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Default, Transition, and Recovery: Weakest Links Reach A New High As Their Pace Of Growth Slows

COMMENTS

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2023 Short-Term Corporate Default And Rating Transition Study

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Credit Trends: U.S. Corporate Bond Yields As Of Dec. 11, 2024

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Default, Transition, and Recovery: Global Speculative-Grade Corporate Default Rate To Decline To 3.5% By September 2025


Default, Transition, and Recovery: Weakest Links Reach A New High As Their Pace Of Growth Slows

Since the financial crisis, more aggressive financial policies and investors' risk appetite helped lead to an increase in the number of low-rated issuers globally. These issuers tend to be most at risk for default amid the sudden and deep dislocation in markets and revenue streams due to the COVID-19 pandemic and sharp decline in oil prices. Access to credit funding and refinancing for these issuers remains limited, compounded by many businesses--in particular, retailers, restaurants, travel-related companies, and those in the energy sectors--having weak revenue prospects and continuing to burn cash reserves in the meanwhile.

The weakest of these borrowers, namely those rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications, are known as weakest links and typically default at a rate eight times that of speculative-grade issuers. While the number of weakest links continues to rise (largely through downgrades of once higher-rated issuers), to 611 issuers in June, the pace has slowed considerably. The number of weakest links increased by only 11 month over month in June, compared with a month-over-month rise of 160 weakest links in May.

When we separate short-term and intermediate-term credit risk, we see that the number of issuers on CreditWatch with negative implications (a rating change is likely within 90 days) has contributed the most to this year's buildup in weakest links, increasing by more than 700% in 2020, owning to the rapid deterioration in credit quality among issuers directly affected by the pandemic (see chart 1).

Chart 1

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Hotels, Gaming And Leisure, Consumer Products, And Oil And Gas Lead The Weakest Links Tally

By sector, media and entertainment (which consists of both media, hotel, and gaming and leisure companies) leads weakest links with 107, followed by consumer products and oil and gas, with 79 and 59, respectively (see chart 2). Together they account for 40% of the weakest links.

For the media and entertainment sector, more than half of the sector's weakest links were on CreditWatch negative in March and April when social distancing and other measures taken by local governments, such as mandated closures, affected live-events companies (sporting events, concerts, Broadway shows), travel-related companies, trade show and conference operators, theme park operators, film and TV studios, and movie exhibitors (see "Pandemic And Recession Deal Blows To Credit Metrics Of U.S. Media And Entertainment Industry," June 10, 2020).

Chart 2

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The 12-Month-Trailing Weakest Links Default Rate Reaches 30.4%

Weakest links are a particularly important indicator of future defaults as their default rates are typically about eight times higher on average globally. The current trailing 12-month weakest links default rate is 30.4%, compared with a speculative-grade default rate of 3.4% (ending April 2020). Moreover, weakest links account for the largest share of defaults, particularly during periods of economic stress. During the 2001-2002 economic downturn more than half of the weakest links defaulted within 12 months, and nearly 65% defaulted within three years. By contrast, about 10% of all speculative-grade-rated issuers defaulted within 12 months, and about 23% defaulted within three years.

Table 1

Weakest Links By Region
Number of weakest links Five-year averages 10-year averages Total speculative-grade-rated issuers % of weakest links to total speculative-grade issuers Current distribution by region (%) Distribution by region 12-months prior (%)
U.S. 432 158 121 1468 29.43 70.70 71.37
Europe 100 27 23 526 19.01 16.37 12.78
Latin America 31 14 15 117 26.50 5.07 5.73
Canada 25 8 7 84 29.76 4.09 1.76
Asia/Pacific 15 8 7 105 14.29 2.45 5.29
EEMEA 8 14 11 122 6.56 1.31 3.08
Data as of June 8, 2020. Source: S&P Global Ratings Research. EEMEA--Eastern Europe/Middle East/Africa

Chart 3

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Chart 4

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Chart 5

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Chart 6

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Chart 7

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Table 2

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

American Airlines Group Inc.

6 Negative B- Transportation
Endeavor Operating Co. LLC 8 Negative CCC+ Media and entertainment

Cineworld Group PLC

24 Watch Neg CCC+ Media and entertainment

Finastra Ltd.

39 Negative CCC+ High technology

Intrado Corp.

47 Negative B- Telecommunications
Brand Industrial Services Inc., 58 Negative B- Capital goods
Team Health Holdings Inc., 64 Negative B- Health care
GTT Communications Inc., 72 Negative CCC+ Telecommunications

Golden Nugget Inc.

81 Negative B- Retail/restaurants
Wand NewCo 3 Inc., 82 Negative B- Automotive

AVSC Holding Corp.

96 Watch Neg B- Media and entertainment
Toro Private Holdings I, Ltd. 100 Negative B- Transportation
Dynasty Acquisition Co. Inc., 102 Negative B- Aerospace and defense
Solera Parent Holding, LLC 123 Negative B- High technology
LTI Holdings Inc., 125 Negative CCC+ Capital goods
McGraw-Hill Education Inc., 131 Negative B- Media and entertainment
Surgery Partners Inc., 132 Watch Neg B- Health care

Oryx Midstream Holdings LLC

137 Negative B- #N/A

KUEHG Corp.

138 Negative CCC+ Media and entertainment

AMC Entertainment Holdings Inc.

139 Negative CC Media and entertainment
Solenis UK International Ltd. 143 Negative B- Chemicals, packaging, and environmental services

Syniverse Holdings Inc.

160 Negative CCC+ Telecommunications

WestJet Airlines Ltd.

161 Watch Neg B- Transportation

Petco Holdings Inc.

170 Negative CCC+ Retail/restaurants

Veritas Holdings Ltd.

174 Negative B- High technology
Riverbed Parent Inc., 176 Negative CCC+ High technology

Mohegan Tribal Gaming Authority

177 Negative CCC+ Media and entertainment

Vericast Corp.

179 Negative CCC+ Media and entertainment
Pugnacious Endeavors Inc. 186 Negative B- Media and entertainment

Project Boost Purchaser LLC

191 Negative B- High technology

USS Ultimate Holdings Inc.

192 Negative B- Chemicals, packaging, and environmental services

Cengage Learning Holdings II Inc.

194 Negative B- Media and entertainment

Mallinckrodt plc

196 Negative CCC Health care

Clear Channel Outdoor Holdings Inc.

199 Negative B- Media and entertainment
ClubCorp Holdings Inc. 211 Negative CCC+ Media and entertainment

NEP/NCP Holdco Inc.

212 Watch Neg B- Media and entertainment

WP CPP Holdings LLC

220 Negative B- Aerospace and defense

Aerial Parent Corp.

226 Negative B- Telecommunications

Idemia France SAS

234 Negative B- High technology
Varsity Brands Holding Co. Inc. 248 Negative CCC+ Consumer products
DTI Holdco Inc. 249 Negative CCC+ Media and entertainment

Equinox Holdings Inc.

250 Negative CCC Media and entertainment
CLO--Collateralized loan obligation. Data as of June 8, 2020. Source: S&P Global Ratings Research.

