The 2020 global corporate default tally reached 155 as of Aug. 12. The defaulters since our last report were U.K.-based casual dining restaurant chain Pizzaexpress Financing 1 PLC, Switzerland-based offshore driller Transocean Ltd., and New York-based engineered products designer and manufacturer UTEX Industries Inc.
All three companies were rated 'CCC' or lower prior to default. Entities rated in the 'CCC' category or lower account for 92% of the defaults so far in 2020, illustrating the high default risk associated with this part of the ratings spectrum.
By industry, the oil and gas sector leads the 2020 default tally with 31, propelled by an elevated number of defaults from the U.S. and Europe, with 21 and six, respectively (see chart 1). All six oil and gas defaults in Europe were from U.K.-based oilfield service or drilling companies that have been deeply affected by sustained low oil prices. All six companies were rated in the 'CCC' rating category prior to the COVID-19 pandemic and defaulted due to missed interest payments or distressed exchanges.
Chart 1
This Week's Observations
- At this point in 2019 and 2018, there had been 74 and 55 defaults, respectively.
- Globally, the oil and gas sector leads the 2020 default tally with 31, followed by consumer products with 26 and media and entertainment with 23 (see chart 2).
- Missed interest and principal payments are the leading cause of defaults so far in 2020, with 62, surpassing their 2016 year-end tally of 60 but behind the 2009 year-end tally of 85 (see chart 4).
- By region, the U.S. leads the default tally with 102, followed by emerging markets and Europe with 22 each (see table 1).
Chart 2
Chart 3
Chart 4
Chart 5
Table 1
U.S. Leads 2020 Year-To-Date Default Tally With 102 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Global corporate default summary | ||||||||||||
Region | 12-month trailing speculative-grade default rate (%) | 2020 year-to-date default tally | 2019 year-to-date default tally | 2019 default tally | Weakest links tally | |||||||
U.S. | 5.9* | 102 | 52 | 78 | 432 | |||||||
Emerging markets | 2.8 | 22 | 11 | 22 | 51 | |||||||
Europe | 3.5* | 22 | 8 | 15 | 100 | |||||||
Other developed | 5.1 | 9 | 3 | 3 | 28 | |||||||
Global | 4.4 | 155 | 74 | 118 | 611 | |||||||
Notes: Other developed region consists of Australia, Canada, Japan, and New Zealand. Default counts may include confidentially rated issuers. *Trailing-12-month default rates from July 31, 2019-July 31, 2020, are preliminary and subject to change. Year-to-date data as of Aug. 12, 2020. Weakest link data as of June 8, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®. |
Table 2
The 2020 Global Corporate Default Tally Jumps To 155 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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. (A) |
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. (A) |
U.S. | Oil and gas | SD | CC | Distressed exchange | ||||||||
5/17/2020 | Confidential | Confidential | Transportation | D | NR | Confidential | ||||||||
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 (A) |
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 | Confidential | Confidential | Media and entertainment | D | CCC | Confidential | ||||||||
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 Company |
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 LP |
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 | ||||||||
6/18/2020 |
Confidential |
Confidential | Retail/restaurants | D | CCC | 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 LP |
U.S. | Midstream | SD | CCC | Distressed exchange | ||||||||
6/24/2020 |
GNC Holdings Inc. |
U.S. | Retail/restaurants | D | CC | Chapter 11 | ||||||||
6/25/2020 |
CEC Entertainment Inc. |
U.S. | Retail/restaurants | D | CC | Chapter 11 | ||||||||
6/25/2020 |
W&T Offshore Inc |
U.S. | Oil and gas | SD | CCC+ | Distressed exchange | ||||||||
6/30/2020 |
Covia Holdings Corp (SCR-Sibelco NV) |
U.S. | Metals, mining, and steel | D | CCC+ | Chapter 11 | ||||||||
