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Default, Transition, and Recovery: Default Rates Continue To Climb As Weakest Links Remain Elevated
COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Jan. 8, 2025

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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: Default Rates Continue To Climb As Weakest Links Remain Elevated

Key Takeaways

  • The number of global weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications) decreased to 538 as of Oct. 21 from 572 as of our last report as the pace of negative rating actions, even for lower-rated issuers, has slowed considerably.
  • However, the number of weakest links has been elevated since the onset of the pandemic, which has led to a spike in speculative-grade default rates across every region.
  • Default rates among weakest links are typically about eight times higher on average globally. The still elevated tally of weakest links indicates our expectation for a continued increase in defaults, especially for sectors most affected by measures put in place to curb the spread of COVID-19.
  • Four sectors together account for nearly half of the global weakest links: media and entertainment (including hotels, and gaming and leisure) (104), consumer products (69), capital goods (44), and oil and gas (42).

The number of global weakest links decreased to 538 on Oct. 21 from 572 as of our last report. (Weakest links are issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications.) The decline owes to a few factors, including issuers defaulting, as well as the effect of compressing spreads on entities that need liquidity.

Still, the number of weakest links across regions, except Latin America, remains higher than the pre-pandemic levels, which has contributed to a sharp rise in default rates globally (see charts 1 and 2). While government and central bank efforts to curb the economic impact of COVID-19 have been considerable, infection rates in the U.S. and Europe have been rising recently, risking additional lockdowns that may result in more economic hardship for many issuers. However, announcements of at least one potentially successful vaccine have helped mute the impact of these rising risks on bond prices.

As weakest links typically default at a rate 8x that of speculative-grade companies, we expect the number of defaults to continue to rise as companies remain under significant revenue and earnings pressures triggered by the economic recession and global pandemic. So far in 2020, most defaults were due to missed interest or principal payments, as lower-rated issuers are falling short of their debt obligations. However, that dynamic is changing as the majority of defaults in October have been the result of distressed exchanges as companies look for ways to avoid bankruptcy (see "Oil And Gas Leads 2020 Global Corporate Defaults, Reflecting Sector Challenges," Nov. 20, 2020).

Chart 1

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Chart 2

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Rises In Weakest Links Have Predominately Come From A Small Number Of Sectors

Default risk has been uneven across sectors, and we think this will continue as we head into 2021. The consumer service, leisure, transportation, capital goods, and oil and gas sectors have been hardest hit by the global pandemic and, therefore, lead both the weakest links and default tallies so far in 2020. These sectors together account for nearly half of all weakest links.

Media and entertainment (which includes lodging and leisure) had the most additions to this month's weakest links tally, with nine, bringing its overall sector total to 104 weakest links. However, the sector has a lower speculative-grade default rate in 2020 than it did during the global financial crisis, when it reached a record high of 22% (see chart 3). This is largely due to an increase in speculative-grade issuers since the financial crisis as more aggressive financial policies and investors' risk appetite helped lead to a rise in the number of low-rated issuers globally.

Nonetheless, the sector has had 29 defaults so far in 2020, 90% of which came from the 'CCC+ and below rating categories. As the number of COVID-19 cases continues to increase in both the U.S. and Europe, industries that are most at risk for default, with the greatest number of weakest links in the media and entertainment sector, include casinos and gaming, lodging, resorts and cruise lines, and other leisure facilities.

Chart 3

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Chart 4

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Table 1

Weakest Links By Region
Number of weakest links Five-year averages 10-year averages Total speculative-grade-rated issuers Weakest links as % of total speculative-grade issuers Current distribution by region (%) Distribution by region 12 months prior (%)
U.S. 383 174 128 1,483 25.83 71.2 67.3
Europe 93 32 25 521 17.85 17.3 13.9
Canada 22 9 7 84 26.19 4.1 1.5
Latin America 20 14 15 115 17.39 3.7 10.5
Asia-Pacific 13 8 7 101 12.87 2.4 4.9
EEMEA 7 14 11 120 5.83 1.3 1.9
EEMEA--Eastern Europe/Middle East/Africa. Data as of Oct. 21, 2020. Source: S&P Global Ratings Research.

Chart 5

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Chart 6

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Chart 7

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Table 2

Global Corporate Defaults
Out of 171 publicly rated defaults, more than 29% are from the consumer/service sector, followed by 28% from energy and natural resources
Company Country Industry Debt (mil. $) Default date From To Weakest link

Constellis Holdings, LLC

 U.S. Aerospace/automotive/capital goods/metal 1,272.00 1/2/2020 CC SD Yes

TOMS Shoes, LLC

 U.S. Consumer/service sector 306.50 1/7/2020 CCC D Yes

SAL Acquisition Corp.

 U.S. Consumer/service sector 740.00 1/9/2020 CCC SD Yes

Lecta S.A.

 Luxembourg Forest and building products/homebuilders 668.39 1/13/2020 CC SD Yes

Qinghai Provincial Investment Group Co. Ltd.

 China Energy and natural resources 850.00 1/14/2020 CCC- D Yes

Krystal Co. (The)

 U.S. Consumer/service sector 0.00 1/19/2020 NR D No

Panda Green Energy Group Ltd.

 Bermuda Utilities 350.00 1/21/2020 CC SD Yes

Deoleo S.A.