Chart 8

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Chart 9

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Chart 10

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Table 3

Issuers Rated ‘B-’ Or Lower With A Negative Outlook Or On CreditWatch With Negative Implications
Rating Outlook / CreditWatch placement Subsector Issuer Parent company New to the list this month Outlook/Credit Watch Change Debt (mil. US$) Country Region
B- CreditWatch Negative Automotive Kongsberg Automotive ASA 311 Norway Europe
B- CreditWatch Negative Chemicals, packaging, and environmental services AgroFresh Inc. 425 U.S. U.S.
B- CreditWatch Negative Consumer products Edward Don & Co. Holdings, LLC 210 U.S. U.S.
B- CreditWatch Negative Consumer products KLDiscovery Inc. 680 U.S. U.S.
B- CreditWatch Negative Consumer products Lands' End Inc., 515 U.S. U.S.
B- CreditWatch Negative Consumer products Pesquera Exalmar S.A.A. 61 Peru Latin America
B- CreditWatch Negative Consumer products Sierra Enterprises LLC 282 U.S. U.S.
B- CreditWatch Negative Consumer products SIRVA Inc. 850 U.S. U.S.
B- CreditWatch Negative Financial institutions Muganbank OJSC - Azerbaijan Eastern Europe/Middle East/Africa
B- CreditWatch Negative Financial institutions OCWEN Financial Corp. 550 U.S. U.S.
B- CreditWatch Negative Forest products and building materials InterCement Brasil S.A. InterCement Participacoes S.A. - Brazil Latin America
B- CreditWatch Negative Forest products and building materials Pro.Gest SpA 566 Italy Europe
B- CreditWatch Negative Forest products and building materials Tensar Corp. (The) 310 U.S. U.S.
B- CreditWatch Negative Forest products and building materials The New Home Co. Inc. 325 U.S. U.S.
B- CreditWatch Negative Health care Alliance HealthCare Services 525 U.S. U.S.
B- CreditWatch Negative Health care American Dental Partners Inc., 215 U.S. U.S.
B- CreditWatch Negative Health care ATI Holdings Acquisition Inc., 993 U.S. U.S.
B- CreditWatch Negative Health care Confluent Health, LLC 200 U.S. U.S.
B- CreditWatch Negative Health care Covenant Surgical Partners Inc., 700 U.S. U.S.
B- CreditWatch Negative Health care Dentalcorp Health Services ULC 1,152 Canada Canada
B- CreditWatch Negative Health care NN Inc., 1,105 U.S. U.S.
B- CreditWatch Negative Health care Surgery Partners Inc., 2,355 U.S. U.S.
B- CreditWatch Negative High technology GI Revelation Acquisition LLC 715 U.S. U.S.
B- CreditWatch Negative Homebuilders/real estate companies Ezdan Holding Group Q.S.C. 2,000 Qatar Eastern Europe/Middle East/Africa
B- CreditWatch Negative Homebuilders/real estate companies PT Modernland Realty Tbk. 390 Indonesia Asia/Pacific
B- CreditWatch Negative Insurance APCO Super Holdco LP 220 U.S. U.S.
B- CreditWatch Negative Insurance Confie Seguros Holding Co. 1,065 U.S. U.S.
B- CreditWatch Negative Insurance Genworth Financial Inc. Yes 2,990 U.S. U.S.
B- CreditWatch Negative Media and entertainment 18 Fremont Street Acquisition, LLC 450 U.S. U.S.
B- CreditWatch Negative Media and entertainment ABC Financial Intermediate, LLC - U.S. U.S.
B- CreditWatch Negative Media and entertainment Affinity Gaming 495 U.S. U.S.
B- CreditWatch Negative Media and entertainment Airxcel Inc. 480 U.S. U.S.
B- CreditWatch Negative Media and entertainment AVSC Holding Corp. 1,980 U.S. U.S.
B- CreditWatch Negative Media and entertainment Casper MidCo SAS 985 France Europe
B- CreditWatch Negative Media and entertainment Century Casinos Inc., 170 U.S. U.S.
B- CreditWatch Negative Media and entertainment Comet Bidco Ltd. 821 U.K. Europe
B- CreditWatch Negative Media and entertainment CWGS Enterprises, LLC 1,190 U.S. U.S.
B- CreditWatch Negative Media and entertainment Digital Room Holdings Inc., 365 U.S. U.S.
B- CreditWatch Negative Media and entertainment International Park Holdings B.V. 758 Spain Europe
B- CreditWatch Negative Media and entertainment Jacobs Entertainment Inc. 385 U.S. U.S.
B- CreditWatch Negative Media and entertainment National Amusements Inc. 300 U.S. U.S.
B- CreditWatch Negative Media and entertainment NEP/NCP Holdco Inc. 1,370 U.S. U.S.
B- CreditWatch Negative Media and entertainment Pinnacle Bidco PLC 534 U.K. Europe
B- CreditWatch Negative Media and entertainment Piolin Bidco S.A.U. 1,098 Spain Europe
B- CreditWatch Negative Media and entertainment Promotora de Informaciones S.A. - Spain Europe
B- CreditWatch Negative Media and entertainment SBP Holding LP 845 U.S. U.S.
B- CreditWatch Negative Media and entertainment Spectacle Gary Holdings, LLC 370 U.S. U.S.
B- CreditWatch Negative Media and entertainment Sugarhouse HSP Gaming Prop. Mezz. L.P. 600 U.S. U.S.
B- CreditWatch Negative Media and entertainment The Octave Music Group Inc. 290 U.S. U.S.
B- CreditWatch Negative Media and entertainment Travel Leaders Group, LLC Yes 629 U.S. U.S.
B- CreditWatch Negative Metals, mining, and steel Algoma Steel Inc. 285 Canada Canada
B- CreditWatch Negative Metals, mining, and steel Companhia Siderurgica Nacional (CSN) 1,200 Brazil Latin America
B- CreditWatch Negative Oil and gas PGS ASA - Norway Europe
B- CreditWatch Negative Retail/restaurants AAG FH LP 244 Canada Canada
B- CreditWatch Negative Retail/restaurants Container Store Group Inc., (The) 273 U.S. U.S.
B- CreditWatch Negative Retail/restaurants Mabel Topco Ltd. The Restaurant Group PLC 286 U.K. Europe
B- CreditWatch Negative Telecommunications Tele Columbus AG 801 Germany Europe
B- CreditWatch Negative Transportation Gol Linhas Aereas Inteligentes S.A. - Brazil Latin America
B- CreditWatch Negative Transportation Transportes Aereos Portugueses, SGPS, S.A. Yes 424 Portugal Europe
B- CreditWatch Negative Transportation URS Holdco Inc., 747 U.S. U.S.
B- CreditWatch Negative Transportation WestJet Airlines Ltd. Yes 1,955 Canada Canada
B- Outlook Negative Aerospace and defense Dynasty Acquisition Co. Inc., 2,340 U.S. U.S.
B- Outlook Negative Aerospace and defense Forming Machining Industries Holdings, LLC 320 U.S. U.S.
B- Outlook Negative Aerospace and defense Jazz Acquisition Inc. Wencor Group LLC 530 U.S. U.S.
B- Outlook Negative Aerospace and defense Salient CRGT Inc., 420 U.S. U.S.
B- Outlook Negative Aerospace and defense Wesco Aircraft Holdings Inc. Wolverine Intermediate Holding Corp. 2,075 U.S. U.S.
B- Outlook Negative Aerospace and defense WP CPP Holdings LLC 1,506 U.S. U.S.
B- Outlook Negative Automotive Cooper-Standard Holdings Inc., 990 U.S. U.S.
B- Outlook Negative Automotive Dealer Tire LLC 1,733 U.S. U.S.
B- Outlook Negative Automotive EnTrans International, LLC 255 U.S. U.S.
B- Outlook Negative Automotive FleetPride Inc., Fastlane Parent Co. Inc., 845 U.S. U.S.
B- Outlook Negative Automotive Grupo Antolin Irausa SA 2,094 Spain Europe
B- Outlook Negative Automotive Holley Purchaser Inc., 400 U.S. U.S.
B- Outlook Negative Automotive Parts Holding Europe SAS Dakar Finance S.A. 1,090 France Europe
B- Outlook Negative Automotive TPro Acquisition Corp. 300 U.S. U.S.
B- Outlook Negative Automotive Truck Holdings Inc. 1,495 U.S. U.S.
B- Outlook Negative Automotive Wand NewCo 3 Inc., 2,541 U.S. U.S.
B- Outlook Negative Automotive Wheel Pros Inc., 716 U.S. U.S.
B- Outlook Negative Capital goods Algeco Investments B.V. Yes 1,369 Netherlands Europe
