The U.S. distress ratio--the proportion of speculative-grade issues with option-adjusted composite spreads of more than 1,000 basis points (bps) relative to U.S. Treasuries--more than tripled to 24.9% as of March 16, 2020, from 7.4% as of Dec. 31, 2019. This is the highest since February 2016 when a drop in oil prices precipitated a swath of defaults in the oil and gas sector, though contagion to other sectors was limited. Much of the overall increase can be attributed to the sharp increase of the oil and gas distress ratio to a historical high of 94.3%, surpassing both its previous all-time highs in 2008 and 2016 (see chart 1).
OPEC and non-OPEC producers failed to agree on a massive oil production cut amid the new coronavirus outbreak on March 6, 2020, with Russia reporting that it wasn't prepared to approve reducing production further. Additionally, Saudi Arabia's state-owned producer Saudi Aramco was ordered to raise the maximum production rate to a record high 12.3 million barrels per day, intensifying an oil price war and causing severe dislocation in capital markets. That order has compounded complications from COVID-19.
As a result of both events, the overall number of distressed credits has more than tripled so far in 2020, increasing to 442 from 128 in December 2019, with the majority of new issues from the oil and gas sector, which previously already held the largest percent of distressed bonds. S&P Global Ratings lowered all of its West Texas Intermediate (WTI) price assumptions to $35 per barrel at a time when producers, particularly those in North America, are under tremendous pressure by investors to limit spending, maintain positive free cash flow, and enhance shareholder returns (see "S&P Global Ratings Revises Oil & Gas Assumptions," March 9, 2020). As financing conditions quickly become much less accommodative due to risk aversion from investors uncertain about the global impact of COVID-19, we may continue to see an increase in distressed debt instruments, followed by an increase in defaults (see chart 1).
Chart 1
The Developing Trends
- Oil prices are expected to remain volatile with WTI crude oil prices plummeting over the last month. Over time, the oil and gas distress ratio and WTI have proved to be inversely related (see chart 4).
- Although only two defaults have come from the oil and gas sector so far in 2020, we expect that number to rise. The sector led the default tally in both 2018 and 2019 with 17 and 20 defaults, respectively.
- The oil and gas sector's speculative-grade negative bias (defined as the percentage of issuer credit ratings with negative outlooks or on CreditWatch with negative implications) has been rising and is currently 40%, well above its long-term average of 19.
- In addition to oil and gas, the metals, mining, and steel and utilities (the majority of which are merchant power companies) sectors experienced the greatest increases in distress ratios, increasing by more than eight times since mid-February.
Other Consumer-Related Sectors Are Also Feeling The Pressure
Other sectors' distress ratios that increased quite dramatically over the last month include aerospace and defense, consumer products, media and entertainment, and transportation. These are the sectors most affected by cuts in discretionary spending and containment measures put in place in the U.S. to combat COVID-19. The utilities (the majority of which are merchant power companies) and metals, mining, and steel sectors also saw huge increases in their distress ratios to 47% and 32%, respectively, largely due to supply chain disruptions and lower oil prices. Ultimately, the length of the economic fallout from the crisis will determine the credit impact across regions and asset classes (see "The Sudden Economic Stop Will Bring Intense Credit Pressure," March 17, 2020).
