The 2020 global corporate default tally has jumped to 119 after 10 issuers defaulted since our last report. In just over five months, the 2020 corporate default tally has surpassed the full-year 2019 total of 118 defaults, led by the U.S. with 78 defaults so far this year. Both Europe and other developed regions have seen a considerable increase in defaults compared with previous years and have either matched or surpassed their full-year tallies in 2017, 2018, and 2019 (see chart 1).
Chart 1
This Week's Observations
- The U.S. leads both this week's default tally and the 2020 default tally with seven and 78, respectively.
- With 16 defaults so far in 2020, Europe has surpassed its full-year 2019 and 2018 tallies of 15 and 13, respectively (see table 1).
- By sector, oil and gas and consumer products lead the global default tally, with 19 each, followed by media and entertainment, with 18, and retail and restaurants, with 16 (see chart 3).
- The 12-month speculative-grade default rate for the U.S. region increased to 4.7% in May 2020 from 4.1% in April 2020.
Chart 2
By week, defaults began to pick up in the beginning of April as credit spreads widened and companies at the lower end of the credit spectrum had reduced ability to manage liquidity and were less able to sustain the revenue and economic damage brought on by social distancing measures due to the impact of COVID-19 and oil price dislocations. Since the first week of April, there has been an average of seven defaults per week, compared with a first-quarter weekly average of just two defaults (see chart 2).
Chart 3
By sector, oil and gas and consumer products lead the global default tally, with 19 each. The sudden economic recession has led to significant credit deterioration, particularly in the most affected sectors. S&P Global Ratings expects credit measures for some sectors to take until 2022, 2023, and beyond, to fully recover (see "COVID-19 Heat Map: Post-Crisis Credit Recovery Could Take To 2022 And Beyond For Some Sectors," June 24, 2020).
Chart 4
Chart 5
Table 1
2020 Europe Defaults, With 16, Surpasses The Full-Year 2019 Tally | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Region | 12-month trailing speculative-grade default rate (%) | 2020 year-to-date | 2019 year-to-date | 2019 | Weakest links | |||||||
U.S. | 4.7 | 78 | 43 | 78 | 424 | |||||||
Emerging market | 2.7 | 16 | 8 | 22 | 50 | |||||||
Europe | 2.8 | 16 | 7 | 15 | 98 | |||||||
Other developed | 3.9 | 9 | 3 | 3 | 28 | |||||||
Global | 3.8 | 119 | 61 | 118 | 600 | |||||||
Note: Trailing-12-month default rates from May 31, 2019 - May 31, 2020, are preliminary and subject to change. Year-to-date data as of June 24, 2020. Weakest link data is as of May 11, 2020. Other developed region includes Australia, Canada, Japan, and New Zealand. Default counts may include confidentially rated issuers. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. |
Table 2
The 2020 Global Corporate Default Tally Jumps To 119 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Date | Parent company | Country | Subsector | To | From | Reason | ||||||||
1/2/2020 |
Constellis Holdings LLC |
U.S. | Aerospace and defense | SD | CC | Missed principal payments | ||||||||
1/7/2020 |
TOMS Shoes LLC |
U.S. | Consumer products | D | CCC | Distressed exchange | ||||||||
1/9/2020 |
Moran Foods LLC (SAL Acquisition Corp.) |