B- Outlook Negative Capital goods Brand Industrial Services Inc., 3,825 U.S. U.S.
B- Outlook Negative Capital goods C&D Technologies Inc. Yes 400 U.S. U.S.
B- Outlook Negative Capital goods CFS Brands LLC 408 U.S. U.S.
B- Outlook Negative Capital goods CIRCOR International Inc., 492 U.S. U.S.
B- Outlook Negative Capital goods Crosby Worldwide Ltd. - U.K. Europe
B- Outlook Negative Capital goods DexKo Global Inc. 3,051 U.S. U.S.
B- Outlook Negative Capital goods Energy Holdings (Cayman) Ltd., 2,094 Cayman Islands U.S.
B- Outlook Negative Capital goods FR Flow Control Midco Ltd. - U.K. Europe
B- Outlook Negative Capital goods Heidelberger Druckmaschinen AG 232 Germany Europe
B- Outlook Negative Capital goods Infrastructure and Energy Alternatives Inc., - U.S. U.S.
B- Outlook Negative Capital goods JMC Acquisition Corp. 460 U.S. U.S.
B- Outlook Negative Capital goods LJ Ruby Holdings, LLC 435 U.S. U.S.
B- Outlook Negative Capital goods Maxim Crane Works Holdings Capital, LLC 545 U.S. U.S.
B- Outlook Negative Capital goods Norican Global A/S 385 Denmark Europe
B- Outlook Negative Capital goods QualTek USA, LLC 380 U.S. U.S.
B- Outlook Negative Capital goods Rubix Group Holdings Ltd. 1,935 U.K. Europe
B- Outlook Negative Capital goods Safe Fleet Holdings LLC 1,435 U.S. U.S.
B- Outlook Negative Capital goods Star UK Midco Ltd. 535 U.K. Europe
B- Outlook Negative Capital goods Tailwind Smith Cooper Holding Corp. - U.S. U.S.
B- Outlook Negative Capital goods Tank Holding Corp. 529 U.S. U.S.
B- Outlook Negative Capital goods USIC Holdings Inc. 1,892 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services ASP Chromaflo Holdings LP 960 Cayman Islands U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Ball Metalpack Finco LLC 540 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Cornerstone Chemical Co. 450 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 Hexion Inc. 1,656 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Kleopatra Holdings 1 S.C.A. 2,103 Luxembourg Europe
B- Outlook Negative Chemicals, packaging, and environmental services Kronos Worldwide Inc. 453 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Perstorp Holding AB (publ) 963 Sweden Europe
B- Outlook Negative Chemicals, packaging, and environmental services Pregis TopCo Corp. 615 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Ring Container Technologies Group, LLC 540 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Schoeller Packaging B.V. Yes 283 Netherlands Europe
B- Outlook Negative Chemicals, packaging, and environmental services SK Invictus Intermediate II S.a r.l. 1,430 Luxembourg Europe
B- Outlook Negative Chemicals, packaging, and environmental services Solenis UK International Ltd. 4,892 U.K. Europe
B- Outlook Negative Chemicals, packaging, and environmental services TPC Group Inc., TPC Group LLC 930 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Trident TPI Holdings Inc., 2,427 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services USS Ultimate Holdings Inc., 2,490 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Vantage Specialty Chemicals Inc. 758 U.S. U.S.
B- Outlook Negative Consumer products Acropole Holding 549 France Europe
B- Outlook Negative Consumer products Afflelou SAS 470 France Europe
B- Outlook Negative Consumer products Amer Sports Holding 1 Oy 1,924 Finland Europe
B- Outlook Negative Consumer products BMC Acquisition Inc., Yes 230 U.S. U.S.
B- Outlook Negative Consumer products Boardriders Inc., 450 U.S. U.S.
B- Outlook Negative Consumer products Cast & Crew Payroll, LLC 890 U.S. U.S.
B- Outlook Negative Consumer products CB Poly Investments, LLC 1,686 U.S. U.S.
B- Outlook Negative Consumer products Chefs' Warehouse Inc., (The) Yes 1,115 U.S. U.S.
B- Outlook Negative Consumer products CHG PPC Intermediate II LLC 890 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 Genuine Financial Holdings, LLC 1,050 U.S. U.S.
B- Outlook Negative Consumer products Halo Buyer Inc. 370 U.S. U.S.
B- Outlook Negative Consumer products Haya Real Estate S.A.U 538 Spain Europe
B- Outlook Negative Consumer products Hillman Cos. Inc. (The) 1,390 U.S. U.S.
B- Outlook Negative Consumer products IM Growth SAS 226 France Europe
B- Outlook Negative Consumer products Innovative Water Care Global Corp. 460 U.S. U.S.
B- Outlook Negative Consumer products KNEL Acquisition LLC 465 U.S. U.S.
B- Outlook Negative Consumer products Knowlton Development HoldCo Inc., 1,860 Canada Canada
B- Outlook Negative Consumer products Livingston International Inc. 344 Canada Canada
B- Outlook Negative Consumer products LSF9 Balta Issuer S.A. 420 Belgium Europe
B- Outlook Negative Consumer products Marcolin SpA 283 Italy Europe
B- Outlook Negative Consumer products Nutrition Parent LLC 248 U.S. U.S.
B- Outlook Negative Consumer products Owens & Minor Inc. 5,529 U.S. U.S.
B- Outlook Negative Consumer products P&L Development Holdings, LLC 313 U.S. U.S.
B- Outlook Negative Consumer products PetroChoice Holdings Inc., 445 U.S. U.S.
B- Outlook Negative Consumer products pH Beauty Holdings I Inc., 340 U.S. U.S.
B- Outlook Negative Consumer products Premier Brands Group Holdings LLC 325 U.S. U.S.
B- Outlook Negative Consumer products Selecta Group B.V. 1,663 Netherlands Europe
B- Outlook Negative Consumer products SIWF Holdings Inc., 1,145 U.S. U.S.
B- Outlook Negative Consumer products STG-Fairway Holdings, LLC (d/b/a First Advantage Corp.) 815 U.S. U.S.
B- Outlook Negative Consumer products TGP Holdings III LLC 456 U.S. U.S.
B- Outlook Negative Consumer products YS Garments LLC 330 U.S. U.S.
B- Outlook Negative Financial institutions Freedom Mortgage Corp. 1,350 U.S. U.S.
B- Outlook Negative Financial institutions Mulhacen Pte. Ltd. 583 Singapore Asia/Pacific
B- Outlook Negative Financial institutions Ravnaq-bank Private Open Joint-Stock Commercial Bank - Uzbekistan Eastern Europe/Middle East/Africa
B- Outlook Negative Financial institutions Turkiston Bank - Uzbekistan Eastern Europe/Middle East/Africa
B- Outlook Negative Financial institutions World Acceptance Corp. - U.S. U.S.
B- Outlook Negative Forest products and building materials Plaskolite PPC Intermediate II LLC Plaskolite PPC Intermediate I LLC 660 U.S. U.S.
B- Outlook Negative Forest products and building materials Specialty Building Products Holdings, LLC 500 U.S. U.S.
B- Outlook Negative Forest products and building materials Werner FinCo LP New Werner Holding Co. Inc., 625 U.S. U.S.
B- Outlook Negative Health care Aegis Toxicology Sciences Corp. Aegis Acquistion Inc., 300 U.S. U.S.
B- Outlook Negative Health care Albany Molecular Research Inc. 1,720 U.S. U.S.
B- Outlook Negative Health care Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. 2,119 U.S. U.S.
B- Outlook Negative Health care American Renal Associates Holdings Inc., 440 U.S. U.S.
B- Outlook Negative Health care Arbor Pharmaceuticals Inc. 500 U.S. U.S.
B- Outlook Negative Health care Avalign Holdings Inc., 458 U.S. U.S.
B- Outlook Negative Health care Buccaneer Intermediate Holdco Ltd. 545 U.K. Europe
B- Outlook Negative Health care ERC Topco Holdings, LLC 220 U.S. U.S.
B- Outlook Negative Health care Greenway Health, LLC 530 U.S. U.S.
B- Outlook Negative Health care Lannett Co. Inc., 1,060 U.S. U.S.
B- Outlook Negative Health care Team Health Holdings Inc., 7,230 U.S. U.S.