 Spain Consumer/service sector 665.10 1/22/2020 CC SD Yes

Doncasters Group Ltd.

 U.K. Aerospace/automotive/capital goods/metal 1,118.14 1/29/2020 CCC- SD Yes

Pinnacle Operating Corp.

 U.S. Health care/chemicals 846.00 1/30/2020 CCC SD Yes

Commercial Barge Line Co.

 U.S. Transportation 1,150.00 2/7/2020 CC D Yes

RentPath, LLC

 U.S. Leisure time/media 0.00 2/12/2020 NR D No

McClatchy Co. (The)

 U.S. Leisure time/media 710.00 2/13/2020 CC D Yes

Moby SpA

 Italy Transportation 606.96 2/14/2020 CCC- SD Yes

NPC International Inc.

 U.S. Consumer/service sector 950.00 2/14/2020 CCC- SD Yes

Pier 1 Imports Inc.

 U.S. Consumer/service sector 200.00 2/18/2020 CCC- D Yes

Tunghsu Group Co., Ltd.

 China High tech/computers/office equipment 390.00 2/21/2020 CCC- SD Yes

VIP Cinema Holdings Inc.

 U.S. Consumer/service sector 230.00 2/24/2020 CCC- D Yes

Calfrac Well Services Ltd.

 Canada Energy and natural resources 650.00 2/25/2020 CC SD Yes

PFS Holding Corp.

 U.S. Consumer/service sector 390.00 2/28/2020 CCC- SD Yes

Pioneer Energy Services Corp.

 U.S. Energy and natural resources 425.00 3/3/2020 CCC- D Yes

Bluestem Brands Inc.

 U.S. Consumer/service sector 0.00 3/9/2020 NR D No

Ascena Retail Group Inc.

 U.S. Consumer/service sector 1,800.00 3/12/2020 CCC SD Yes

Optimas OE Solutions Holding, LLC

 U.S. Aerospace/automotive/capital goods/metal 0.00 3/12/2020 CCC+ SD Yes

Frontier Communications Corp.

 U.S. Telecommunications 22,452.75 3/16/2020 CCC- SD Yes
Internap Corp. U.S. Telecommunications 470.00 3/17/2020 CCC+ D Yes

Geo Energy Resources Ltd.

 Singapore Energy and natural resources 300.00 3/19/2020 B- SD Yes

Grain Insurance Co. JSC

 Kazakhstan Insurance 0.00 3/20/2020 B D No

Optiv Inc.

 U.S. High tech/computers/office equipment 1,030.00 3/27/2020 CCC+ SD No

Yida China Holdings Ltd.

 Cayman Islands Real Estate 300.00 3/27/2020 CC SD Yes

PGX Holdings Inc.

 U.S. Consumer/service sector 555.00 4/1/2020 CCC D Yes

Steak n Shake Inc. (Biglari Holdings Inc.)

 U.S. Consumer/service sector 220.00 4/1/2020 CCC- SD Yes

Whiting Petroleum Corp.

 U.S. Energy and natural resources 6,436.88 4/1/2020 CCC+ D Yes

KCA DEUTAG Alpha Ltd.

 U.K. Energy and natural resources 1,685.00 4/2/2020 CCC+ SD Yes

CDS Group

 Canada Leisure time/media 1,085.00 4/3/2020 CCC- D Yes

New Millennium Holdco Inc.

 U.S. Health care/chemicals 600.00 4/3/2020 CC D Yes

BW Homecare Holdings LLC

 U.S. Health care/chemicals 935.00 4/6/2020 CCC SD Yes

FE Investments Ltd. (FE Investments Group Ltd.)

 New Zealand Financial institutions 0.00 4/6/2020 CCC D No

Gavilan Resources, LLC

 U.S. Energy and natural resources 450.00 4/7/2020 CCC- D Yes

Jason Inc.

 U.S. Aerospace/automotive/capital goods/metal 445.50 4/7/2020 CCC SD Yes

Quorum Health Corp.

 U.S. Health care/chemicals 942.50 4/7/2020 CCC- D Yes

Speedcast International Ltd.

 Australia Telecommunications 600.00 4/7/2020 CCC D Yes
North American Lifting Holdings Inc. U.S. Aerospace/automotive/capital goods/metal 685.00 4/8/2020 CCC- SD Yes

SPR Holdings LLC

 U.S. Energy and natural resources 1,957.60 4/8/2020 CCC+ D Yes

Vestel Elektronik Sanayi Ve Ticaret A.S.

 Turkey High tech/computers/office equipment 0.00 4/10/2020 CCC+ SD No

Pace Industries Inc.

 U.S. Aerospace/automotive/capital goods/metal 0.00 4/12/2020 NR D No

LSC Communications Inc.

 U.S. Leisure time/media 1,062.50 4/14/2020 CC D Yes

Libbey Inc.

 U.S. Consumer/service sector 440.00 4/14/2020 CCC SD Yes

NMC Health PLC

 U.A.E. Health care/chemicals 400.00 4/14/2020 CCC- D Yes

Intelsat S.A.

 Luxembourg Telecommunications 18,535.00 4/15/2020 CCC+ SD Yes

O1 Properties Ltd.

 Cyprus Real Estate 552.12 4/16/2020 CC D Yes

Penney (J.C.) Co. Inc.