U.S. | Retail/restaurants | SD | CCC | Missed interest payments | ||||||||
1/13/2020 |
Lecta S.A. |
Luxembourg | Forest products and building materials | SD | CC | Missed interest payments | ||||||||
1/14/2020 |
Qinghai Provincial Investment Group Co. Ltd. |
China | Metals, mining, and steel | D | CCC- | Missed interest payments | ||||||||
1/19/2020 |
Krystal Co. (The) |
U.S. | Retail/restaurants | D | NR | Chapter 11 | ||||||||
1/21/2020 |
Panda Green Energy Group Ltd. |
Bermuda | Utilities | SD | CC | Distressed exchange | ||||||||
1/22/2020 |
Deoleo S.A. |
Spain | Consumer products | SD | CC | Distressed exchange/ out-of-court restructuring | ||||||||
1/29/2020 |
Doncasters Group Ltd. |
U.K. | Capital goods | SD | CCC- | Distressed exchange/ out-of-court restructuring | ||||||||
1/30/2020 |
Pinnacle Operating Corp. |
U.S. | Chemicals, packaging, and environmental services | SD | CCC | Distressed exchange/ out-of-court restructuring | ||||||||
2/7/2020 |
Commercial Barge Line Co. |
U.S. | Transportation | D | CC | Chapter 11 | ||||||||
2/12/2020 |
RentPath LLC |
U.S. | Media and entertainment | D | NR | Chapter 11 | ||||||||
2/13/2020 |
The McClatchy Co. |
U.S. | Media and entertainment | D | CC | Chapter 11 | ||||||||
2/14/2020 |
Moby SpA |
Italy | Transportation | SD | CCC- | Distressed exchange/ out-of-court restructuring | ||||||||
2/14/2020 |
NPC International Inc. |
U.S. | Retail/restaurants | SD | CCC- | Missed interest payments | ||||||||
2/18/2020 |
Pier 1 Imports Inc. |
U.S. | Retail/restaurants | D | CCC- | Chapter 11 | ||||||||
2/21/2020 |
Tunghsu Group Co. Ltd. |
China | High technology | SD | CCC- | Missed principal and interest payments | ||||||||
2/24/2020 |
VIP Cinema Holdings Inc. |
U.S. | Consumer products | D | CCC- | Chapter 11 | ||||||||
2/25/2020 |
Calfrac Well Services Ltd. |
Canada | Oil and gas | SD | CC | Distressed exchange | ||||||||
2/28/2020 |
PFS Holding Corp. |
U.S. | Consumer products | SD | CCC- | Missed interest payments | ||||||||
3/3/2020 |
Pioneer Energy Services Corp. |
U.S. | Oil and gas | D | CCC- | Chapter 11 | ||||||||
3/9/2020 |
Bluestem Brands Inc. |
U.S. | Retail/restaurants | D | NR | Chapter 11 | ||||||||
3/12/2020 |
Ascena Retail Group Inc. |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
3/12/2020 |
Optimas OE Solutions Holding LLC |
U.S. | Capital goods | SD | CCC+ | Distressed exchange | ||||||||
3/12/2020 | Confidential | Confidential | Metals, mining, and steel | SD | CCC- | Confidential | ||||||||
3/16/2020 |
Frontier Communications Corp. |
U.S. | Telecommunications | SD | CCC- | Missed interest payments | ||||||||
3/17/2020 |
Internap Corp. |
U.S. | Telecommunications | D | CCC+ | Chapter 11 | ||||||||
3/19/2020 |
Geo Energy Resources Ltd. |
Singapore | Metals, mining, and steel | SD | B- | Distressed exchange | ||||||||
3/20/2020 |
Grain Insurance Co. JSC |
Kazakhstan | Insurance | D | B | Missed interest payments | ||||||||
3/27/2020 |
Optiv Inc. |
U.S. | High technology | SD | CCC+ | Distressed exchange | ||||||||
3/27/2020 |
Yida China Holdings Ltd. |
Cayman Islands | Homebuilders/real estate companies | SD | CC | Distressed exchange | ||||||||
4/1/2020 |
PGX Holdings Inc. |
U.S. | Media and entertainment | D | CCC | Missed principal and interest payments | ||||||||
4/1/2020 |
Steak n Shake Inc. (Biglari Holdings Inc.) |
U.S. | Retail/restaurants | SD | CCC- | Distressed exchange | ||||||||
4/1/2020 |