B- Outlook Negative High technology Aspen Jersey Topco LLC 300 U.S. U.S.
B- Outlook Negative High technology Cohu Inc., 350 U.S. U.S.
B- Outlook Negative High technology Crackle Intermediate Corp. Crackle Holdings LP - U.S. U.S.
B- Outlook Negative High technology Diebold Nixdorf Inc. 4,115 U.S. U.S.
B- Outlook Negative High technology Eclipse Midco Inc., 694 U.S. U.S.
B- Outlook Negative High technology Electronics for Imaging Inc., 1,100 U.S. U.S.
B- Outlook Negative High technology First American Payment Systems LP 275 U.S. U.S.
B- Outlook Negative High technology Franklin Ireland Topco Ltd. - Ireland Europe
B- Outlook Negative High technology Idemia France SAS 6,983 France Europe
B- Outlook Negative High technology Mitel Networks (International) Ltd. 1,380 U.K. Europe
B- Outlook Negative High technology Nets Topco 3 S.a r.l. 3,532 Denmark Europe
B- Outlook Negative High technology Procera I, LP 510 Canada Canada
B- Outlook Negative High technology Project Boost Purchaser LLC 1,230 U.S. U.S.
B- Outlook Negative High technology Project Silverback Holding Corp. 943 U.S. U.S.
B- Outlook Negative High technology QBS Parent Inc., Project Quarterback Parent, LLC 420 U.S. U.S.
B- Outlook Negative High technology Shift4 Payments LLC 650 U.S. U.S.
B- Outlook Negative High technology Solera Parent Holding, LLC 11,480 U.S. U.S.
B- Outlook Negative High technology Starfish Holdco LLC 4,733 U.S. U.S.
B- Outlook Negative High technology Sungard AS New Holdings, LLC Yes 400 U.S. U.S.
B- Outlook Negative High technology Trade Me Group Ltd. 602 New Zealand Asia/Pacific
B- Outlook Negative High technology Triton UK Midco Ltd. 305 U.K. Europe
B- Outlook Negative High technology Veritas Holdings Ltd. 8,750 Bermuda U.S.
B- Outlook Negative High technology Wirepath LLC Crackle Holdings LP 682 U.S. U.S.
B- Outlook Negative Homebuilders/real estate companies PT Lippo Karawaci Tbk. 1,160 Indonesia Asia/Pacific
B- Outlook Negative Insurance Amynta Holdings LLC 1,455 U.S. U.S.
B- Outlook Negative Insurance One Call Corp. One Call Care Management Inc., 1,866 U.S. U.S.
B- Outlook Negative Insurance Wethaq Takaful Insurance Co. K.S.C. - Kuwait Eastern Europe/Middle East/Africa
B- Outlook Negative Media and entertainment APX Group Holdings Inc. 4,577 U.S. U.S.
B- Outlook Negative Media and entertainment AQ Carver Buyer Inc., 455 U.S. U.S.
B- Outlook Negative Media and entertainment Awaze Ltd. 1,117 U.K. Europe
B- Outlook Negative Media and entertainment Bowlero Corp. 1,045 U.S. U.S.
B- Outlook Negative Media and entertainment Cassini SAS 745 France Europe
B- Outlook Negative Media and entertainment Cengage Learning Holdings II Inc. 2,580 U.S. U.S.
B- Outlook Negative Media and entertainment Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. 2,241 Spain Europe
B- Outlook Negative Media and entertainment Clear Channel Outdoor Holdings Inc. Yes 5,485 U.S. U.S.
B- Outlook Negative Media and entertainment ConvergeOne Holdings Inc. 1,235 U.S. U.S.
B- Outlook Negative Media and entertainment Cumulus Media Inc. Yes 2,325 U.S. U.S.
B- Outlook Negative Media and entertainment Deliver Buyer Inc., 630 U.S. U.S.
B- Outlook Negative Media and entertainment DMT Solutions Global Corp. 250 U.S. U.S.
B- Outlook Negative Media and entertainment EagleView Technology Corp. 765 U.S. U.S.
B- Outlook Negative Media and entertainment Hoya Midco, LLC Yes 640 U.S. U.S.
B- Outlook Negative Media and entertainment Hubbard Radio, LLC Yes 480 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 McGraw-Hill Education Inc., 2,125 U.S. U.S.
B- Outlook Negative Media and entertainment Monitronics International Inc. 1,923 U.S. U.S.
B- Outlook Negative Media and entertainment Peak Jersey Holdco Ltd. Yes 927 Jersey Europe
B- Outlook Negative Media and entertainment Prometric Holdings Inc., 1,294 U.S. U.S.
B- Outlook Negative Media and entertainment Pugnacious Endeavors Inc. 2,212 U.S. U.S.
B- Outlook Negative Media and entertainment Spring Education Group Inc. 866 U.S. U.S.
B- Outlook Negative Media and entertainment Sterling Intermediate Corp. 655 U.S. U.S.
B- Outlook Negative Media and entertainment TEG Pty Ltd. 770 Australia Asia/Pacific
B- Outlook Negative Media and entertainment TMF Sapphire Midco B.V. 1,471 Netherlands Europe
B- Outlook Negative Media and entertainment Tornante - MDP Joe Holding LLC 125 U.S. U.S.
B- Outlook Negative Media and entertainment Viking Cruises Ltd. Viking Holdings Ltd Yes 2,875 U.S. U.S.
B- Outlook Negative Media and entertainment Vue International Bidco plc 929 U.K. Europe
B- Outlook Negative Media and entertainment World Endurance Holdings Inc. 520 U.S. U.S.
B- Outlook Negative Merchant power Terra-Gen Finance Co. LLC Terra-Gen Power Holding II LLC 323 U.S. U.S.
B- Outlook Negative Metals, mining, and steel Baffinland Iron Mines Corp. 1,850 Canada Canada
B- Outlook Negative Metals, mining, and steel Cleveland-Cliffs Inc. 6,857 U.S. U.S.
B- Outlook Negative Metals, mining, and steel Eurasian Resources Group (ERG) S.a.r.l. - Luxembourg Europe
B- Outlook Negative Metals, mining, and steel Ferrexpo PLC Yes - U.K. Europe
B- Outlook Negative Metals, mining, and steel MRC Global (US) Inc. McJunkin Red Man Holding Corp. 399 U.S. U.S.
B- Outlook Negative Metals, mining, and steel WireCo WorldGroup Inc. 595 U.S. U.S.
B- Outlook Negative Midstream BCP Raptor II, LLC BCP Raptor HoldCo 690 U.S. U.S.
B- Outlook Negative Midstream EagleClaw Midstream Ventures, LLC BCP Raptor HoldCo - U.S. U.S.
B- Outlook Negative Midstream Medallion Gathering & Processing, LLC Medallion Midland Acquisition, LLC - U.S. U.S.
B- Outlook Negative Midstream Navitas Midstream Midland Basin, LLC 390 U.S. U.S.
B- Outlook Negative Midstream Oryx Midstream Holdings LLC 1,500 U.S. U.S.
B- Outlook Negative Midstream Paradigm Midstream LLC 400 U.S. U.S.
B- Outlook Negative Midstream WaterBridge Operating LLC WaterBridge Resources, LLC 1,000 U.S. U.S.
B- Outlook Negative Midstream Zenith Energy U.S. Logistics Holdings, LLC 450 U.S. U.S.
B- Outlook Negative Oil and gas Antero Resources Corp. 6,400 U.S. U.S.
B- Outlook Negative Oil and gas BEP Ulterra Holdings Inc., 415 U.S. U.S.
B- Outlook Negative Oil and gas Berry Petroleum Corp. 350 U.S. U.S.
B- Outlook Negative Oil and gas Encino Acquisition Partners LLC 550 U.S. U.S.
B- Outlook Negative Oil and gas EnVen Energy Corp. 650 U.S. U.S.
B- Outlook Negative Oil and gas Era Group Inc. Yes 200 U.S. U.S.
B- Outlook Negative Oil and gas Laredo Petroleum Inc. 1,450 U.S. U.S.
B- Outlook Negative Oil and gas Matador Resources Co. 1,000 U.S. U.S.
B- Outlook Negative Oil and gas Welltec A/S 340 Denmark Europe
B- Outlook Negative Retail/restaurants AutoCanada Inc. 93 Canada Canada
B- Outlook Negative Retail/restaurants Conn's Inc. 2,850 U.S. U.S.
B- Outlook Negative Retail/restaurants Eyemart Express Holdings LLC 355 U.S. U.S.
B- Outlook Negative Retail/restaurants Golden Nugget Inc. 5,998 U.S. U.S.
B- Outlook Negative Retail/restaurants K-Mac Holdings Corp. 480 U.S. U.S.
B- Outlook Negative Retail/restaurants Mavis Tire Express Services Corp. 1,795 U.S. U.S.
B- Outlook Negative Retail/restaurants MED ParentCo, LP Yes 1,416 U.S. U.S.
B- Outlook Negative Retail/restaurants Moran Foods, LLC SAL Acquisition Corp. Yes 334 U.S. U.S.