Chart 2
Chart 3
Chart 4
Table 1
Oil And Gas; Metals, Mining, And Steel; And Utilities Lead With The Highest Distress Ratio | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
(%) | Current negative bias* | Long-term average of negative bias* | Proportion of 'B-' rated and below new issues (trailing three years)¶ | Proportion of 'B-' and below outstanding issuer ratings§ | ||||||
Oil and gas | 39.6 | 19.2 | 8.6 | 48.6 | ||||||
Utility and power | 14.3 | 18.7 | 0.0 | 14.3 | ||||||
Metals, mining, and steel | 15.1 | 25.1 | 7.8 | 20.0 | ||||||
*Negative bias is calculated as the number of U.S. issuers with either a negative outlook or ratings on CreditWatch negative, divided by the total number of U.S. issuers with either positive, negative, or stable (outlook or CreditWatch) implications. The long-term average is taken from 1995 to the present. ¶The proportion of 'B-' rated and lower issues is measured relative to the total number of speculative-grade issues. The statistic is calculated for instruments issued in the U.S. during the trailing three years. §The proportion of 'B-' rated and lower U.S. issuers is measured relative to the total number of U.S. speculative-grade issuers. |
Table 2
The Largest Increase In Distress Ratios Came From The Oil And Gas; Utilities; Media And Entertainment; and Metals, Mining And Steel Sectors | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Distress ratio (%) | Debt-based distress ratio (%) | Number of distressed issues | Total debt affected (mil. $) | Percent change of distressed credits by sector (%) | ||||||||
Aerospace and defense | 25 | 16.5 | 5 | 2,875 | 400 | |||||||
Automotive | 13.2 | 9.8 | 5 | 2,050 | ||||||||
Banks and brokers | 7.1 | 5.6 | 1 | 350 | ||||||||
Capital goods | 19 | 17.8 | 11 | 5,150 | 267 | |||||||
Chemicals, packaging, and environmental services | 12.1 | 15.4 | 12 | 7,993 | ||||||||
Consumer products | 12.5 | 7.8 | 19 | 7,391 | 533 | |||||||
Financial institutions | 8.3 | 10.9 | 12 | 4,335 | 140 | |||||||
Forest products and building baterials | 13.1 | 12.7 | 8 | 3,044 | 167 | |||||||
Health care | 18.3 | 22.2 | 17 | 16,892 | 183 | |||||||
High technology | 7.8 | 8.4 | 8 | 5,452 | 300 | |||||||
Homebuilders/real estate co. | 6.9 | 6.7 | 5 | 1,705 | 67 | |||||||
Insurance | 10 | 9.5 | 3 | 1,226 | 50 | |||||||
Media and entertainment | 16 | 16.3 | 39 | 26,195 | 550 | |||||||
Metals, mining, and steel | 31.7 | 29.1 | 19 | 8,629 | 850 | |||||||
Oil and gas | 94.3 | 96.6 | 150 | 71,911 | 111 | |||||||
Retail/Restaurants | 30 | 34.6 | 30 | 15,674 | 100 | |||||||
Telecommunications | 7.4 | 5.0 | 9 | 5,702 | (55) | |||||||
Transportation | 27.3 | 27.2 | 12 | 6,358 | 500 | |||||||
Utility and power | 47 | 46.9 | 77 | 40,402 | 863 | |||||||
Total | 24.9 | 23.4 | 442 | 233,335 | 191 | |||||||
