America | ||||||||||||||
CCC | CreditWatch negative | High technology |
4L Technologies Inc. |
Yes | 760 | U.S. | U.S. | |||||||||||||
CCC | Outlook negative | Automotive |
Horizon Global Corp. |
335 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Capital goods |
Hoover Group Inc. |
225 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Capital goods | MAI Holdings Inc. | 135 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products |
Acosta Inc. |
2,899 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products |
CSM Bakery Solutions LLC |
1,060 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products |
Flavors Holdings Inc. |
400 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products |
Iconix Brand Group Inc. |
- | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products |
Indra Holdings Corp. |
245 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products |
J. Crew Group Inc. |
Chinos Intermediate Holdings A Inc. | 2,067 | U.S. | U.S. | |||||||||||||
CCC | Outlook negative | Consumer products |
TOMS Shoes LLC |
307 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products | VIP Cinema Holdings Inc. | 210 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Chemicals, packaging, and environmental services |
Grupo IDESA, S.A. de C.V. |
300 | Mexico | Latin America | ||||||||||||||
CCC | Outlook negative | Chemicals, packaging, and environmental services |
Pinnacle Operating Corp. |
510 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Forest products and building materials |
Northwest Hardwoods Inc. |
435 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Health care |
AAC Holdings Inc. |
275 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Health care | Quorum Health Corp. | 880 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | High technology | Curvature Inc. | 735 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | High technology |
Triple Point Group Holdings Inc. |
435 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Homebuilders/real estate companies |
Yida China Holdings Ltd. |
300 | Cayman Islands | U.S. | ||||||||||||||
CCC | Outlook negative | Insurance |
One Call Corp. |
One Call Care Management Inc. | 3,166 | U.S. | U.S. | |||||||||||||
CCC | Outlook negative | Media and entertainment |
Engine Holding LLC |
- | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Media and entertainment |
GK Holdings Inc. |
225 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Media and entertainment |
Lago Resort & Casino |
290 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Media and entertainment | Montreign Operating Co. LLC | Empire Resorts Inc. | 520 | U.S. | U.S. | |||||||||||||
CCC | Outlook negative | Media and entertainment |
Mood Media Corp. |
556 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Metals, mining, and steel | Wolverine Fuels LLC | 385 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Retail/restaurants | Belk Inc. | 1,500 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Retail/restaurants | Bluestem Brands Inc. |
Bluestem Group Inc. |
580 | U.S. | U.S. | |||||||||||||
CCC | Outlook negative | Retail/restaurants |
Distribuidora Internacional de Alimentacion S.A. |
1,016 | Spain | Europe | ||||||||||||||
CCC | Outlook negative | Retail/restaurants | Fresh Market Inc. (The) | 925 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Retail/restaurants |
Neiman Marcus Group LTD LLC |
8,809 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Retail/restaurants |
SAL Acquisition Corp. |
2,220 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Telecommunications |
Frontier Communications Corp. |
20,353 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Telecommunications |
Global Eagle Entertainment Inc. |
500 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Telecommunications |
iQor Holdings Inc. |
820 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Utilities |
Ferrellgas Partners L.P. |
3,464 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Capital goods |
Doncasters Group Ltd. |
1,110 | U.K. | Europe | ||||||||||||||
CCC- | Outlook negative | Capital goods |
Sprint Industrial Holdings LLC |
241 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Consumer products | CDR HRB Holdings Inc. | 250 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Consumer products |
PFS Holding Corp. |
390 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Consumer products |
PT Delta Merlin Dunia Textile |
Yes | 300 | Indonesia | Asia/Pacific | |||||||||||||
CCC- | Outlook negative | Chemicals, packaging, and environmental services | Verdesian Life Sciences LLC | 217 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | High technology | Evergreen Skills Lux S.a.r.l. | Evergreen Skills Intermediate Lux S.ar.l. | 2,035 | Luxembourg | Europe | |||||||||||||
CCC- | Outlook negative | Oil and gas | Alta Mesa Resources Inc. | 1,000 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Oil and gas |
EP Energy LLC |
11,300 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Oil and gas |
Perpetual Energy Inc. |
14 | Canada | Canada | ||||||||||||||
CCC- | Outlook negative | Retail/restaurants |
Pier 1 Imports Inc. |
200 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Retail/restaurants |
Steak n Shake Inc. |
Biglari Holdings Inc. |
220 | U.S. | U.S. | |||||||||||||
CCC- | Outlook negative | Telecommunications |
Premiere Global Services Inc. |
1,330 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Telecommunications |
Uniti Group Inc. |
6,780 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Transportation |
Moby SpA |
628 | Italy | Europe | ||||||||||||||
CCC- | Outlook negative | Utilities |
Metrogas S.A. |
- | Argentina | Latin America | ||||||||||||||
CC | CreditWatch negative | Consumer products |
syncreon Group Holdings B.V. |
- | Netherlands | Europe | ||||||||||||||
CC | CreditWatch negative | Telecommunications |
IPC Corp. |
Yes | 1,455 | U.S. | U.S. | |||||||||||||
CC | CreditWatch negative | Telecommunications | Maxcom Telecomunicaciones, S.A.B. de C.V. | 180 | Mexico | Latin America | ||||||||||||||
CC | Outlook negative | Health care | New Millennium Holdco Inc. | 1,200 | U.S. | U.S. | ||||||||||||||
CC | Outlook negative | Media and entertainment |
Thomas Cook Group PLC |
1,291 | U.K. | Europe | ||||||||||||||
CC | Outlook negative | Oil and gas |
Halcon Resources Corp. |
625 | U.S. | U.S. | ||||||||||||||
CC | Outlook negative | Oil and gas |
Sanchez Energy Corp. |
1,000 | U.S. | U.S. | ||||||||||||||
CC | Outlook negative | Retail/restaurants |
99 cents only stores LLC |
684 | U.S. | U.S. | ||||||||||||||
CC | Outlook negative | Transportation |
Flexi-Van Leasing Inc. |
300 | U.S. | U.S. | ||||||||||||||
Data as of July 22, 2019. Source: S&P Global Ratings Research. |
Related Research
- Global Financing Conditions: Bond Issuance Is Expected To Grow 4% In 2019, July 30, 2019
- Alcami Corp. Downgraded To 'CCC+' On Cash Flow Deficits And Weaker Performance; Outlook Negative, July 19, 2019
- Albany Molecular Downgraded To 'B-' On Weaker Operating Performance And Elevated Leverage; Outlook Negative, June 26, 2019
- The Health Care Credit Beat: U.S. Health Care Staffing Challenged To Meet Evolving Needs Of Hospitals, June 13, 2019
- With Some Lingering Risks, The U.S. Speculative-Grade Corporate Default Rate Is Set To Rise To 2.7% By March 2020, June 3, 2019
- The Pharma Industry Outlook Is Negative On M&A, Pricing Pressure, Regulatory Scrutiny, And Opioid Litigation, March 11, 2019
- Industry Top Trends 2019: Health Care, Nov. 15, 2018
This report does not constitute a rating action.
Credit Markets Research: | Sudeep K Kesh, New York (1) 212-438-7982; sudeep.kesh@spglobal.com |
Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com | |
Research Contributors: | Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.