B- Outlook Negative Retail/restaurants PAX Midco Spain 1,188 Spain Europe
B- Outlook Negative Retail/restaurants Tacala LLC 564 U.S. U.S.
B- Outlook Negative Telecommunications Aerial Parent Corp. Yes 1,950 U.S. U.S.
B- Outlook Negative Telecommunications Aventiv Technologies, LLC 1,665 U.S. U.S.
B- Outlook Negative Telecommunications Cologix Holdings Inc., 425 U.S. U.S.
B- Outlook Negative Telecommunications DISH DBS Corp. DISH Network Corp. 9,250 U.S. U.S.
B- Outlook Negative Telecommunications GCI, LLC GCI Liberty Inc., 1,556 U.S. U.S.
B- Outlook Negative Telecommunications Intrado Corp. 5,407 U.S. U.S.
B- Outlook Negative Telecommunications Oi S.A. 1,654 Brazil Latin America
B- Outlook Negative Transportation American Airlines Group Inc. Yes 6,540 U.S. U.S.
B- Outlook Negative Transportation Bahia de las Isletas, S.L. 659 Spain Europe
B- Outlook Negative Transportation Daseke Inc. 500 U.S. U.S.
B- Outlook Negative Transportation Grupo Aeromexico, S.A.B. de C.V. Yes - Mexico Latin America
B- Outlook Negative Transportation International Seaways Inc., 25 Marshall Islands Asia/Pacific
B- Outlook Negative Transportation Navios Maritime Acquisition Corp. Navios Maritime Holdings Inc. 1,340 Marshall Islands Asia/Pacific
B- Outlook Negative Transportation Promontoria Holding 264 B.V. 860 Netherlands Europe
B- Outlook Negative Transportation Toro Private Holdings I, Ltd. 3,300 U.K. Europe
B- Outlook Negative Transportation WWEX UNI Intermediate Holdings LLC Yes 1,650 U.S. U.S.
B- Outlook Negative Utilities Calumet Specialty Products Partners LP 4,250 U.S. U.S.
B- Outlook Negative Utilities Ellaktor S.A. 758 Greece Europe
CCC+ CreditWatch Negative Aerospace and defense MB Aerospace Holdings II Corp. 305 U.K. Europe
CCC+ CreditWatch Negative Automotive Bright Bidco B.V. 1,683 Netherlands Europe
CCC+ CreditWatch Negative Automotive K&N Parent Inc., 345 U.S. U.S.
CCC+ CreditWatch Negative Automotive Pearl Holding III Ltd. 175 China Asia/Pacific
CCC+ CreditWatch Negative Capital goods Neenah Enterprises Inc., 120 U.S. U.S.
CCC+ CreditWatch Negative Consumer products Array Canada Inc. 315 Canada Canada
CCC+ CreditWatch Negative Consumer products Output Services Group Inc., 1,507 U.S. U.S.
CCC+ CreditWatch Negative Health care Affordable Care Holding Corp. 516 U.S. U.S.
CCC+ CreditWatch Negative Health care Exactech Inc., 270 U.S. U.S.
CCC+ CreditWatch Negative Health care Femur Buyer Inc., 485 U.S. U.S.
CCC+ CreditWatch Negative Health care Premier Dental Services Inc. 996 U.S. U.S.
CCC+ CreditWatch Negative Health care YI Group Holdings, LLC 338 U.S. U.S.
CCC+ CreditWatch Negative Media and entertainment CBAC Borrower LLC 300 U.S. U.S.
CCC+ CreditWatch Negative Media and entertainment Cineworld Group PLC 6,595 U.K. Europe
CCC+ CreditWatch Negative Media and entertainment Enterprise Development Authority 450 U.S. U.S.
CCC+ CreditWatch Negative Media and entertainment Gateway Casinos & Entertainment Ltd. 695 Canada Canada
CCC+ CreditWatch Negative Media and entertainment Hanjin International Corp. Korean Air Lines Co. Ltd. 600 Korea, Republic of Asia/Pacific
CCC+ CreditWatch Negative Media and entertainment Thame and London Ltd. 560 U.K. Europe
CCC+ CreditWatch Negative Media and entertainment WeWork Companies LLC 702 U.S. U.S.
CCC+ CreditWatch Negative Metals, mining, and steel Century Aluminum Co. 250 U.S. U.S.
CCC+ CreditWatch Negative Oil and gas Gran Tierra Energy Inc. Yes 600 U.S. U.S.
CCC+ CreditWatch Negative Retail/restaurants Red Lobster Intermediate Holdings LLC 380 U.S. U.S.
CCC+ CreditWatch Negative Telecommunications Gogo Inc. 1,125 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense Bombardier Inc. 9,368 Canada Canada
CCC+ Outlook Negative Aerospace and defense Propulsion Acquisition LLC Yes 535 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense Sequa Corp. 1,270 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense Triumph Group Inc. 1,325 U.S. U.S.
CCC+ Outlook Negative Automotive Accuride Corp. 363 U.S. U.S.
CCC+ Outlook Negative Automotive Dayco LLC - U.S. U.S.
CCC+ Outlook Negative Automotive GC EOS Buyer Inc. 875 U.S. U.S.
CCC+ Outlook Negative Automotive PT Gajah Tunggal Tbk. 250 Indonesia Asia/Pacific
CCC+ Outlook Negative Capital goods Ahern Rentals Inc. 550 U.S. U.S.
CCC+ Outlook Negative Capital goods Aptim Corp. 515 U.S. U.S.
CCC+ Outlook Negative Capital goods ASP Unifrax Holdings Inc., 1,301 U.S. U.S.
CCC+ Outlook Negative Capital goods Big Ass Fans, LLC 359 U.S. U.S.
CCC+ Outlook Negative Capital goods CPM Holdings Inc. 1,480 U.S. U.S.
CCC+ Outlook Negative Capital goods FGI Acquisition Corp. 200 France Europe
CCC+ Outlook Negative Capital goods Granite US Holdings Corp. 1,200 U.K. Europe
CCC+ Outlook Negative Capital goods Helix Acquisition Holdings Inc., 2,055 U.S. U.S.
CCC+ Outlook Negative Capital goods Liqui-Box Holdings Inc., 530 U.S. U.S.
CCC+ Outlook Negative Capital goods LTI Holdings Inc., 1,740 U.S. U.S.
CCC+ Outlook Negative Capital goods NESCO Holdings Inc., 475 U.S. U.S.
CCC+ Outlook Negative Capital goods Range Parent Inc. 620 U.S. U.S.
CCC+ Outlook Negative Capital goods Shape Technologies Group Inc., 350 U.S. U.S.
CCC+ Outlook Negative Capital goods Titan International Inc. 400 U.S. U.S.
CCC+ Outlook Negative Capital goods Welbilt Inc., 1,325 U.S. U.S.
CCC+ Outlook Negative Capital goods Yak Access, LLC 860 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Anchor Glass Container Corp. 800 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services DCG Acquisition Corp. 1,378 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Diamond (BC) B.V. 2,507 Netherlands Europe
CCC+ Outlook Negative Chemicals, packaging, and environmental services Flint HoldCo S.a r.l. 2,568 Luxembourg Europe
CCC+ Outlook Negative Chemicals, packaging, and environmental services FXI Holdings Inc., 2,075 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Hoffmaster Group Inc. 547 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services PSC Industrial Outsourcing LP PSC Holdings I LP 570 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 Chemicals, packaging, and environmental services Transcendia Holdings Inc., 405 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Zep Inc. 725 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Zinc-Polymer Parent Holdings, LLC 355 U.S. U.S.
CCC+ Outlook Negative Consumer products Arctic Glacier Group Holdings Inc., 880 U.S. U.S.
CCC+ Outlook Negative Consumer products Boparan Holdings Ltd. 759 U.K. Europe
CCC+ Outlook Negative Consumer products Brown Jordan International Inc. 165 U.S. U.S.
CCC+ Outlook Negative Consumer products CatLuxe Sarl CatLuxe Acquistion Sarl 243 Luxembourg Europe
CCC+ Outlook Negative Consumer products Elevate Textiles Inc., 710 U.S. U.S.
CCC+ Outlook Negative Consumer products KC Culinarte Holdings LP 313 U.S. U.S.
CCC+ Outlook Negative Consumer products KCIBT Holdings LP 1,070 U.S. U.S.
CCC+ Outlook Negative Consumer products Rodan & Fields, LLC 600 U.S. U.S.
CCC+ Outlook Negative Consumer products Tailored Brands Inc., 1,500 U.S. U.S.
CCC+ Outlook Negative Consumer products The Talbots Inc. 410 U.S. U.S.
CCC+ Outlook Negative Consumer products TMK Hawk Parent, Corp. 820 U.S. U.S.