S&P Global defines distress ratio as the number of speculative-grade issues with option-adjusted spreads above 1,000 basis points to the total number of speculative-grade issues. Distribution of distressed credits is defined as the distribution, by sector, within all speculative-grade issues with option-adjusted spreads above 1,000 basis points. Outstanding debt amount associated with distressed issues divided by the total debt outstanding of speculative-grade issues. The distress ratio indicates the level of risk the market has priced into bonds. A rising distress ratio reflects an increased need for capital and often precedes increased defaults when accompanied by a severe and sustained market disruption. Data as of March 16 2020. Source: S&P Global Ratings Research. |
Table 3
The Oil And Gas Sector Now Has 150 Distressed Issues Across 64 Issuers | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sector/company | Issuer ratings are for a related entity | Issue count | Outstanding amount (mil. $) | Rating | Outlook/ CreditWatch | |||||||
Aerospace and defense | ||||||||||||
Triumph Group Inc. |
2 | 800.0 | B- | Stable | ||||||||
Wesco Aircraft Holdings Inc. |
3 | 2075.0 | B- | Stable | ||||||||
Automotive | ||||||||||||
American Axle & Manufacturing Inc. |
1 | 350.0 | BB- | Stable | ||||||||
Carvana Co. |
1 | 600.0 | CCC+ | Stable | ||||||||
Midas Intermediate Holdco II LLC |
Yes | 1 | 375.0 | B- | Negative | |||||||
Tenneco Inc. |
2 | 725.0 | B+ | Stable | ||||||||
Banks and brokers | ||||||||||||
Advisor Group Holdings Inc. |
1 | 350.0 | B | Stable | ||||||||
Capital goods | ||||||||||||
Ahern Rentals Inc. |
1 | 550.0 | B | Negative | ||||||||
American Trailer World Corp. |
1 | 670.0 | B | Stable | ||||||||
Aptim Corp. |
1 | 515.0 | CCC+ | Negative | ||||||||
Brand Industrial Services Inc. |
1 | 1000.0 | B- | Stable | ||||||||
Capitol Investment Merger Sub 2 LLC |
1 | 475.0 | B | Negative | ||||||||
Cleaver-Brooks Inc. |
1 | 375.0 | B- | Stable | ||||||||
JPW Industries Holdings Corp. |
Yes | 1 | 220.0 | B | Stable | |||||||
Maxim Crane Works Holdings Capital LLC |
1 | 545.0 | B | Negative | ||||||||
Titan International Inc. |
1 | 399.7 | CCC+ | Negative | ||||||||
Tutor Perini Corp. |
2 | 400.0 | B | Negative | ||||||||
Chemicals, packaging and environmental services | ||||||||||||
Chemours Co. Co. (The) |
2 | 1657.9 | BB- | Stable | ||||||||
Foxtrot Escrow Issuer LLC |
Yes | 1 | 775.0 | B- | Negative | |||||||
FXI Holdings Inc. |
1 | 525.0 | B- | Negative | ||||||||
LABL Inc. |
1 | 690.0 | B | Negative | ||||||||
LSB Industries Inc. |
1 | 435.0 | CCC+ | Stable | ||||||||
Mauser Packaging Solutions Holding Co. |
1 | 1350.0 | B | Stable | ||||||||
Nexeo Plastics Holdings Inc. |
Yes | 1 | 410.0 | B | Negative | |||||||
Plastipak Holdings Inc. |
1 | 500.0 | B+ | Stable | ||||||||
TPC Group Inc. |
1 | 930.0 | B | Watch Negative | ||||||||
Trident TPI Holdings Inc. |
1 | 345.0 | B- | Stable | ||||||||
Venator Materials LLC |
Yes | 1 | 375.0 | B+ | Negative | |||||||
Consumer products | ||||||||||||
American Greetings Corp. |
1 | 282.0 | B | Stable | ||||||||
Arrow BidCo LLC |
Yes | 1 | 340.0 | B | Stable | |||||||
H-Food Holdings LLC |
1 | 350.0 | B- | Stable | ||||||||
Kronos Acquisition Holdings Inc. |