Whiting Petroleum Corp. |
U.S. | Oil and gas | D | CCC+ | Chapter 11 | ||||||||
4/2/2020 |
KCA DEUTAG Alpha Ltd. |
U.K. | Oil and gas | SD | CCC+ | Missed interest payments | ||||||||
4/3/2020 |
CDS Group |
Canada | Media and entertainment | D | CCC- | Missed principal and interest payments | ||||||||
4/3/2020 |
New Millennium Holdco Inc. |
U.S. | Health care | D | CC | Missed principal and interest payments | ||||||||
4/6/2020 |
BW Homecare Holdings LLC |
U.S. | Health care | SD | CCC | Distressed exchange | ||||||||
4/6/2020 |
FE Investments Ltd. (FE Investments Group Ltd.) |
New Zealand | Finance companies | D | CCC | Missed interest payments | ||||||||
4/7/2020 |
Gavilan Resources LLC |
U.S. | Oil and gas | D | CCC- | Missed interest payments | ||||||||
4/7/2020 |
Jason Inc. |
U.S. | Capital goods | SD | CCC | Missed interest payments | ||||||||
4/7/2020 |
Quorum Health Corp. |
U.S. | Health care | D | CCC- | Chapter 11 | ||||||||
4/7/2020 |
Speedcast International Ltd. |
Australia | Telecommunications | D | CCC | Missed principal and interest payments | ||||||||
4/8/2020 |
North American Lifting Holdings Inc. |
U.S. | Capital goods | SD | CCC- | Missed interest payments | ||||||||
4/8/2020 |
SPR Holdings LLC |
U.S. | Oil and gas | D | CCC+ | Missed interest payments | ||||||||
4/9/2020 | Confidential | Confidential | Media and entertainment | SD | CC | Confidential | ||||||||
4/10/2020 |
Vestel Elektronik Sanayi Ve Ticaret A.S. |
Turkey | High technology | SD | CCC+ | Distressed exchange | ||||||||
4/10/2020 | Confidential | Confidential | Media and entertainment | D | CCC- | Confidential | ||||||||
4/12/2020 |
Pace Industries Inc. |
U.S. | Consumer products | D | NR | Chapter 11 | ||||||||
4/14/2020 |
LSC Communications Inc. |
U.S. | Media and entertainment | D | CC | Chapter 11 | ||||||||
4/14/2020 |
Libbey Inc. |
U.S. | Consumer products | SD | CCC | Missed interest payments | ||||||||
4/14/2020 |
NMC Health PLC |
U.A.E. | Health care | D | CCC- | Missed interest payments | ||||||||
4/15/2020 |
Intelsat S.A. |
Luxembourg | Telecommunications | SD | CCC+ | Missed interest payments | ||||||||
4/16/2020 |
O1 Properties Ltd. |
Cyprus | Homebuilders/real estate companies | D | CC | Missed interest payments | ||||||||
4/16/2020 |
J.C. Penney Co. Inc. |
U.S. | Retail/restaurants | D | CCC | Missed interest payments | ||||||||
4/17/2020 |
Mister Car Wash Holdings Inc. |
U.S. | Retail/restaurants | SD | CCC+ | Distressed exchange | ||||||||
4/17/2020 |
Ultra Petroleum Corp. |
U.S. | Oil and gas | D | CCC- | Missed interest payments | ||||||||
4/21/2020 |
Engine Holding LLC |
U.S. | Media and entertainment | D | CCC- | Missed principal and interest payments | ||||||||
4/22/2020 |
The Neiman Marcus Group LLC |
U.S. | Retail/restaurants | D | CCC- | Missed interest payments | ||||||||
4/23/2020 |
Northwest Acquisitions ULC |
Canada | Metals, mining, and steel | D | CCC+ | Foreign Bankruptcy | ||||||||
4/24/2020 |
Diamond Offshore Drilling Inc. |
U.S. | Oil and gas | D | CC | Chapter 11 | ||||||||
4/24/2020 |
Enjoy S.A. |
Chile | Media and entertainment | D | B- | Bankruptcy | ||||||||
4/28/2020 |
Envision Healthcare Corp. (Envision Healthcare Holdings Inc.) |
U.S. | Health care | SD | CC | Distressed exchange | ||||||||
4/29/2020 |
CSM Bakery Solutions LLC |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
4/30/2020 |
Virgin Australia Holdings Ltd. |