CCC+ Outlook Negative Consumer products Transcom TopCo AB 204 Sweden Europe
CCC+ Outlook Negative Consumer products Varsity Brands Holding Co. Inc. 2,800 U.S. U.S.
CCC+ Outlook Negative Financial institutions Banco De Galicia Y Buenos Aires S.A.U. 250 Argentina Latin America
CCC+ Outlook Negative Financial institutions Banco de la Provincia de Buenos Aires - Argentina Latin America
CCC+ Outlook Negative Financial institutions Banco Patagonia S.A. Banco do Brasil S.A. - Argentina Latin America
CCC+ Outlook Negative Financial institutions DriveTime Automotive Group Inc., 800 U.S. U.S.
CCC+ Outlook Negative Financial institutions Provident Funding Associates L.P. 325 U.S. U.S.
CCC+ Outlook Negative Forest products and building materials Apex Tool Group, LLC 1,559 U.S. U.S.
CCC+ Outlook Negative Forest products and building materials Distribution International Inc. DI Purchaser Inc., - U.S. U.S.
CCC+ Outlook Negative Forest products and building materials Millar Western Forest Products Ltd. Millar Western Industries Ltd. 112 Canada Canada
CCC+ Outlook Negative Forest products and building materials Rayonier Advanced Materials Inc. 550 U.S. U.S.
CCC+ Outlook Negative Health care Alcami Corp. 1,425 U.S. U.S.
CCC+ Outlook Negative Health care Aveanna Healthcare LLC Aveanna Healthcare Holdings Inc. 1,046 U.S. U.S.
CCC+ Outlook Negative Health care Community Health Systems Inc. 20,694 U.S. U.S.
CCC+ Outlook Negative Health care Heartland Dental, LLC Hadrian Merger Sub Inc. 1,610 U.S. U.S.
CCC+ Outlook Negative Health care Medical Depot Holdings Inc., 915 U.S. U.S.
CCC+ Outlook Negative Health care nThrive Inc., 751 U.S. U.S.
CCC+ Outlook Negative Health care Viant Medical Holdings Inc., 793 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 Finastra Ltd. 36,296 Cayman Islands U.S.
CCC+ Outlook Negative High technology Natel Engineering Co. Inc., Natel Engineering Holdings Inc., 325 U.S. U.S.
CCC+ Outlook Negative High technology Priority Holdings, LLC 1,187 U.S. U.S.
CCC+ Outlook Negative High technology Riverbed Parent Inc., 2,150 U.S. U.S.
CCC+ Outlook Negative High technology SuperMoose Newco Inc., 1,335 U.S. U.S.
CCC+ Outlook Negative High technology Transact Holdings Inc., 260 U.S. U.S.
CCC+ Outlook Negative Homebuilders/real estate companies PT Alam Sutera Realty Tbk. 545 Indonesia Asia/Pacific
CCC+ Outlook Negative Homebuilders/real estate companies Washington Prime Group Inc. 1,643 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Aimbridge Acquisition Co. Inc. 770 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Beasley Broadcast Group Inc. 260 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 Casablanca Global Intermediate Holdings L.P. 1,900 British Virgin Islands Europe
CCC+ Outlook Negative Media and entertainment ClubCorp Holdings Inc., 1,600 U.S. U.S.
CCC+ Outlook Negative Media and entertainment CPI Card Group Inc. 465 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 DTI Holdco Inc., 1,195 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Endeavor Operating Co., LLC 11,360 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Europcar Mobility Group S.A. Yes 1,754 France Europe
CCC+ Outlook Negative Media and entertainment Excel Fitness Holdings Inc., 260 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Grupo Posadas, S. A. B. de C. V. 400 Mexico Latin America
CCC+ Outlook Negative Media and entertainment HNVR Midco Ltd. 2,734 U.K. Europe
CCC+ Outlook Negative Media and entertainment Hurtigruten Group AS Silk Holdings Sarl 1,177 Norway Europe
CCC+ Outlook Negative Media and entertainment KUEHG Corp. 1,387 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Lakeland Holdings, LLC 595 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Learfield Communications, LLC 962 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Mohegan Tribal Finance Authority 97 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Mohegan Tribal Gaming Authority 1,876 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Odyssey Europe Holdco S.a r.l. Yes 226 Estonia Europe
CCC+ Outlook Negative Media and entertainment Peninsula Pacific Entertainment LLC 275 U.S. U.S.
CCC+ Outlook Negative Media and entertainment PGX Holdings Inc. Yes 555 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Richmond UK Holdco Ltd. 1,718 U.K. Europe
CCC+ Outlook Negative Media and entertainment Southern Graphics Inc. 679 U.S. U.S.
CCC+ Outlook Negative Media and entertainment SP PF Buyer LLC 439 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Topgolf International Inc., 350 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Tribe Buyer LLC 400 U.S. U.S.
CCC+ Outlook Negative Media and entertainment TUI AG Yes 340 Germany Europe
CCC+ Outlook Negative Media and entertainment United PF Holdings, LLC 746 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Vericast Corp. 3,670 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Contura Energy Inc., Yes 562 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Conuma Coal Resources Ltd. 200 Canada Canada
CCC+ Outlook Negative Metals, mining, and steel Covia Holdings Corp. SCR-Sibelco NV 1,650 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Ferroglobe PLC Grupo Villar Mir S.A.U. - U.K. Europe
CCC+ Outlook Negative Metals, mining, and steel Hi- Crush Inc. 450 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Taseko Mines Ltd. 250 Canada Canada
CCC+ Outlook Negative Metals, mining, and steel U.S. Silica Co. 1,280 U.S. U.S.
CCC+ Outlook Negative Midstream Epic Y Grade Services, LP 950 U.S. U.S.
CCC+ Outlook Negative Midstream Gulf Finance, LLC 1,150 U.S. U.S.
CCC+ Outlook Negative Midstream Woodford Express, LLC 364 U.S. U.S.
CCC+ Outlook Negative Oil and gas Ascent Resources Utica Holdings, LLC 2,700 U.S. U.S.
CCC+ Outlook Negative Oil and gas Basic Energy Services Inc. 300 U.S. U.S.
CCC+ Outlook Negative Oil and gas Centennial Resource Development Inc., 1,027 U.S. U.S.
CCC+ Outlook Negative Oil and gas Compania General de Combustibles S.A. 300 Argentina Latin America
CCC+ Outlook Negative Oil and gas Crew Energy Inc. 224 Canada Canada
CCC+ Outlook Negative Oil and gas Denbury Resources Inc. 4,670 U.S. U.S.
CCC+ Outlook Negative Oil and gas EnQuest PLC 650 U.K. Europe
CCC+ Outlook Negative Oil and gas Ensign Drilling Inc. Ensign Energy Services Inc. 700 Canada Canada
CCC+ Outlook Negative Oil and gas Great Western Petroleum LLC 600 U.S. U.S.
CCC+ Outlook Negative Oil and gas Gulfport Energy Corp. 2,050 U.S. U.S.
CCC+ Outlook Negative Oil and gas HGIM Corp. 350 U.S. U.S.
CCC+ Outlook Negative Oil and gas HighPoint Resources Corp. 675 U.S. U.S.
CCC+ Outlook Negative Oil and gas ION Geophysical Corp. 121 U.S. U.S.
CCC+ Outlook Negative Oil and gas MEG Energy Corp. 2,950 Canada Canada
CCC+ Outlook Negative Oil and gas Moss Creek Resources Holdings Inc., 1,200 U.S. U.S.
CCC+ Outlook Negative Oil and gas Nabors Industries Ltd. 3,725 Bermuda U.S.
CCC+ Outlook Negative Oil and gas Northern Oil and Gas Inc. 694 U.S. U.S.
CCC+ Outlook Negative Oil and gas Oasis Petroleum Inc. 2,475 U.S. U.S.
CCC+ Outlook Negative Oil and gas Osum Oil Sands Corp. 210 Canada Canada
CCC+ Outlook Negative Oil and gas Petroquimica Comodoro Rivadavia S.A. - Argentina Latin America
CCC+ Outlook Negative Oil and gas Tervita Corp. 610 Canada Canada