 U.S. Consumer/service sector 4,768.08 4/16/2020 CCC D Yes

Mister Car Wash Holdings Inc.

 U.S. Consumer/service sector 875.00 4/17/2020 CCC+ SD Yes

Ultra Petroleum Corp.

 U.S. Energy and natural resources 3,147.00 4/17/2020 CCC- D Yes

Engine Holding LLC

 U.S. Leisure time/media 259.00 4/21/2020 CCC- D Yes

Neiman Marcus Group LTD LLC

 U.S. Consumer/service sector 6,251.08 4/22/2020 CCC- D Yes

Northwest Acquisitions ULC

 Canada Energy and natural resources 750.00 4/23/2020 CCC+ D Yes

Diamond Offshore Drilling Inc.

 U.S. Energy and natural resources 4,350.00 4/24/2020 CC D Yes

Enjoy S.A.

 Chile Leisure time/media 300.00 4/24/2020 B- D Yes

Envision Healthcare Corp. (Envision Healthcare Holdings Inc.)

 U.S. Health care/chemicals 6,975.00 4/28/2020 CC SD Yes

CSM Bakery Solutions LLC

 U.S. Consumer/service sector 1,060.00 4/29/2020 CCC SD Yes

Virgin Australia Holdings Ltd.

 Australia Transportation 1,035.96 4/30/2020 CC D Yes

J. Crew Group Inc. (Chinos Intermediate Holdings A, Inc.)

 U.S. Consumer/service sector 1,817.00 5/4/2020 CCC- D Yes

Evergreen Skills Lux S.ar.l. (Evergreen Skills Intermediate Lux S.ar.l.)

 Luxembourg High tech/computers/office equipment 2,115.00 5/5/2020 CCC- D Yes

Hertz Global Holdings Inc.

 U.S. Transportation 8,033.84 5/7/2020 CCC- SD Yes

Petra Diamonds Ltd.

 Bermuda Energy and natural resources 650.00 5/8/2020 CCC+ D Yes

Yihua Enterprise (Group) Co. Ltd.

 China Consumer/service sector 0.00 5/11/2020 CCC SD Yes

Avianca Holdings S.A.

 Panama Transportation 1,595.00 5/11/2020 CCC- D Yes

Yihua Enterprise (Group) Co. Ltd.

 China Consumer/service sector 0.00 5/11/2020 CCC SD Yes

Fieldwood Energy LLC

 U.S. Energy and natural resources 1,660.19 5/12/2020 CCC D Yes

Revlon Inc.

 U.S. Consumer/service sector 2,750.00 5/12/2020 CC SD Yes

Outerstuff LLC

 U.S. Consumer/service sector 255.00 5/13/2020 CCC SD Yes

Extraction Oil & Gas Inc. (Extraction Oil & Gas Holdings, LLC)

 U.S. Energy and natural resources 950.00 5/15/2020 CC D Yes

Forum Energy Technologies Inc.

 U.S. Energy and natural resources 715.50 5/15/2020 CC SD Yes

Aeropuertos Argentina 2000 S.A.

 Argentina Transportation 750.00 5/19/2020 CC SD Yes

Takko Fashion S.a.r.l.

 Luxembourg Consumer/service sector 557.80 5/19/2020 CCC+ SD Yes

Downstream Development Authority

 U.S. Leisure time/media 555.00 5/20/2020 CCC SD Yes

Equinox Holdings Inc.

 U.S. Leisure time/media 1,361.05 5/20/2020 CCC SD Yes

Akorn Inc.

 U.S. Health care/chemicals 1,045.00 5/21/2020 CC D Yes

Centennial Resource Development Inc.

 U.S. Energy and natural resources 1,027.07 5/21/2020 CC SD Yes

Guitar Center Inc. (Guitar Center Holdings Inc.)

 U.S. Consumer/service sector 946.00 5/21/2020 CCC SD Yes

Travelex Holdings Ltd.

 U.K. Leisure time/media 502.02 5/25/2020 CC SD Yes

Unit Corp.

 U.S. Energy and natural resources 650.00 5/26/2020 CC D Yes

Latam Airlines Group S.A.

 Chile Transportation 1,800.00 5/27/2020 CCC- D Yes

Tuesday Morning Corp.

 U.S. Consumer/service sector 0.00 5/27/2020 NR D No

Grupo Famsa, S.A.B. de C.V.

 Mexico Consumer/service sector 80.92 6/2/2020 CCC- SD Yes

Noble Corp. PLC

 U.K. Energy and natural resources 5,200.00 6/2/2020 CCC- SD Yes

Valaris plc

 U.K. Energy and natural resources 11,050.00 6/3/2020 CCC- D Yes

California Pizza Kitchen Inc.

 U.S. Consumer/service sector 395.00 6/4/2020 CCC- D Yes

24 Hour Fitness Worldwide Inc.

 U.S. Leisure time/media 1,470.00 6/5/2020 CCC+ D Yes

APC Automotive Technologies Intermediate Holdings LLC

 U.S. Aerospace/automotive/capital goods/metal 347.91 6/5/2020 CCC D Yes

RGIS Holdings LLC

 U.S. Consumer/service Sector 695.00 6/10/2020 CCC- D Yes

Calfrac Well Services Ltd.

 Canada Energy and natural resources 650.00 6/15/2020 CCC- D Yes

Pyxus International Inc.