1 | 890.0 | CCC+ | Stable | ||||||||
L Brands Inc. |
2 | 649.5 | BB- | Stable | ||||||||
Men's Wearhouse Inc. (The) |
1 | 228.2 | B | Negative | ||||||||
Owens & Minor Inc. |
1 | 275.0 | B- | Negative | ||||||||
Pyxus International Inc. |
2 | 910.4 | CCC | Negative | ||||||||
Revlon Consumer Products Corp. |
1 | 450.0 | CCC+ | Watch Negative | ||||||||
StoneMor Partners L.P. |
1 | 286.4 | CCC+ | Negative | ||||||||
The GEO Group Inc. |
3 | 900.0 | BB- | Stable | ||||||||
The Hillman Group Inc. |
1 | 330.0 | B- | Stable | ||||||||
Tupperware Brands Corp. |
1 | 599.8 | B | Watch Negative | ||||||||
Vector Group Ltd. |
1 | 550.0 | B | Stable | ||||||||
Vista Outdoor Inc. |
1 | 350.0 | B | Stable | ||||||||
Financial institutions | ||||||||||||
CCF Holdings LLC |
1 | 276.0 | CCC+ | Negative | ||||||||
CNG Holdings Inc. |
1 | 277.7 | B | Stable | ||||||||
Curo Group Holdings Corp. |
1 | 690.0 | B- | Positive | ||||||||
DriveTime Automotive Group Inc. |
1 | 400.0 | B- | Stable | ||||||||
Enova International Inc. |
2 | 625.0 | B | Stable | ||||||||
Freedom Mortgage Corp. |
3 | 1150.0 | B- | Stable | ||||||||
Navient Corp. |
1 | 300.0 | BB- | Stable | ||||||||
PHH Mortgage Corp. |
1 | 301.5 | B- | Stable | ||||||||
Populus Financial Group Inc. |
1 | 315.0 | B | Negative | ||||||||
Forest products and building materials | ||||||||||||
Apex Tool Group LLC |
1 | 325.0 | B- | Stable | ||||||||
Cornerstone Building Brands Inc. |
1 | 645.0 | B+ | Stable | ||||||||
Mercer International Inc. |
1 | 549.8 | BB- | Stable | ||||||||
Northwest Hardwoods Inc. |
2 | 435.0 | CCC | Negative | ||||||||
PrimeSource Building Products Inc. |
1 | 275.0 | B | Stable | ||||||||
Rayonier A.M. Products Inc. |
Yes | 1 | 495.6 | CCC+ | Negative | |||||||
The New Home Company Inc |
1 | 318.5 | B- | Negative | ||||||||
Health care | ||||||||||||
Air Methods Corp. |
1 | 500.0 | B- | Stable | ||||||||
CHS/Community Health Systems Inc. |
Yes | 4 | 5055.4 | CCC+ | Negative | |||||||
Global Medical Response Inc. |
1 | 370.0 | B | Stable | ||||||||
Immucor Inc. |
1 | 390.0 | CCC+ | Stable | ||||||||
LifePoint Health Inc. |
1 | 265.9 | B | Positive | ||||||||
MPH Acquisition Holdings LLC |
1 | 1560.0 | B+ | Stable | ||||||||
Ortho-Clinical Diagnostics SA |
Yes | 1 | 300.0 | B- | Stable | |||||||
Polaris Intermediate Corp. (d/b/a Multiplan) |
1 | 1300.0 | B+ | Stable | ||||||||
Quorum Health Corp. |
1 | 400.0 | CCC- | Negative | ||||||||
Radiology Partners Inc. |
Yes | 1 | 710.0 | B | Negative | |||||||
Tenet Healthcare Corp. |
2 | 4671.1 | B | Positive | ||||||||
Tennessee Merger Sub Inc. |
Yes | 1 | 865.0 | B- | Stable | |||||||
U.S. Renal Care Inc. |
1 | 505.0 | B | Stable | ||||||||
High technology | ||||||||||||
Blackboard Inc. |
1 | 250.0 | B- | Stable | ||||||||
Diebold Nixdorf Inc. |
1 | 400.0 | B- | Stable | ||||||||
Endurance International Group Inc. |
1 | 350.0 | B | Stable | ||||||||
Pitney Bowes Inc. |
1 | 375.0 | BB+ | Stable | ||||||||
Plantronics Inc. |
1 | 500.0 | B+ | Stable | ||||||||