CCC+ Outlook Negative Oil and gas Tullow Oil PLC 1,450 U.K. Europe
CCC+ Outlook Negative Oil and gas Vesta Energy Corp. 149 Canada Canada
CCC+ Outlook Negative Oil and gas W&T Offshore Inc. 625 U.S. U.S.
CCC+ Outlook Negative Oil and gas YPF S.A 1,967 Argentina Latin America
CCC+ Outlook Negative Retail/restaurants At Home Group Inc. 425 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants BDF Acquisition Corp. 265 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Beverages & More Inc., 190 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Carrols Restaurant Group Inc., 425 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Cooper's Hawk Intermediate Holding, LLC 200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Fogo De Chao Inc., 324 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Foodco Bondco SAU Yes 758 Spain Europe
CCC+ Outlook Negative Retail/restaurants GPS Hospitality Holding Co. LLC 265 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Kirk Beauty One GmbH 2,609 Germany Europe
CCC+ Outlook Negative Retail/restaurants Main Event Entertainment Inc., Ardent Leisure Ltd. 200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Maxeda DIY Group B.V. 594 Netherlands Europe
CCC+ Outlook Negative Retail/restaurants Mister Car Wash Holdings Inc., 800 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 Petco Holdings Inc. 3,200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Quidditch Acquisition Inc., 204 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Stonegate Pub Co. Ltd. - U.K. Europe
CCC+ Outlook Negative Retail/restaurants Wok Holdings Inc., 430 U.S. U.S.
CCC+ Outlook Negative Telecommunications Flexential Intermediate Corp. 1,760 U.S. U.S.
CCC+ Outlook Negative Telecommunications GTT Communications Inc., 3,449 U.S. U.S.
CCC+ Outlook Negative Telecommunications IPC Corp. 1,457 U.S. U.S.
CCC+ Outlook Negative Telecommunications Premiere Global Services Inc. 1,330 U.S. U.S.
CCC+ Outlook Negative Telecommunications Syniverse Holdings Inc., 1,922 U.S. U.S.
CCC+ Outlook Negative Telecommunications Telecom Argentina S.A. 400 Argentina Latin America
CCC+ Outlook Negative Transportation Azul S.A. Yes - Brazil Latin America
CCC+ Outlook Negative Transportation Kenan Advantage Group Inc. 1,445 U.S. U.S.
CCC+ Outlook Negative Transportation United States Shipping Corp. 220 U.S. U.S.
CCC+ Outlook Negative Utilities Aeropuertos Argentina 2000 S.A. 750 Argentina Latin America
CCC+ Outlook Negative Utilities AES Argentina Generacion S.A AES Corp. (The) 300 Argentina Latin America
CCC+ Outlook Negative Utilities CAPEX S.A. 300 Argentina Latin America
CCC+ Outlook Negative Utilities Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. 99 Argentina Latin America
CCC+ Outlook Negative Utilities Empresa Distribuidora Y Comercializadora Norte S.A. 300 Argentina Latin America
CCC+ Outlook Negative Utilities ESKOM Holdings SOC Ltd. Yes 6,300 South Africa Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Utilities Pampa Energia S.A. 1,550 Argentina Latin America
CCC+ Outlook Negative Utilities Transportadora de Gas del Sur S.A. (TGS) Compania De Inversiones de Energia S.A. 500 Argentina Latin America
CCC CreditWatch Negative Automotive USF Holdings LLC 570 U.S. U.S.
CCC CreditWatch Negative Capital goods Praesidiad Group Ltd. 358 U.K. Europe
CCC CreditWatch Negative Consumer products Grupo Kaltex, S.A. de C.V. 320 Mexico Latin America
CCC CreditWatch Negative Homebuilders/real estate companies Sunshine 100 China Holdings Ltd. - Cayman Islands U.S.
CCC CreditWatch Negative Transportation Neovia Logistics Intermediate Holdings, LP 325 U.S. U.S.
CCC CreditWatch Negative Transportation Swissport Group S.a.r.l Yes 1,873 Luxembourg Europe
CCC Outlook Negative Automotive Horizon Global Corp. 150 U.S. U.S.
CCC Outlook Negative Automotive McLaren Group Ltd. 821 U.K. Europe
CCC Outlook Negative Automotive SK HoldCo LLC 1,370 U.S. U.S.
CCC Outlook Negative Capital goods CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. 300 Argentina Latin America
CCC Outlook Negative Capital goods Form Technologies LLC 1,103 U.S. U.S.
CCC Outlook Negative Capital goods Hoover Group Inc., 225 U.S. U.S.
CCC Outlook Negative Capital goods Optimas OE Solutions Holding, LLC 450 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services Polymer Additives Holdings Inc., 405 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services Strategic Materials Holding Corp. 315 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services UFS Holdings Inc., 254 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services Viskase Cos. Inc. 275 U.S. U.S.
CCC Outlook Negative Consumer products Anastasia Holdings, LLC 650 U.S. U.S.
CCC Outlook Negative Consumer products ASP MCS Acquisition Corp. 455 U.S. U.S.
CCC Outlook Negative Consumer products Badger Finance, LLC Badger Intermediate Holdings LLC 1,172 U.S. U.S.
CCC Outlook Negative Consumer products Blue Ribbon Intermediate Holdings LLC - 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 Isagenix Worldwide Inc., - U.S. U.S.
CCC Outlook Negative Consumer products Lanai Holdings III Inc., 2,655 U.S. U.S.
CCC Outlook Negative Consumer products Missouri TopCo Ltd. - U.K. Europe
CCC Outlook Negative Consumer products Never Slip Topco Inc. 283 U.S. U.S.
CCC Outlook Negative Consumer products NSA International, LLC 450 U.S. U.S.
CCC Outlook Negative Consumer products S.A. Usina Coruripe Acucar e Alcool Yes - Brazil Latin America
CCC Outlook Negative Consumer products StoneMor Partners L.P. 385 U.S. U.S.
CCC Outlook Negative Consumer products Winebow Group, LLC 360 U.S. U.S.
CCC Outlook Negative Financial institutions Banco Hipotecario S.A. 350 Argentina Latin America
CCC Outlook Negative Financial institutions CCF Holdings LLC 319 U.S. U.S.
CCC Outlook Negative Health care ASP NAPA Holdings, LLC 353 U.S. U.S.
CCC Outlook Negative Health care Envision Healthcare Corp. Envision Healthcare Holdings Inc. 7,070 U.S. U.S.
CCC Outlook Negative Health care Immucor Inc. 1,047 U.S. U.S.
CCC Outlook Negative Health care Mallinckrodt plc 10,224 Ireland Europe
CCC Outlook Negative Health care Turnstone Midco 2 Ltd. 795 U.K. Europe
CCC Outlook Negative High technology Curvature Inc., 735 U.S. U.S.
CCC Outlook Negative High technology Optiv Inc., 1,030 U.S. U.S.
CCC Outlook Negative Media and entertainment Carlson Travel Inc Yes 1,289 U.S. U.S.
CCC Outlook Negative Media and entertainment Codere S.A. - Spain Europe
CCC Outlook Negative Media and entertainment Downstream Development Authority Yes 555 U.S. U.S.
CCC Outlook Negative Media and entertainment Equinox Holdings Inc. 1,211 U.S. U.S.
CCC Outlook Negative Media and entertainment Imagine Group LLC (The) 524 U.S. U.S.
CCC Outlook Negative Media and entertainment Lago Resort & Casino 290 U.S. U.S.
CCC Outlook Negative Media and entertainment Learning Care Group (US) No. 2 Inc. Learning Care Group (US) Inc. 710 U.S. U.S.
CCC Outlook Negative Media and entertainment Owl Finance Ltd. Hibu Group Ltd. 286 U.K. Europe
CCC Outlook Negative Media and entertainment PT MNC Investama Tbk. 231 Indonesia Asia/Pacific
CCC Outlook Negative Media and entertainment Safari Beteiligungs Gmbh 396 Germany Europe