Australia | Transportation | D | CC | Chapter 15 | ||||||||
5/4/2020 |
J. Crew Group Inc. |
U.S. | Consumer products | D | CCC- | Chapter 11 | ||||||||
5/5/2020 |
Evergreen Skills Lux S.ar.l. |
Luxembourg | High technology | D | CCC- | Missed interest payments | ||||||||
5/6/2020 | Confidential | Confidential | Media and entertainment | D | CCC | Confidential | ||||||||
5/6/2020 |
Techniplas LLC |
U.S. | Capital goods | D | NR | Chapter 11 | ||||||||
5/7/2020 |
Hertz Global Holdings Inc. |
U.S. | Transportation | SD | CCC- | Missed principal and interest payments | ||||||||
5/8/2020 |
Petra Diamonds Ltd. |
Bermuda | Metals, mining, and steel | D | CCC+ | Missed interest payments | ||||||||
5/11/2020 |
Avianca Holdings S.A. |
Panama | Transportation | D | CCC- | Chapter 11 | ||||||||
5/11/2020 |
Yihua Enterprise (Group) Co. Ltd. |
China | Consumer products | SD | CCC | Missed interest payments | ||||||||
5/12/2020 |
Fieldwood Energy LLC |
U.S. | Oil and gas | D | CCC | Missed interest payments | ||||||||
5/12/2020 |
Revlon Inc. |
U.S. | Consumer products | SD | CC | Distressed exchange | ||||||||
5/13/2020 |
Outerstuff LLC |
U.S. | Consumer products | SD | CCC | Missed principal and interest payments | ||||||||
5/14/2020 | Confidential | Confidential | Media and entertainment | SD | CCC- | Confidential | ||||||||
5/15/2020 |
Extraction Oil & Gas Inc. (Extraction Oil & Gas Holdings LLC) |
U.S. | Oil and gas | D | CC | Missed interest payments | ||||||||
5/15/2020 |
Forum Energy Technologies Inc. |
U.S. | Oil and gas | SD | CC | Distressed exchange | ||||||||
5/19/2020 |
Aeropuertos Argentina 2000 S.A. |
Argentina | Utilities | SD | CC | Distressed exchange | ||||||||
5/19/2020 |
Takko Fashion S.a.r.l. |
Luxembourg | Consumer products | SD | CCC+ | Missed interest payments | ||||||||
5/19/2020 | Confidential | Confidential | Capital goods | D | NR | Confidential | ||||||||
5/20/2020 |
Downstream Development Authority |
U.S. | Media and entertainment | SD | CCC | Missed principal payments | ||||||||
5/20/2020 |
Equinox Holdings Inc. |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
5/21/2020 |
Akorn Inc. |
U.S. | Health care | D | CC | Chapter 11 | ||||||||
5/21/2020 |
Centennial Resource Development Inc. |
U.S. | Oil and gas | SD | CC | Distressed exchange | ||||||||
5/21/2020 |
Guitar Center Inc. (Guitar Center Holdings Inc.) |
U.S. | Retail/restaurants | SD | CCC | Distressed exchange | ||||||||
5/25/2020 |
Travelex Holdings Ltd. |
U.K. | Media and entertainment | SD | CC | Missed interest payments | ||||||||
5/26/2020 |
Unit Corp. |
U.S. | Oil and gas | D | CC | Chapter 11 | ||||||||
5/27/2020 |
Latam Airlines Group S.A. |
Chile | Transportation | D | CCC- | Chapter 11 | ||||||||
5/27/2020 |
Tuesday Morning Corp. |
U.S. | Retail/restaurants | D | NR | Chapter 11 | ||||||||
6/2/2020 |
Grupo Famsa S.A.B. de C.V. |
Mexico | Retail/restaurants | SD | CCC- | Missed principal and interest payments | ||||||||
6/2/2020 |
Noble Corp. PLC |
U.K. | Oil and gas | SD | CCC- | Distressed exchange | ||||||||
6/3/2020 |
Valaris plc |
U.K. | Oil and gas | D | CCC- | Missed interest payments | ||||||||
6/4/2020 |
California Pizza Kitchen Inc. |
U.S. | Retail/restaurants | D | CCC- | Missed interest payments | ||||||||
6/5/2020 |
24 Hour Fitness Worldwide Inc. |
U.S. | Media and entertainment | D | CCC+ | Missed interest payments | ||||||||
6/5/2020 |