Rackspace Hosting Inc. |
1 | 1180.0 | B | Stable | ||||||||
Riverbed Technology Inc. |
1 | 392.4 | CCC+ | Negative | ||||||||
Solera Issuer Inc. |
Yes | 1 | 2005.0 | B- | Stable | |||||||
Homebuilders/real estate companies | ||||||||||||
Five Point Operating Co. L.P. |
Yes | 1 | 600.0 | B- | Stable | |||||||
K. Hovnanian Enterprises Inc. |
Yes | 3 | 354.7 | CCC+ | Stable | |||||||
Washington Prime Group L.P. |
1 | 750.0 | BB- | Negative | ||||||||
Insurance | ||||||||||||
Genworth Holdings Inc. |
1 | 698.3 | B | Watch Developing | ||||||||
One Call Corp. |
1 | 228.0 | B- | Stable | ||||||||
Unum Group |
1 | 300.0 | BBB | Stable | ||||||||
Media and entertainment | ||||||||||||
24 Hour Fitness Worldwide Inc. |
1 | 500.0 | CCC+ | Negative | ||||||||
Allen Media LLC |
1 | 300.0 | B | Stable | ||||||||
AMC Entertainment Holdings Inc. |
2 | 1070.0 | B | Watch Negative | ||||||||
AMC Entertainment Inc. |
Yes | 1 | 600.0 | B | Watch Negative | |||||||
APX Group Inc. |
Yes | 1 | 400.0 | B- | Stable | |||||||
Buena Vista Gaming Authority |
1 | 205.0 | B- | Stable | ||||||||
Carlson Travel Inc. |
2 | 665.0 | B- | Watch Negative | ||||||||
Cengage Learning Inc. |
Yes | 1 | 620.0 | B- | Watch Positive | |||||||
Cinemark USA Inc. |
2 | 1155.0 | BB | Watch Negative | ||||||||
Clear Channel Worldwide Holdings Inc. |
Yes | 1 | 1901.5 | B- | Stable | |||||||
Diamond Resorts International Inc. |
1 | 600.0 | CCC+ | Negative | ||||||||
Diamond Sports Group LLC |
2 | 4875.0 | BB- | Positive | ||||||||
Downstream Development Authority |
1 | 270.0 | B | Negative | ||||||||
Enterprise Development Authority |
1 | 450.0 | B- | Positive | ||||||||
Exela Intermediate Co. LLC |
Yes | 1 | 1000.0 | CCC- | Negative | |||||||
Golden Entertainment Inc. |
1 | 375.0 | B | Stable | ||||||||
Jacobs Entertainment Inc. |
1 | 385.0 | B | Stable | ||||||||
Life Time Inc. |
1 | 450.0 | B | Stable | ||||||||
LSC Communications Inc. |
1 | 450.0 | CC | Watch Negative | ||||||||
McGraw-Hill Global Education Holdings LLC |
1 | 400.0 | B | Stable | ||||||||
Mohegan Tribal Gaming Authority |
1 | 500.0 | B- | Stable | ||||||||
Quad/Graphics Inc. |
1 | 243.5 | B+ | Negative | ||||||||
Realogy Group LLC |
1 | 550.0 | B+ | Negative | ||||||||
Sabre GLBL Inc. |
2 | 1030.0 | BB- | Negative | ||||||||
Scientific Games International Inc. |
Yes | 4 | 2640.6 | B | Positive | |||||||
Staples Inc. |
1 | 1000.0 | B+ | Negative | ||||||||
Terrier Media Buyer Inc. |
1 | 1015.0 | B | Stable | ||||||||
Vericast Corp. |
1 | 800.0 | CCC+ | Negative | ||||||||
Viking Cruises Ltd. |
2 | 1075.0 | B+ | Watch Negative | ||||||||
WeWork Cos. LLC |
1 | 669.0 | B- | Negative | ||||||||
Metals, mining, and steel | ||||||||||||
Alliance Resource Operating Partners L.P. |
Yes | 1 | 400.0 | BB+ | Stable | |||||||
Century Aluminum Co. |
1 | 250.0 | B- | Negative | ||||||||
Cleveland-Cliffs Inc. |
3 | 1519.6 | B | Stable | ||||||||
CONSOL Energy Inc. |
1 | 221.6 | B+ | Stable | ||||||||
Grinding Media Inc. |
Yes | 1 | 862.9 | B | Stable | |||||||
Hi- Crush Inc. |