 U.S. Consumer/service sector 1,055.00 6/15/2020 CCC- D Yes

SM Energy Co.

 U.S. Energy and natural resources 3,097.00 6/15/2020 CC SD Yes

Briggs & Stratton Corp.

 U.S. Aerospace/automotive/capital goods/metal 225.00 6/16/2020 CCC- SD Yes

CSI Compressco LP

 U.S. Energy and natural resources 905.53 6/16/2020 CC SD Yes

Ferrellgas Partners L.P.

 U.S. Utilities 2,532.00 6/16/2020 CC SD Yes

Source Energy Services Ltd.

 Canada Energy and natural resources 158.00 6/16/2020 CCC- D Yes

ASP MCS Acquisition Corp.

 U.S. Consumer/service sector 490.00 6/18/2020 CCC D Yes

Jo-ann Stores, LLC (Jo-Ann Stores Holdings Inc.)

 U.S. Consumer/service sector 1,130.00 6/18/2020 CCC SD Yes

Chesapeake Energy Corp.

 U.S. Energy and natural resources 11,629.84 6/19/2020 CC D Yes

GK Holdings Inc.

 U.S. Leisure time/media 245.00 6/19/2020 CC D Yes

Boart Longyear Ltd.

 Australia Energy and natural resources 488.00 6/23/2020 CC SD Yes

Serta Simmons Bedding LLC

 U.S. Consumer/service sector 2,400.00 6/23/2020 CC SD Yes

Summit Midstream Partners, LP

 U.S. Energy and natural resources 1,100.00 6/23/2020 CCC SD Yes

GNC Holdings Inc.

 U.S. Consumer/service sector 1,354.33 6/24/2020 CC D Yes

CEC Entertainment Inc.

 U.S. Consumer/service sector 1,129.00 6/25/2020 CC D Yes

W&T Offshore Inc.

 U.S. Energy and natural resources 0.00 6/25/2020 CCC+ SD Yes

Covia Holdings Corp. (SCR-Sibelco NV)

 U.S. Energy and natural resources 1,650.00 6/30/2020 CCC+ D Yes

California Resources Corp.

 U.S. Energy and natural resources 8,429.00 7/1/2020 CC D Yes

Grupo Aeromexico, S.A.B. de C.V.

 Mexico Transportation 400.00 7/1/2020 B- D Yes

Grupo Posadas S.A.B. de C.V.

 Mexico Leisure time/media 400.00 7/1/2020 CC D Yes

Denbury Resources Inc.

 U.S. Energy and natural resources 8,169.77 7/2/2020 CCC+ D Yes

Lonestar Resources U.S. Inc.

 U.S. Energy and natural resources 250.00 7/2/2020 CCC- D Yes

Tailored Brands Inc.

 U.S. Consumer/service sector 1,500.00 7/2/2020 CCC+ D Yes

PT Modernland Realty Tbk.

 Indonesia Real Estate 390.00 7/8/2020 CCC- SD Yes

Tupperware Brands Corp.

 U.S. Consumer/service sector 600.00 7/10/2020 CC SD Yes

Hi- Crush Inc.

 U.S. Energy and natural resources 450.00 7/13/2020 CC D Yes

Chaparral Energy Inc.

 U.S. Energy and natural resources 300.00 7/16/2020 CCC- D Yes

Bruin E&P Partners LLC

 U.S. Energy and natural resources 600.00 7/17/2020 CC D Yes

Noble Corp. PLC

 U.K. Energy and natural resources 5,200.00 7/17/2020 CCC- D Yes

Seadrill Partners LLC

 Marshall Islands Energy and natural resources 2,900.00 7/17/2020 CCC SD Yes

Renfro Corp.

 U.S. Consumer/service sector 230.10 7/20/2020 CCC- SD Yes

Global Eagle Entertainment Inc.

 U.S. Telecommunications 585.00 7/22/2020 CCC- D Yes

Ascena Retail Group Inc.

 U.S. Consumer/service sector 1,800.00 7/23/2020 CCC- D Yes

Lakeland Holdings, LLC

 U.S. Leisure time/media 655.00 7/23/2020 CCC- D Yes

Party City Holdings Inc. (PC Nextco Holdings LLC)

 U.S. Consumer/service sector 2,222.97 7/27/2020 CC SD Yes

CB Poly Investments, LLC

 U.S. Consumer/service sector 917.04 7/28/2020 B- SD Yes

Never Slip Topco Inc.

 U.S. Consumer/service sector 283.00 7/28/2020 CCC D Yes

Missouri TopCo Ltd.

 U.K. Consumer/service sector 593.18 7/30/2020 CCC- SD Yes

Nostrum Oil and Gas PLC

 U.K. Energy and natural resources 2,085.00 7/30/2020 CCC- SD Yes

Mood Media Corp.

 U.S. Leisure time/media 0.00 7/30/2020 NR D No

AMC Entertainment Holdings Inc.

 U.S. Leisure time/media 6,707.54 8/3/2020 CC SD Yes

Forum Energy Technologies, Inc.

 U.S. Energy and natural resources 715.50 8/4/2020 CC SD Yes

PIZZAEXPRESS FINANCING 1 PLC

 U.K. Consumer/service sector 874.05 8/6/2020 CC D Yes

Transocean Ltd.

