The global corporate default tally has reached 194 so far in 2020, after five companies defaulted since our last report. Three of the defaults were distressed exchanges and two missed interest payments. These companies are:
- Spain-based amusement and gaming machines provider Codere S.A.,
- Chile-based bank holding company Corp Group Banking S.A.,
- Oklahoma-based exploration and production company Gulfport Energy Corp.,
- California-based health care services provider Alliance HealthCare Services, and
- Oklahoma-based home security and monitoring company Central Security Group Inc.
Accounting for two of five defaults this week, the media and entertainment sector now has the third-highest default tally (at 28), behind oil and gas, with 39, and consumer products, with 32. Nearly 70% of defaults in the sector were from the U.S., followed by emerging markets, with five.
The revenues of media and entertainment companies (including lodging) have come under heavy fire this year with the abrupt shutdown in travel as well as social distancing measures curbing revenue generation prospects in an already vulnerable industry (with a median rating of 'B'). While we see signs of recovery in advertising-based sectors, S&P Global Ratings' outlook for out-of-home entertainment sector remains under intense economic and secular pressures due to the COVID-19 pandemic. For many companies rated 'B' or lower, with inadequate liquidity and limited access to the capital markets, restructuring may be necessary, as time may not be on their sides (see "Reassessing The Pace Of Recovery For U.S. Media," Oct. 20, 2020).
Chart 1
This Week's Observations
- At this point in 2009, 2016, and 2019, there had been 238, 137, and 95 defaults, respectively.
- By region, the U.S. leads the global default tally with 127. The negative bias (percentage of issuers with negative outlooks or ratings on CreditWatch with negative implications) among 'B' or lower rated issuers in the U.S. region is at 45%, the same as at this point in October 2009 (see chart 3).
- Missed interest and principal payments are the leading reason for defaults so far in 2020, with 70, followed by distressed exchanges, with 57 (see chart 4).
Chart 2
Chart 3
Chart 4
Chart 5
Table 1
The U.S. Leads The 2020 Global Corporate Default Tally, With 127 | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Region | 12-month-trailing speculative-grade default rate (%) | 2020 year-to-date | 2019 year-to-date | 2019 | Weakest links | |||||||
U.S. | 6.3* | 127 | 65 | 78 | 406 | |||||||
Emerging markets | 3.1 | 26 | 15 | 22 | 43 | |||||||
Europe | 4.3* | 32 | 12 | 15 | 96 | |||||||
Other developed | 5.3 | 9 | 3 | 3 | 27 | |||||||
Global | 4.9 | 194 | 95 | 118 | 572 | |||||||
*Trailing-12-month default rates from Sept. 30, 2019-Sept. 30, 2020, are preliminary and subject to change. Year-to-date data as of Oct. 21, 2020. Weakest link data is as of Aug. 31, 2020. Other developed region is 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 194 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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. (A) |
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 (A) |
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 | ||||||||
7/13/2020 |
Confidential |
Confidential | Oil and gas | D | CC | Confidential | ||||||||
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 | ||||||||
7/20/2020 |
Confidential |
Confidential | Oil and gas | D | NR | Confidential | ||||||||
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 | ||||||||
7/30/2020 |
Mood Media Corp. |
U.S. | Media and entertainment | D | NR | Chapter 11 | ||||||||
8/2/2020 |
Confidential |
Confidential | Consumer products | D | NR | Confidential | ||||||||
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 | ||||||||
8/14/2020 |
Martin Midstream Partners L.P. |
U.S. | Midstream | SD | CC | Distressed exchange | ||||||||
8/19/2020 |
Omnimax International Inc., |
U.S. | Forest products and building materials | D | CCC- | Missed principal payments | ||||||||
8/21/2020 |
Northwest Hardwoods Inc. |
U.S. | Forest products and building materials | SD | CCC- | Missed interest payments | ||||||||
8/24/2020 |
KCIBT Holdings LP |
U.S. | Consumer products | SD | CCC+ | Distressed exchange | ||||||||
8/26/2020 |
Town Sports International Holdings Inc. |
U.S. | Media and entertainment | SD | CC | Missed revolver payment | ||||||||
8/27/2020 |
SAExploration Holdings Inc., |
U.S. | Oil and gas | D | NR | Chapter 11 | ||||||||
8/30/2020 |
Shiloh Industries Inc. |
U.S. | Automotive | D | NR | Chapter 11 | ||||||||
9/3/2020 |
Confidential |