1 | 450.0 | CCC+ | Negative | ||||||||
International Wire Group Inc. |
1 | 78.2 | B- | Negative | ||||||||
Joseph T. Ryerson & Son Inc. |
Yes | 1 | 587.9 | B | Stable | |||||||
Natural Resource Partners L.P. |
1 | 300.0 | B+ | Stable | ||||||||
Peabody Energy Corp. |
2 | 959.0 | B+ | Stable | ||||||||
SunCoke Energy Partners L.P. |
1 | 650.0 | BB- | Stable | ||||||||
TMS International Corp. |
1 | 250.0 | B+ | Stable | ||||||||
United States Steel Corp. |
4 | 2100.0 | B | Negative | ||||||||
Oil and gas | ||||||||||||
AMID Finance Corp. |
Yes | 1 | 425.0 | B | Stable | |||||||
Antero Resources Corp |
3 | 1950.0 | B+ | Negative | ||||||||
Antero Resources Finance Corp. |
Yes | 1 | 952.5 | B+ | Negative | |||||||
ARU Finance Corp. |
Yes | 1 | 600.0 | B | Negative | |||||||
Ascent Resources Utica Holdings LLC |
1 | 975.0 | B | Negative | ||||||||
Basic Energy Services Inc. |
1 | 300.0 | CCC+ | Negative | ||||||||
Berry Petroleum Co. LLC |
1 | 350.0 | B | Stable | ||||||||
Bruin E&P Partners LLC |
1 | 600.0 | CCC+ | Negative | ||||||||
Calfrac Holdings L.P. |
Yes | 1 | 431.8 | CCC- | Negative | |||||||
California Resources Corp. |
2 | 244.0 | CC | Negative | ||||||||
Callon Petroleum Co. |
4 | 1896.0 | B+ | Stable | ||||||||
Centennial Resource Production LLC |
2 | 900.0 | B+ | Stable | ||||||||
CGG HOLDING (U.S.) INC. |
Yes | 1 | 300.0 | B | Stable | |||||||
Chaparral Energy Inc. |
1 | 300.0 | CCC+ | Negative | ||||||||
Chesapeake Energy Corp. |
8 | 4237.8 | CCC | Negative | ||||||||
CNX Resources Corp. |
2 | 1394.3 | B+ | Negative | ||||||||
Comstock Resources Inc. |
1 | 850.0 | B | Negative | ||||||||
CrownRock LP |
1 | 1185.0 | B+ | Stable | ||||||||
Denbury Resources Inc. |
7 | 1864.3 | CCC+ | Negative | ||||||||
Diamond Offshore Drilling Inc. |
4 | 2000.0 | CCC+ | Stable | ||||||||
Endeavor Energy Resources L.P. |
2 | 1500.0 | BB- | Stable | ||||||||
Ensco International Inc. |
1 | 112.1 | CCC+ | Negative | ||||||||
EnVen Energy Corp. |
1 | 325.0 | B | Negative | ||||||||
EQT Corp. |
6 | 4115.0 | BB+ | Negative | ||||||||
Extraction Oil & Gas Inc. |
2 | 950.0 | B- | Negative | ||||||||
Forum Energy Technologies Inc. |
1 | 400.0 | B- | Negative | ||||||||
FTS International Inc. |
2 | 404.9 | CCC+ | Negative | ||||||||
Global Marine Inc. |
Yes | 1 | 300.0 | CCC+ | Negative | |||||||
Gran Tierra Energy Inc. |
1 | 300.0 | B+ | Stable | ||||||||
Gran Tierra Energy International Holdings Ltd. |
Yes | 1 | 300.0 | B+ | Stable | |||||||
Great Western Finance Corp. |
Yes | 1 | 300.0 | B- | Stable | |||||||
Gulfport Energy Corp. |
4 | 1997.5 | B | Negative | ||||||||
HighPoint Resources Corp. |
2 | 625.0 | B | Stable | ||||||||
Hilcorp Energy I L.P. |
3 | 1600.0 | BB+ | Watch Negative | ||||||||
Indigo Natural Resources LLC |
1 | 650.0 | B+ | Stable | ||||||||
ION Geophysical Corp. |
2 | 127.1 | CCC+ | Negative | ||||||||
Jonah Energy LLC |
1 | 600.0 | CCC+ | Negative | ||||||||
KLX Energy Services Holdings Inc. |
1 | 250.0 | B- | Stable | ||||||||
Kosmos Energy Ltd. |