 Switzerland Energy and natural resources 11,006.00 8/6/2020 CCC SD Yes

UTEX Industries Inc.

 U.S. Energy and natural resources 742.00 8/10/2020 CCC D Yes

Martin Midstream Partners L.P.

 U.S. Energy and natural resources 745.72 8/14/2020 CC SD Yes

Omnimax International Inc.

 U.S. Aerospace/automotive/capital goods/metal 385.00 8/19/2020 CCC- D Yes

Northwest Hardwoods Inc.

 U.S. Forest and building products/homebuilders 435.00 8/21/2020 CCC- SD Yes

KCIBT Holdings LP

 U.S. Consumer/service sector 600.00 8/24/2020 CCC+ SD Yes

Town Sports International Holdings Inc.

 U.S. Leisure time/media 340.00 8/26/2020 CC SD Yes

SAExploration Holdings Inc.

 U.S. Energy and natural resources 0.00 8/27/2020 NR D No

Shiloh Industries Inc.

 U.S. Aerospace/automotive/capital goods/metal 0.00 8/30/2020 NR D No

Boardriders Inc.

 U.S. Consumer/service Sector 861.00 9/4/2020 CCC+ SD Yes

Premier Brands Group Holdings LLC

 U.S. Consumer/service sector 325.00 9/4/2020 B- SD Yes

MAI Holdings Inc.

 U.S. Aerospace/automotive/capital goods/metal 135.00 9/9/2020 CCC- SD Yes

Swissport Group S.a.r.l

 Luxembourg Transportation 1,868.50 9/9/2020 CCC SD Yes

iQor Holdings Inc.

 U.S. Telecommunications 820.00 9/10/2020 CC D Yes

Distribuidora Internacional de Alimentacion S.A.

 Spain Consumer/service sector 710.90 9/15/2020 CC SD Yes

Oasis Petroleum Inc.

 U.S. Energy and natural resources 2,475.00 9/18/2020 CCC- D Yes

PGS ASA

 Norway Energy and natural resources 0.00 9/21/2020 CCC SD Yes

FTS International Inc.

 U.S. Energy and natural resources 1,050.00 9/23/2020 CC D Yes

Technicolor S.A.

 France High tech/computers/office equipment 1,674.55 9/23/2020 CC SD Yes

Garrett Motion Inc.

 U.S. Aerospace/automotive/capital goods/metal 2,157.08 9/24/2020 B D No

Summit Midstream Partners, LP

 U.S. Energy and natural resources 1,100.00 9/25/2020 CC SD Yes

Cassini SAS

 France Leisure time/media 767.04 9/28/2020 CCC D Yes

Jill Acquisition LLC (Jill Holdings LLC)

 U.S. Consumer/service sector 290.00 10/1/2020 CC SD Yes

Toro Private Holdings I Ltd.

 U.K. Transportation 0.00 10/1/2020 CC SD Yes

TMK Hawk Parent Corp.

 U.S. Consumer/service sector 820.00 10/7/2020 CCC SD Yes

Ascent Resources Utica Holdings, LLC

 U.S. Energy and natural resources 1,200.00 10/8/2020 CC SD Yes

Anchor Glass Container Corp.

 U.S. Aerospace/automotive/capital goods/metal 650.00 10/9/2020 CC SD Yes

Oi S.A.

 Brazil Telecommunications 1,654.00 10/9/2020 CC SD Yes

Mallinckrodt plc

 Ireland Health care/chemicals 0.00 10/13/2020 CCC- D Yes

Banco Hipotecario S.A.

 Argentina Financial institutions 350.00 10/14/2020 CC SD Yes

Codere S.A.

 Spain Leisure time/media 200.00 10/15/2020 CC SD Yes

Corp Group Banking S.A. (Inversiones CorpGroup Interhold, Ltda.)

 Chile Financial institutions 500.00 10/16/2020 CC D Yes

Gulfport Energy Corp.

 U.S. Energy and natural resources 2,050.00 10/16/2020 CCC- D Yes

Alliance HealthCare Services

 U.S. Health care/chemicals 525.00 10/19/2020 B- SD Yes

Central Security Group Inc.

 U.S. Consumer/service sector 400.00 10/19/2020 CCC- SD Yes
Excludes confidential entities. Data as of Oct. 21, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 3

Weakest Link Default Rates Are, On Average, 8x Higher Than The Overall Speculative-Grade Default Rate
Region Weakest links default rate (%) All speculative-grade default rate (%)
Global 24.67 5.15
U.S. 26.29 6.32
Europe 25.81 4.35
Emerging markets 18.09 3.23
Other developed 30.24 5.26
Data as of Sept. 30, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 4

Weakest Links Listed In The Top 250 Corporate Obligors Based On Outstanding Rated U.S. Cash Flow CLOs
Media and entertainment accounts for one-third
Organization Rank in U.S. CLO transactions Outlook/CreditWatch Applied rating Sector/subsector

Endeavor Operating Co. LLC

 9 Negative CCC+ Media and entertainment

American Airlines Group Inc.

 10 Negative B- Transportation

Intrado Corp.

 53 Negative B- Telecommunications

Cineworld Group PLC

 64 Negative CCC- Media and entertainment

Brand Industrial Services Inc.

 65 Negative B- Capital goods

Wand NewCo 3 Inc.