Confidential | Health care | D | CC | Confidential | ||||||||
9/4/2020 |
Boardriders Inc., |
U.S. | Consumer products | SD | CCC+ | Distressed exchange | ||||||||
9/4/2020 |
Premier Brands Group Holdings LLC |
U.S. | Consumer products | SD | B- | Missed principal payments | ||||||||
9/9/2020 |
MAI Holdings Inc., |
U.S. | Capital goods | SD | CCC- | Distressed exchange | ||||||||
9/9/2020 |
Swissport Group S.a.r.l |
Luxembourg | Transportation | SD | CCC | Distressed exchange | ||||||||
9/10/2020 |
iQor Holdings Inc. |
U.S. | Telecommunications | D | CC | Chapter 11 | ||||||||
9/15/2020 |
Distribuidora Internacional de Alimentacion S.A. |
Spain | Retail/restaurants | SD | CC | Distressed exchange | ||||||||
9/18/2020 |
Oasis Petroleum Inc. |
U.S. | Oil and gas | D | CCC- | Missed interest payments | ||||||||
9/21/2020 |
PGS ASA |
Norway | Oil and gas | SD | CCC | Missed principal payments | ||||||||
9/23/2020 |
FTS International Inc., |
U.S. | Oil and gas | D | CC | Chapter 11 | ||||||||
9/23/2020 |
Technicolor S.A. |
France | High technology | SD | CC | Distressed exchange | ||||||||
9/24/2020 |
Garrett Motion Inc. |
U.S. | Automotive | D | B | Chapter 11 | ||||||||
9/25/2020 |
Summit Midstream Partners LP (B) |
U.S. | Midstream | SD | CC | Distressed exchange | ||||||||
9/28/2020 |
Cassini SAS |
France | Media and entertainment | D | CCC | Bankruptcy | ||||||||
9/30/2020 |
Confidential |
Confidential | Financial institutions | D | CC | Confidential | ||||||||
10/1/2020 |
Jill Acquisition LLC (Jill Holdings LLC) |
U.S. | Consumer products | SD | CC | Distressed exchange | ||||||||
10/1/2020 |
Toro Private Holdings I Ltd |
U.K. | Transportation | SD | CC | Distressed exchange | ||||||||
10/7/2020 |
TMK Hawk Parent Corp., |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
10/8/2020 |
Ascent Resources Utica Holdings, LLC |
U.S. | Oil and gas | SD | CC | Distressed exchange | ||||||||
10/9/2020 |
Anchor Glass Container Corp. |
U.S. | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
10/9/2020 |
Oi S.A. |
Brazil | Telecommunications | SD | CC | Bankruptcy | ||||||||
10/13/2020 |
Mallinckrodt plc |
Ireland | Health care | D | CCC- | Chapter 11 | ||||||||
10/14/2020 |
Banco Hipotecario S.A. |
Argentina | Financial institutions | SD | CC | Distressed exchange | ||||||||
10/15/2020 |
Codere S.A. |
Spain | Media and entertainment | SD | CC | Distressed exchange | ||||||||
10/16/2020 |
Corp Group Banking S.A. (Inversiones CorpGroup Interhold, Ltda.) |
Chile | Financial institutions | D | CC | Missed interest payments | ||||||||
10/16/2020 |
Gulfport Energy Corp. |
U.S. | Oil and gas | D | CCC- | Missed interest payments | ||||||||
10/19/2020 |
Alliance HealthCare Services |
U.S. | Health care | SD | B- | Distressed exchange | ||||||||
10/19/2020 |
Central Security Group Inc., |
U.S. | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
NR--Not rated. SD--Selective default. Data as of Oct. 21, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. (B) designation indicates the issuers second default for 2020. |
Related Research
- Alliance HealthCare Services Issuer Credit Rating Downgraded To 'SD' On Credit Amendment Agreement, Oct. 20, 2020
- Central Security Group Inc. Downgraded To 'SD' From 'CCC-' On Distressed Exchange, Debt Ratings Lowered To 'D', Oct. 20, 2020
- Downgrade Potential Eases But Remains Above Pre-Pandemic Levels, Oct. 20, 2020
- Reassessing The Pace Of Recovery For U.S. Media, Oct. 20, 2020
- Gulfport Energy Corp. Downgraded To 'D' On Missed Interest Payment; Debt Ratings Also Lowered, Oct. 17, 2020
- Corp Group Banking S.A. Downgraded To 'D' From 'CC' On Nonpayment Of Its Bond Coupon, Oct. 16, 2020
- U.S. Corporate Downgrades Fell To Pre-Pandemic Levels In The Third Quarter, Oct. 15, 2020
- Codere Downgraded To 'SD' From 'CC' On Distressed Exchange Following Approval Of Scheme Of Arrangement, Oct. 15, 2020
Default Studies
More analysis and statistics are available in our annual default studies, published on RatingsDirect:
Corporate (financial and nonfinancial)
- 2019 Annual Asia Corporate Default And Rating Transition Study
- 2019 Annual Global Financial Services Default And Rating Transition Study
- 2019 Annual U.S. Corporate Default And Rating Transition Study
- 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 Greater China 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 European Structured Finance Default And Rating Transition Study
- 2019 Annual Global Leveraged Loan CLO Default And Rating Transition Study
- 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 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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