1 | 600.0 | B+ | Stable | ||||||||
Laredo Petroleum Inc. |
2 | 1000.0 | B+ | Negative | ||||||||
Lonestar Resources America Inc. |
1 | 250.0 | B- | Stable | ||||||||
Matador Resources Co |
1 | 1049.9 | B+ | Stable | ||||||||
Montage Resources Corp. |
1 | 510.5 | B- | Stable | ||||||||
Moss Creek Resources Holdings Inc. |
2 | 1200.0 | B | Stable | ||||||||
Murphy Oil Corp. |
7 | 2828.7 | BB+ | Stable | ||||||||
Nabors Industries Inc. |
6 | 2470.4 | BB- | Negative | ||||||||
Nine Energy Service Inc. |
1 | 400.0 | B- | Stable | ||||||||
Northern Oil and Gas Inc. |
1 | 341.0 | B- | Stable | ||||||||
Oasis Petroleum Inc. |
5 | 1964.7 | B+ | Stable | ||||||||
Oceaneering International Inc. |
2 | 800.0 | BB | Negative | ||||||||
Parsley Energy LLC. |
4 | 2050.0 | BB | Stable | ||||||||
PDC Energy Inc. |
3 | 1200.0 | BB | Stable | ||||||||
Pride International Inc. |
Yes | 1 | 300.0 | CCC+ | Negative | |||||||
QEP Resources Inc. |
3 | 1600.0 | B+ | Negative | ||||||||
Range Resources Corp. |
9 | 2774.1 | BB- | Negative | ||||||||
SESI LLC |
1 | 617.9 | CC | Negative | ||||||||
SM Energy Co. |
5 | 2376.8 | BB- | Stable | ||||||||
Southwestern Energy Co. |
4 | 2274.0 | BB | Negative | ||||||||
Unit Corp. |
1 | 650.0 | CC | Negative | ||||||||
Vine Oil & Gas LP |
2 | 880.0 | CCC- | Negative | ||||||||
W&T Offshore Inc. |
1 | 625.0 | B- | Stable | ||||||||
Weatherford International LLC |
Yes | 1 | 2100.0 | B- | Negative | |||||||
Whiting Petroleum Corp. |
2 | 1408.2 | CCC+ | Negative | ||||||||
WPX Energy Inc. |
6 | 3027.7 | BB- | Watch Positive | ||||||||
Retail/restaurants | ||||||||||||
Bed Bath & Beyond Inc. |
2 | 1200.0 | BB | Watch Negative | ||||||||
Beverages & More Inc. |
1 | 190.0 | CCC+ | Negative | ||||||||
CEC Entertainment Inc. |
1 | 255.0 | B- | Stable | ||||||||
Conn's Inc. |
1 | 227.0 | B | Stable | ||||||||
Golden Nugget Inc. |
2 | 2015.0 | B | Stable | ||||||||
Guitar Center Inc. |
2 | 946.0 | CCC | Negative | ||||||||
J.C. Penney Co. Inc. |
3 | 822.3 | CCC | Negative | ||||||||
J.C. Penney Corp. Inc. |
3 | 1288.3 | CCC | Negative | ||||||||
Michaels Stores Inc. |
Yes | 1 | 500.0 | B+ | Stable | |||||||
Neiman Marcus Group LTD LLC |
5 | 1914.3 | CCC | Negative | ||||||||
Party City Holdings Inc. |
2 | 850.0 | B | Negative | ||||||||
PetSmart Inc. |
2 | 2550.0 | B- | Stable | ||||||||
Rite Aid Corp. |
2 | 1390.9 | CCC+ | Stable | ||||||||
Sotheby's |
1 | 600.0 | B+ | Stable | ||||||||
The Fresh Market |
1 | 800.0 | CCC | Negative | ||||||||
The Neiman Marcus Group LLC |
1 | 125.0 | CCC | Negative | ||||||||
Telecommunications | ||||||||||||
Consolidated Communications Inc. |
Yes | 1 | 472.3 | B | Negative | |||||||
Flexential Intermediate Corp. |
1 | 250.0 | B- | Negative | ||||||||
Gogo Intermediate Holdings LLC |
Yes | 1 | 925.0 | CCC+ | Watch Negative | |||||||
GTT Communications Inc. |
1 | 575.0 | B- | Negative | ||||||||
HC2 Holdings Inc. |
1 | 470.0 | B- | Stable | ||||||||
Intrado Corp. |
1 | 1150.0 | B- | Negative | ||||||||
Trilogy International Partners LLC |