 72 Negative B- Automotive

Team Health Holdings Inc.

 84 Negative B- Health care

Golden Nugget Inc.

 89 Negative B- Retail/restaurants

Dynasty Acquisition Co. Inc.

 93 Negative B- Aerospace and defense

GTT Communications Inc.

 98 Watch Neg CCC+ Telecommunications

Finastra Ltd.

 106 Negative CCC+ High technology

SeaWorld Parks & Entertainment Inc.

 121 Negative B- Media and entertainment

SK Blue Holdings L.P.

 134 Negative B- Chemicals, packaging, and environmental services

Solera Parent Holding LLC

 136 Negative B- High technology

Oryx Midstream Holdings LLC

 138 Negative B- Midstream

WestJet Airlines Ltd.

 139 Negative B- Transportation

Toro Private Holdings I Ltd.

 148 Negative CCC+ Transportation

Solenis UK International Ltd.

 150 Negative B- Chemicals, packaging, and environmental services

Pugnacious Endeavors Inc.

 154 Negative B- Media and entertainment

Project Boost Purchaser LLC

 157 Negative B- High technology

McGraw-Hill Education Inc.

 166 Negative CCC+ Media and entertainment

USS Ultimate Holdings Inc.

 188 Negative B- Chemicals, packaging, and environmental services

KUEHG Corp.

 200 Negative CCC+ Media and entertainment

Syniverse Holdings Inc.

 226 Negative CCC+ Telecommunications

Cengage Learning Holdings II Inc.

 238 Negative CCC+ Media and entertainment

AVSC Holding Corp.

 240 Negative CCC- Media and entertainment

WP CPP Holdings LLC

 245 Negative CCC+ Aerospace and defense

Idemia France SAS

 247 Negative B- High technology

Vericast Corp.

 248 Negative CCC+ Media and entertainment

Mohegan Tribal Gaming Authority

 250 Negative CCC+ Media and entertainment
CLO--Collateralized loan obligation. Data as of Oct. 21, 2020. Source: S&P Global Ratings Research.

Table 5

Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only*)
(%) Sept. 30, 2020 Aug. 31, 2020 6 months ago 12 months ago
Financial
Financial institutions 0.00 0.00 3.13 5.05
Insurance 1.64 1.54 1.61 1.54
Nonfinancial
Aerospace/automotive/capital goods/metal 3.92 3.17 2.01 0.79
Consumer/service sector 12.17 11.95 5.76 4.27
Energy and natural resources 13.85 14.00 7.25 9.31
Forest and building products/homebuilders 3.13 3.09 1.02 0.00
Health care/chemicals 4.09 4.11 2.34 0.92
High technology/computers/office equipment 1.07 1.60 2.60 2.65
Leisure time/media 6.91 6.91 1.82 2.64
Real estate 1.72 1.72 1.75 0.00
Telecommunications 7.46 5.97 6.06 2.86
Transportation 4.17 4.26 1.96 0.00
Utility 5.13 5.56 2.70 0.00
*U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of Sept. 30, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 6

The U.S. Leads Weakest Links With 71%
Issuers rated ‘B-’ or lower with a negative outlook or ratings on CreditWatch with negative implications
Rating Outlook/CreditWatch Subsector Issuer Parent company New to the list this month Outlook/CreditWatch change Debt (mil. US$) Country Region
B- CreditWatch Negative Capital goods

Arvos LuxCo S.a.r.l.

 Yes 579 Luxembourg Europe
B- CreditWatch Negative Forest products and building materials The New Home Co. Inc. 575 U.S. U.S.
B- CreditWatch Negative Health care Covenant Surgical Partners Inc., 700 U.S. U.S.
B- CreditWatch Negative Health care Surgery Partners Inc., 2,470 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 Insurance

Genworth Financial Inc.

 3,127 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 Century Casinos Inc., 170 U.S. U.S.
B- CreditWatch Negative Media and entertainment

Cirsa Enterprises S.L.U.

 LHMC Finco 2 S.a.r.l. 2,312 Spain Europe
B- CreditWatch Negative Media and entertainment

Jacobs Entertainment Inc.

 385 U.S. U.S.
B- CreditWatch Negative Media and entertainment

Joye Media SLU

 1,083 Spain Europe
B- CreditWatch Negative Media and entertainment

National Amusements Inc.

 300 U.S. U.S.
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 Metals, mining, and steel

Petropavlovsk PLC

 Yes 0 U.K. Europe
B- CreditWatch Negative Midstream

Third Coast Midstream, LLC

 850 U.S. U.S.
B- CreditWatch Negative Retail/restaurants

Mabel Topco Ltd.

 The Restaurant Group PLC 292 U.K. Europe
B- CreditWatch Negative Transportation

Transportes Aereos Portugueses, SGPS, S.A.

 442 Portugal Europe
B- CreditWatch Negative Transportation URS Holdco Inc., 747 U.S. U.S.
B- Outlook Negative Aerospace and defense Dynasty Acquisition Co. Inc., 2,340 U.S. U.S.
B- Outlook Negative Aerospace and defense

F-Brasile S.p.A

 1,010 Italy Europe
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 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

 1,237 Spain Europe
B- Outlook Negative Automotive

Kongsberg Automotive ASA

 324 Norway Europe
B- Outlook Negative Automotive

Parts Holding Europe SAS

 Dakar Finance S.A. 1,487 France Europe
B- Outlook Negative Automotive TPro Acquisition Corp. 300 U.S. U.S.
B- Outlook Negative Automotive Wand NewCo 3 Inc., 2,541 U.S. U.S.
B- Outlook Negative Capital goods

Algeco Investments B.V.