APC Automotive Technologies Intermediate Holdings LLC |
U.S. | Automotive | D | CCC | Chapter 11 | ||||||||
6/5/2020 | Confidential | Confidential | Consumer products | SD | CCC- | Confidential | ||||||||
6/5/2020 | Confidential | Confidential | Consumer products | SD | CC | Confidential | ||||||||
6/10/2020 |
RGIS Holdings LLC |
U.S. | Consumer products | D | CCC- | Missed interest payments | ||||||||
6/10/2020 | Confidential | Confidential | Media and entertainment | D | CCC- | Confidential | ||||||||
6/11/2020 |
LHMC Finco 2 S.a.r.l. |
Spain | Media and entertainment | D | CCC | Distressed exchange | ||||||||
6/15/2020 |
Calfrac Well Services Ltd. (B) |
Canada | Oil and gas | D | CCC- | Missed interest payments | ||||||||
6/15/2020 |
Pyxus International Inc. |
U.S. | Consumer products | D | CCC- | Chapter 11 | ||||||||
6/15/2020 |
SM Energy Co. |
U.S. | Oil and gas | SD | CC | Distressed exchange | ||||||||
6/16/2020 |
Briggs & Stratton Corp. |
U.S. | Capital Goods | SD | CCC- | Missed interest payments | ||||||||
6/16/2020 |
CSI Compressco L.P. |
U.S. | Midstream | SD | CC | Distressed exchange | ||||||||
6/16/2020 |
Ferrellgas Partners L.P. |
U.S. | Midstream | SD | CC | Missed principal payments | ||||||||
6/16/2020 |
Source Energy Services Ltd. |
Canada | Oil and gas | D | CCC- | Missed interest payments | ||||||||
6/18/2020 |
Confidential |
Confidential | Retail/restaurants | SD | CCC | Confidential | ||||||||
6/18/2020 |
ASP MCS Acquisition Corp. |
U.S. | Consumer products | D | CCC | Missed interest payments | ||||||||
6/18/2020 |
Jo-ann Stores LLC (Jo-Ann Stores Holdings Inc.) |
U.S. | Retail/restaurants | SD | CCC | Distressed exchange | ||||||||
6/18/2020 |
Confidential |
Confidential | Homebuilders/real estate companies | D | CC | Confidential | ||||||||
6/19/2020 |
Chesapeake Energy Corp. |
U.S. | Oil and gas | D | CC | Missed interest payments | ||||||||
6/19/2020 |
GK Holdings Inc. |
U.S. | Media and entertainment | D | CC | Missed interest payments | ||||||||
6/23/2020 |
Boart Longyear Ltd. |
Australia | Metals, mining, and steel | SD | CC | Distressed exchange | ||||||||
6/23/2020 |
Serta Simmons Bedding LLC |
U.S. | Consumer products | SD | CC | Distressed exchange | ||||||||
6/23/2020 |
Summit Midstream Partners L.P. |
U.S. | Midstream | SD | CCC | Distressed exchange | ||||||||
6/24/2020 |
GNC Holdings Inc. |
U.S. | Retail/restaurants | D | CC | Chapter 11 | ||||||||
NR--Not rated. SD--Selective default. Data as of June 24, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. |
Related Research
- GNC Holdings Inc. Downgraded To 'D' On Chapter 11 Bankruptcy Filing, June 25, 2020
- COVID-19 Heat Map: Post-Crisis Credit Recovery Could Take To 2022 And Beyond For Some Sectors, June 24, 2020
- Boart Longyear Ltd. Rating Lowered To 'SD' From 'CC' On Secured Note Amendment; Secured Note Rating Lowered To 'D', June 24, 2020
- Summit Midstream Partners LP And Summit Midstream Partners Holdings LLC Downgraded On Distressed Debt Repurchase, June 24, 2020
- Serta Simmons Bedding LLC Downgraded To 'SD' From 'CC' On Completion Of Distressed Debt Exchange, June 23, 2020
- U.S.-Based GK Holdings Inc. Downgraded To 'D' On Missed Interest Payment, June 20, 2020
- Jo-Ann Stores LLC Downgraded To 'SD' On Distressed Repurchase; Debt Ratings Lowered To 'D', June 19, 2020
- Chesapeake Energy Corp. Downgraded To 'D' On Missed Interest Payment, June 19, 2020