CCC Outlook Negative Media and entertainment Salem Media Group Inc. 255 U.S. U.S.
CCC Outlook Negative Media and entertainment Town Sports International Holdings Inc. 325 U.S. U.S.
CCC Outlook Negative Media and entertainment Urban One Inc., 700 U.S. U.S.
CCC Outlook Negative Metals, mining, and steel International Wire Group Holdings Inc. 260 U.S. U.S.
CCC Outlook Negative Midstream Glass Mountain Pipeline, LLC 300 U.S. U.S.
CCC Outlook Negative Midstream Summit Midstream Partners, LP Yes 2,200 U.S. U.S.
CCC Outlook Negative Oil and gas Athabasca Oil Corp. 450 Canada Canada
CCC Outlook Negative Oil and gas Profrac Services, LLC 180 U.S. U.S.
CCC Outlook Negative Oil and gas Seadrill Partners LLC Seadrill Ltd. 2,900 Marshall Islands Asia/Pacific
CCC Outlook Negative Oil and gas Transocean Ltd. 9,946 Switzerland Europe
CCC Outlook Negative Oil and gas UTEX Industries Inc. 742 U.S. U.S.
CCC Outlook Negative Oil and gas Vantage Drilling International 300 Cayman Islands U.S.
CCC Outlook Negative Oil and gas Weatherford International plc 2,490 Ireland Europe
CCC Outlook Negative Retail/restaurants Belk Inc., 1,058 U.S. U.S.
CCC Outlook Negative Retail/restaurants Burger BossCo Intermediate Inc., 193 U.S. U.S.
CCC Outlook Negative Retail/restaurants Distribuidora Internacional de Alimentacion S.A. 679 Spain Europe
CCC Outlook Negative Retail/restaurants Fresh Market Inc., (The) 800 U.S. U.S.
CCC Outlook Negative Retail/restaurants Hema B.V. AMEH XXVI B.V. 113 Netherlands Europe
CCC Outlook Negative Retail/restaurants Jo-Ann Stores Holdings Inc. 1,130 U.S. U.S.
CCC Outlook Negative Retail/restaurants Miller's Ale House Inc., 271 U.S. U.S.
CCC Outlook Negative Retail/restaurants PHD Group Holdings LLC 487 U.S. U.S.
CCC Outlook Negative Telecommunications Cyxtera DC Holdings Inc., 1,225 U.S. U.S.
CCC Outlook Negative Telecommunications iQor Holdings Inc. 820 U.S. U.S.
CCC Outlook Negative Telecommunications Logix Intermediate Holding Corp. 250 U.S. U.S.
CCC Outlook Negative Transportation CAR Inc. 556 Cayman Islands U.S.
CCC Outlook Negative Transportation YRC Worldwide Inc. 600 U.S. U.S.
CCC Outlook Negative Utilities GCL New Energy Holdings Ltd. GCL-Poly Energy Holdings Ltd. 500 Bermuda U.S.
CCC Outlook Negative Utilities Investimentos e Participacoes em Infraestrutura S.A. - Invepar - Brazil Latin America
CCC Outlook Negative Utilities Ukrainian Railways JSC 500 Ukraine Eastern Europe/Middle East/Africa
CCC- CreditWatch Negative Automotive Aston Martin Holdings (UK) Ltd. 1,203 U.K. Europe
CCC- CreditWatch Negative Chemicals, packaging, and environmental services Grupo IDESA, S.A. de C.V. 300 Mexico Latin America
CCC- CreditWatch Negative Consumer products RGIS Holdings LLC 460 U.S. U.S.
CCC- CreditWatch Negative Forest products and building materials Omnimax International Inc., 385 U.S. U.S.
CCC- CreditWatch Negative Telecommunications Alorica Inc. 1,063 U.S. U.S.
CCC- Outlook Negative Capital goods Briggs & Stratton Corp. 225 U.S. U.S.
CCC- Outlook Negative Capital goods MAI Holdings Inc., 135 U.S. U.S.
CCC- Outlook Negative Consumer products Ascena Retail Group Inc. 1,800 U.S. U.S.
CCC- Outlook Negative Consumer products Jill Acquisition LLC Jill Holdings LLC 290 U.S. U.S.
CCC- Outlook Negative Consumer products KNB Holdings Corp. 295 U.S. U.S.
CCC- Outlook Negative Consumer products Novartex - France Europe
CCC- Outlook Negative Consumer products Pyxus International Inc., 995 U.S. U.S.
CCC- Outlook Negative Consumer products Renfro Corp. 220 U.S. U.S.
CCC- Outlook Negative Consumer products Revlon Inc. 3,117 U.S. U.S.
CCC- Outlook Negative Consumer products Serta Simmons Bedding LLC 9,150 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 Forest products and building materials Northwest Hardwoods Inc. 435 U.S. U.S.
CCC- Outlook Negative Health care CDRH Parent Inc., 1,590 U.S. U.S.
CCC- Outlook Negative High technology Navico Group AS 260 Norway Europe
CCC- Outlook Negative High technology Technicolor S.A. Yes 1,121 France Europe
CCC- Outlook Negative High technology Vestel Elektronik Sanayi Ve Ticaret A.S. - Turkey Eastern Europe/Middle East/Africa
CCC- Outlook Negative Homebuilders/real estate companies IRSA Inversiones y Representaciones S.A. Cresud S.A.C.I.F. y A. Yes 431 Argentina Latin America
CCC- Outlook Negative Media and entertainment Central Security Group Inc., 400 U.S. U.S.
CCC- Outlook Negative Media and entertainment Exela Technologies Inc. 2,396 U.S. U.S.
CCC- Outlook Negative Metals, mining, and steel Mountain Province Diamonds Inc. 660 Canada Canada
CCC- Outlook Negative Midstream Martin Midstream Partners L.P. 800 U.S. U.S.
CCC- Outlook Negative Oil and gas Calfrac Well Services Ltd. - Canada Canada
CCC- Outlook Negative Oil and gas Chaparral Energy Inc. 300 U.S. U.S.
CCC- Outlook Negative Oil and gas FTS International Inc., 1,050 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 Lonestar Resources U.S. Inc., 250 U.S. U.S.
CCC- Outlook Negative Oil and gas Noble Corp. PLC 5,200 U.K. Europe
CCC- Outlook Negative Oil and gas Nostrum Oil and Gas PLC 960 U.K. Europe
CCC- Outlook Negative Oil and gas Pacific Drilling S.A. 1,024 Luxembourg Europe
CCC- Outlook Negative Oil and gas Source Energy Services Ltd. 236 Canada Canada
CCC- Outlook Negative Oil and gas Vine Oil & Gas LP 1,760 U.S. U.S.
CCC- Outlook Negative Retail/restaurants Guitar Center Inc. Guitar Center Holdings Inc. Yes 946 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 Global Eagle Entertainment Inc. 500 U.S. U.S.
CC CreditWatch Negative Metals, mining, and steel Boart Longyear Ltd. Yes 488 Australia Asia/Pacific
CC CreditWatch Negative Retail/restaurants GNC Holdings Inc. 1,254 U.S. U.S.
CC Outlook Negative Consumer products Tupperware Brands Corp. 600 U.S. U.S.
CC Outlook Negative Media and entertainment AMC Entertainment Holdings Inc. 4,331 U.S. U.S.
CC Outlook Negative Media and entertainment Buena Vista Gaming Authority 205 U.S. U.S.
CC Outlook Negative Media and entertainment GK Holdings Inc., 225 U.S. U.S.
CC Outlook Negative Midstream CSI Compressco LP 1,400 U.S. U.S.
CC Outlook Negative Midstream Ferrellgas Partners L.P. 5,064 U.S. U.S.
CC Outlook Negative Oil and gas Bruin E&P Partners, LLC 600 U.S. U.S.
CC Outlook Negative Oil and gas California Resources Corp. 7,429 U.S. U.S.
CC Outlook Negative Oil and gas Callon Petroleum Co. 1,900 U.S. U.S.
CC Outlook Negative Oil and gas Chesapeake Energy Corp. 11,630 U.S. U.S.
CC Outlook Negative Oil and gas SM Energy Co. 2,300 U.S. U.S.
CC Outlook Negative Oil and gas Superior Energy Services Inc. 1,300 U.S. U.S.
CC Outlook Negative Retail/restaurants CEC Entertainment Inc. 1,015 U.S. U.S.
CC Outlook Negative Retail/restaurants Party City Holdings Inc., PC Nextco Holdings LLC 2,061 U.S. U.S.
CC Outlook Negative Retail/restaurants Pizzaexpress Financing 1 PLC 255 U.K. Europe
Data as of June 8, 2020. Source: S&P Global Ratings Research .

For additional information regarding weakest links, please see our most recent quarterly publication, "More Than One-Quarter Of Speculative-Grade Issuers Are Weakest Links" published May 15, 2020.

Related Research

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 Contributor:Nivritti Mishra, Mumbai;
Nivritti.Mishra@spglobal.com

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