7/1/2020 |
California Resources Corp. |
U.S. | Oil and gas | D | CC | Missed interest payments | ||||||||
7/1/2020 |
Grupo Aeromexico, S.A.B. de C.V. |
Mexico | Transportation | D | B- | Chapter 11 | ||||||||
7/1/2020 |
Grupo Posadas, S. A. B. de C. V. |
Mexico | Media and entertainment | D | CC | Missed interest payments | ||||||||
7/2/2020 |
Denbury Resources Inc. |
U.S. | Oil and gas | D | CCC+ | Missed interest payments | ||||||||
7/2/2020 |
Lonestar Resources U.S. Inc., |
U.S. | Oil and gas | D | CCC- | Missed interest payments | ||||||||
7/2/2020 |
Confidential |
Confidential | Media and entertainment | SD | CCC | Confidential | ||||||||
7/2/2020 |
Tailored Brands Inc., |
U.S. | Consumer products | D | CCC+ | Missed interest payments | ||||||||
7/7/2020 |
Confidential |
Confidential | Homebuilders/real estate companies | D | CC | Confidential | ||||||||
7/8/2020 |
PT Modernland Realty Tbk. |
Indonesia | Homebuilders/real estate companies | SD | CCC- | Missed principal payments | ||||||||
7/10/2020 |
Tupperware Brands Corp. |
U.S. | Consumer products | SD | CC | Distressed exchange | ||||||||
7/13/2020 |
Hi- Crush Inc. |
U.S. | Metals, mining, and steel | D | CC | Chapter 11 | ||||||||
7/16/2020 |
Chaparral Energy Inc. |
U.S. | Oil and gas | D | CCC- | Missed interest payments | ||||||||
7/17/2020 |
Bruin E&P Partners, LLC |
U.S. | Oil and gas | D | CC | Chapter 11 | ||||||||
7/17/2020 |
Noble Corp. PLC (B) |
U.K. | Oil and gas | D | CCC- | Missed interest payments | ||||||||
7/17/2020 |
Seadrill Partners LLC (Seadrill Ltd.) |
Marshall Islands | Oil and gas | SD | CCC | Missed interest payments | ||||||||
7/20/2020 |
Confidential |
Confidential | Forest products and building materials | SD | CC | Confidential | ||||||||
7/20/2020 |
Renfro Corp. |
U.S. | Consumer products | SD | CCC- | Distressed exchange | ||||||||
7/22/2020 |
Global Eagle Entertainment Inc. |
U.S. | Telecommunications | D | CCC- | Chapter 11 | ||||||||
7/23/2020 |
Ascena Retail Group Inc. (B) |
U.S. | Consumer products | D | CCC- | Chapter 11 | ||||||||
7/23/2020 |
Lakeland Holdings LLC |
U.S. | Media and entertainment | D | CCC- | Chapter 11 | ||||||||
7/27/2020 |
Party City Holdings Inc. (PC Nextco Holdings LLC) |
U.S. | Retail/restaurants | SD | CC | Distressed exchange | ||||||||
7/28/2020 |
CB Poly Investments LLC |
U.S. | Consumer products | SD | B- | Distressed exchange | ||||||||
7/28/2020 |
Never Slip Topco Inc. |
U.S. | Consumer products | D | CCC | Distressed exchange | ||||||||
7/30/2020 |
Confidential |
Confidential | Media and entertainment | D | CCC- | Confidential | ||||||||
7/30/2020 |
Missouri TopCo Ltd. |
U.K. | Consumer products | SD | CCC- | Distressed exchange | ||||||||
7/30/2020 |
Nostrum Oil and Gas PLC |
U.K. | Oil and gas | SD | CCC- | Missed interest payments | ||||||||
8/3/2020 |
AMC Entertainment Holdings Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
8/4/2020 |
Forum Energy Technologies Inc. (B) |
U.S. | Oil and gas | SD | CC | Distressed exchange | ||||||||
8/6/2020 |
PIZZAEXPRESS FINANCING 1 PLC |
U.K. | Retail/restaurants | D | CC | Missed interest payments | ||||||||
8/6/2020 |
Transocean Ltd. |
Switzerland | Oil and gas | SD | CCC | Distressed exchange | ||||||||
8/10/2020 |
UTEX Industries Inc. |
U.S. | Oil and gas | D | CCC | Missed interest payments | ||||||||
(B) designation indicates the issuer's second default for 2020. NR--Not rated. SD--Selective default. Data as of Aug. 12, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. |
Related Research
- UTEX Industries Inc. Downgraded To 'D' On Missed Interest Payment; Debt Ratings Also Lowered, Aug. 10, 2020
- PizzaExpress Downgraded To 'D' After Missing Interest Payment, Aug. 6, 2020
- Transocean Ltd. Issuer Credit Rating Lowered To 'SD' On Distressed Exchange, Aug. 6, 2020
- European Corporate Credit Outlook Mid-Year 2020: Living In A Different World, July 30, 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 |
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