1 | 350.0 | B | Stable | ||||||||
Uniti Group Inc. |
2 | 1510.0 | CCC- | Watch Positive | ||||||||
Transportation | ||||||||||||
American Airlines Group Inc. |
1 | 750.0 | BB- | Watch Negative | ||||||||
Azul Investments LLP |
Yes | 1 | 400.0 | B+ | Stable | |||||||
Hertz Corp. |
5 | 2750.0 | B+ | Stable | ||||||||
Kenan Advantage Group Inc. |
1 | 405.0 | B | Stable | ||||||||
Navios Acquisition Finance (US) Inc. |
1 | 670.0 | B- | Stable | ||||||||
Navios Logistics Finance (US) Inc. |
Yes | 1 | 375.0 | B | Stable | |||||||
Voyager Finance Co. |
Yes | 1 | 457.9 | B+ | Stable | |||||||
XO Management Holding Inc. |
1 | 550.0 | B+ | Stable | ||||||||
Utility and power | ||||||||||||
Antero Midstream Finance Corp. |
Yes | 3 | 1900.0 | B+ | Negative | |||||||
Blue Racer Finance Corp. |
Yes | 2 | 1150.0 | B+ | Stable | |||||||
Calumet Specialty Products Partners L.P. |
3 | 1225.0 | B- | Positive | ||||||||
CITGO Holding Inc. |
1 | 1370.0 | B- | Stable | ||||||||
CITGO Petroleum Corp. |
1 | 650.0 | B- | Stable | ||||||||
CNX Midstream Partners LP |
1 | 400.0 | B+ | Negative | ||||||||
Crestwood Midstream Partners L.P. |
3 | 1699.9 | BB- | Stable | ||||||||
CSI Compressco LP |
2 | 645.9 | B- | Stable | ||||||||
CVR Energy Inc. |
2 | 1000.0 | BB- | Stable | ||||||||
CVR Nitrogen Finance Corp. |
Yes | 1 | 625.0 | B+ | Stable | |||||||
DCP Midstream Operating L.P. |
Yes | 8 | 3725.0 | BB+ | Stable | |||||||
EnLink Midstream Partners L.P. |
3 | 1600.0 | BB+ | Stable | ||||||||
Enlink Midstream LLC |
1 | 500.0 | BB+ | Stable | ||||||||
EQM Midstream Partners LP |
5 | 3500.0 | BB | Stable | ||||||||
Exterran Energy Solutions L.P. |
1 | 375.0 | BB- | Stable | ||||||||
Ferrellgas Finance Corp. |
Yes | 3 | 1475.0 | CCC- | Negative | |||||||
Genesis Energy L.P. |
5 | 2450.0 | B+ | Stable | ||||||||
NGL Energy Finance Corp. |
Yes | 3 | 1446.5 | B+ | Negative | |||||||
NuStar Logistics L.P. |
Yes | 2 | 750.0 | BB- | Stable | |||||||
PBF Finance Corp. |
Yes | 3 | 1725.0 | BB | Stable | |||||||
PBF Logistics Finance Corp. |
Yes | 1 | 524.9 | BB- | Stable | |||||||
Ruby Pipeline LLC |
1 | 606.2 | BB | Watch Negative | ||||||||
Summit Midstream Finance Corp. |
Yes | 2 | 800.0 | B+ | Stable | |||||||
Talen Energy Supply LLC |
6 | 1230.0 | B+ | Negative | ||||||||
Tallgrass Energy Partners L.P. |
4 | 2330.0 | B+ | Stable | ||||||||
Targa Resources Partners LP |
8 | 5223.6 | BB | Stable | ||||||||
USA Compression Finance Corp. |
Yes | 2 | 1475.0 | B+ | Stable | |||||||
*Issuer rating used is of a related entity. Data as of March 16, 2020. The list excludes companies with confidential ratings. Source: S&P Global Ratings Research. |
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This report does not constitute a rating action.
Credit Markets Research: | Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com |
Sudeep K Kesh, New York (1) 212-438-7982; sudeep.kesh@spglobal.com | |
Research Assistants: | Sundaram Iyer, Mumbai |
Abhik P Debnath, Mumbai |
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