 1,609 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. 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.

 0 U.K. Europe
B- Outlook Negative Capital goods

DexKo Global Inc.

 3,105 U.S. U.S.
B- Outlook Negative Capital goods Electro Rent Corp. Yes 710 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. 0 U.K. Europe
B- Outlook Negative Capital goods Heidelberger Druckmaschinen AG 0 Germany Europe
B- Outlook Negative Capital goods Infrastructure and Energy Alternatives Inc., 0 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

 400 Denmark Europe
B- Outlook Negative Capital goods

QualTek USA, LLC

 380 U.S. U.S.
B- Outlook Negative Capital goods

Rubix Group Holdings Ltd.

 2,014 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. 0 U.S. U.S.
B- Outlook Negative Capital goods

Tank Holding Corp.

 529 U.S. U.S.
B- Outlook Negative Capital goods

TNT Crane & Rigging LLC

 Yes 325 U.S. U.S.
B- Outlook Negative Capital goods USIC Holdings Inc. 1,892 U.S. U.S.
B- Outlook Negative Consumer products

361 Degrees International Ltd.

 Yes 400 Cayman Islands U.S.
B- Outlook Negative Consumer products Acropole Holding 571 France Europe
B- Outlook Negative Consumer products

Afflelou SAS

 489 France Europe
B- Outlook Negative Consumer products BMC Acquisition Inc., 230 U.S. U.S.
B- Outlook Negative Consumer products

Cast & Crew Payroll, LLC

 890 U.S. U.S.
B- Outlook Negative Consumer products Chefs' Warehouse Inc., (The) 405 U.S. U.S.
B- Outlook Negative Consumer products

Chinos Intermediate 2 LLC

 Yes 400 U.S. U.S.
B- Outlook Negative Consumer products

Corporacion Azucarera del Peru S. A.

 325 Peru Latin America
B- Outlook Negative Consumer products Edward Don & Co. Holdings, LLC 210 U.S. U.S.
B- Outlook Negative Consumer products

Fetch Holdco LLC

 0 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

 559 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

 236 France Europe
B- Outlook Negative Consumer products

KLDiscovery Inc.

 680 U.S. U.S.
B- Outlook Negative Consumer products

Livingston International Inc.

 344 Canada Canada
B- Outlook Negative Consumer products

LSF9 Balta Issuer S.A.

 437 Belgium Europe
B- Outlook Negative Consumer products

Marcolin SpA

 294 Italy Europe
B- Outlook Negative Consumer products

Nutrition Parent LLC

 248 U.S. U.S.
B- Outlook Negative Consumer products Oak Holdings, LLC 389 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

RGIS Holdings LLC

 435 U.S. U.S.
B- Outlook Negative Consumer products

Sierra Enterprises LLC

 Yes 282 U.S. U.S.
B- Outlook Negative Consumer products SIWF Holdings Inc., 1,145 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 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

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.

 1,676 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services

Kleopatra Holdings 1 S.C.A.

 2,154 Luxembourg Europe
B- Outlook Negative Chemicals, packaging, and environmental services

Kronos Worldwide Inc.

 471 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services

Perstorp Holding AB (publ)

 987 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.

 294 Netherlands Europe
B- Outlook Negative Chemicals, packaging, and environmental services SK Blue Holdings, LP 2,950 Cayman Islands U.S.
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. 4,966 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., 2,450 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 Financial institutions

Altisource Portfolio Solutions S.A.

 Yes 412 Luxembourg Europe
B- Outlook Negative Financial institutions

Asset Finance Ltd.

 0 New Zealand Asia/Pacific
B- Outlook Negative Financial institutions DriveTime Automotive Group Inc., 800 U.S. U.S.
B- Outlook Negative Financial institutions

OCWEN Financial Corp.

 550 U.S. U.S.
B- Outlook Negative Financial institutions Ravnaq-bank Private Open Joint-Stock Commercial Bank 0 Uzbekistan Eastern Europe/Middle East/Africa
B- Outlook Negative Financial institutions

Turkiston Bank

 0 Uzbekistan Eastern Europe/Middle East/Africa
B- Outlook Negative Financial institutions World Acceptance Corp. 0 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

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 Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. 2,043 U.S. U.S.
B- Outlook Negative Health care American Dental Partners Inc., Yes 215 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

Dentalcorp Health Services ULC

 Yes 1,152 Canada Canada
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 LSCS Holdings Inc., 405 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

First American Payment Systems LP

 275 U.S. U.S.
B- Outlook Negative High technology Franklin Ireland Topco Ltd. 0 Ireland Europe
B- Outlook Negative High technology

Idemia France SAS

 7,173 France Europe
B- Outlook Negative High technology Mitel Networks (International) Ltd. 1,380 U.K. Europe
B- Outlook Negative High technology

Monotype Imaging Holdings Inc.

 425 U.S. U.S.
B- Outlook Negative High technology MYOB Invest Co Pty Ltd. 663 Australia Asia/Pacific
B- Outlook Negative High technology

Nets Topco 3 S.a r.l.