- ASP MCS Acquisition Corp. Downgraded To 'D' From 'CCC' On Missed Interest Payment, June 18, 2020
Default Studies
More analysis and statistics are available in our annual default studies, published on RatingsDirect:
Corporate (financial and nonfinancial)
- 2019 Annual Taiwan Ratings Corp. Corporate Default And Rating Transition Study
- 2019 Annual Global Corporate Default And Rating Transition Study
- Japanese Issuer Credit Rating Transitions Study 2019
- 2018 Annual Infrastructure Default And Rating Transition Study
- 2018 Annual Mexican National Scale Corporate And Public Finance Default And Rating Transition Study
- 2018 Annual Latin American Corporate Default And Rating Transition Study
- 2018 Annual Global Financial Services Default And Rating Transition Study
- 2018 Annual Greater China Corporate Default And Rating Transition Study
- 2018 Annual Taiwan Ratings Corp. Corporate Default And Rating Transition Study
- 2018 Annual U.S. Corporate Default And Rating Transition Study
- 2018 Annual Asia Corporate Default And Rating Transition Study
- 2017 Annual Australia And New Zealand Corporate Default Study And Rating Transitions
- 2017 Annual Emerging Markets Corporate Default Study And Rating Transitions
- 2017 Annual European Corporate Default Study And Rating Transitions
- 2017 Annual Canadian Corporate Default Study And Rating Transitions
- 2017 Inaugural Nordic Default Study And Rating Transitions
- 2017 Annual Brazil Corporate Default Study And Rating Transitions
Structured finance
- 2019 Annual Global Structured Finance Default And Rating Transition Study
- 2019 Annual Taiwan Structured Finance Default And Rating Transition Study
- 2019 Annual Japanese Structured Finance Default And Rating Transition Study
- 2018 Annual Mexican Structured Finance Default And Rating Transition Study
- 2018 Annual European Structured Finance Default And Rating Transition Study
- 2018 Annual Global Leveraged Loan CLO Default And Rating Transition Study
- 2018 Annual Taiwan Structured Finance Default Study And Rating Transitions
- 2018 Annual Global Structured Finance Default Study And Rating Transitions
U.S. public finance
- 2019 Annual U.S. Public Finance Default And Rating Transition Study
- 2017 Annual U.S. Public Finance Not-For-Profit Health Care Default Study And Rating Transitions
- 2017 U.S. Public Finance Utility Default Study And Rating Transitions
- 2017 U.S. Public Finance Transportation Default Study And Rating Transitions
- 2017 Annual U.S. Public Finance Housing Default Study And Rating Transitions
- 2017 Annual U.S. Public Finance Charter School Default Study And Rating Transitions
- 2017 Annual U.S. Public Finance Higher Education And Nonprofit Organization Default Study And Rating Transitions
Sovereign and international public finance
- 2019 Annual Sovereign Default And Rating Transition Study
- 2018 Annual International Public Finance Default And Rating Transition Study
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 Contributor: | Shripati Pranshu, Mumbai; shripati.pranshu@spglobal.com |
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 acknowledgment 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 non-public 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.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.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.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.