 3,663 Denmark Europe
B- Outlook Negative High technology

Procera I, LP

 510 Canada Canada
B- Outlook Negative High technology

Project Boost Purchaser LLC

 1,330 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 Solera Parent Holding, LLC 11,567 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

 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.

 5,357 Bermuda 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

Confie Seguros Holding Co.

 1,065 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.

 0 Kuwait Eastern Europe/Middle East/Africa
B- Outlook Negative Media and entertainment

ABC Financial Intermediate, LLC

 0 U.S. U.S.
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 ASM Global Parent Inc., Yes 1,210 U.S. U.S.
B- Outlook Negative Media and entertainment

Awaze Ltd.

 1,162 U.K. Europe
B- Outlook Negative Media and entertainment Bowlero Corp. 825 U.S. U.S.
B- Outlook Negative Media and entertainment

Cedar Fair L.P.

 Yes 6,914 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.

 2,325 U.S. U.S.
B- Outlook Negative Media and entertainment

EagleView Technology Corp.

 765 U.S. U.S.
B- Outlook Negative Media and entertainment

eDreams ODIGEO S.A.

 707 Luxembourg Europe
B- Outlook Negative Media and entertainment

Getty Images Inc.

 Abe Investment Holdings Inc., 1,870 U.S. U.S.
B- Outlook Negative Media and entertainment

Hoya Midco, LLC

 640 U.S. U.S.
B- Outlook Negative Media and entertainment Hubbard Radio, LLC 480 U.S. U.S.
B- Outlook Negative Media and entertainment

Infogroup Inc.

 250 U.S. U.S.
B- Outlook Negative Media and entertainment

International Park Holdings B.V.

 789 Spain Europe
B- Outlook Negative Media and entertainment

IRI Holdings Inc.

 1,680 U.S. U.S.
B- Outlook Negative Media and entertainment

Lindblad Expeditions Holdings Inc.

 Yes 200 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

NEP/NCP Holdco Inc.

 Yes 2,592 U.S. U.S.
B- Outlook Negative Media and entertainment Peak Jersey Holdco Ltd. 930 Jersey Europe
B- Outlook Negative Media and entertainment

Playa Hotels & Resorts N.V.

 1,010 Netherlands Europe
B- Outlook Negative Media and entertainment

PlayPower Holdings Inc.

 400 U.S. U.S.
B- Outlook Negative Media and entertainment Prometric Holdings Inc., 1,294 U.S. U.S.
B- Outlook Negative Media and entertainment Pugnacious Endeavors Inc. 2,563 U.S. U.S.
B- Outlook Negative Media and entertainment Recess Holdings Inc., 565 U.S. U.S.
B- Outlook Negative Media and entertainment Ryman Hospitality Properties Inc., 2,900 U.S. U.S.
B- Outlook Negative Media and entertainment

SeaWorld Parks & Entertainment Inc.

 2,170 U.S. U.S.
B- Outlook Negative Media and entertainment

Six Flags Entertainment Corp.

 Yes 2,704 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

Sugarhouse HSP Gaming Prop. Mezz. L.P.

 Yes 600 U.S. U.S.
B- Outlook Negative Media and entertainment TEG Pty Ltd. 770 Australia Asia/Pacific
B- Outlook Negative Media and entertainment

The Octave Music Group Inc.

 Yes 290 U.S. U.S.
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 2,875 U.S. U.S.
B- Outlook Negative Media and entertainment Xenia Hotels & Resorts Inc., Yes 450 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.

 6,977 U.S. U.S.
B- Outlook Negative Metals, mining, and steel

CONSOL Energy Inc.

 675 U.S. U.S.
B- Outlook Negative Metals, mining, and steel

Eurasian Resources Group (ERG) S.a.r.l.

 0 Luxembourg Europe
B- Outlook Negative Metals, mining, and steel

Ferrexpo PLC

 0 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

Vedanta Resources Ltd.

 Yes 4,400 U.K. Europe
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 0 U.S. U.S.
B- Outlook Negative Midstream

Epic Crude Services, LP

 EPIC Midstream Holdings, LP Yes 1,175 U.S. U.S.
B- Outlook Negative Midstream

Martin Midstream Partners L.P.

 1,491 U.S. U.S.
B- Outlook Negative Midstream Medallion Gathering & Processing, LLC Medallion Midland Acquisition, LLC 0 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 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

Bristow Group Inc.

 200 U.S. U.S.
B- Outlook Negative Oil and gas

DTEK Renewables B.V.

 Yes 0 Netherlands Europe
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

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

AAG FH LP

 Yes 244 Canada Canada
B- Outlook Negative Retail/restaurants

AutoCanada Inc.

 95 Canada Canada
B- Outlook Negative Retail/restaurants Carrols Restaurant Group Inc., 500 U.S. U.S.
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

Flynn Restaurant Group LP

 745 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

 1,496 U.S. U.S.
B- Outlook Negative Retail/restaurants

Moran Foods, LLC

 SAL Acquisition Corp. 334 U.S. U.S.
B- Outlook Negative Retail/restaurants

PAX Midco Spain

 1,237 Spain Europe
B- Outlook Negative Retail/restaurants

Tacala LLC

 564 U.S. U.S.
B- Outlook Negative Telecommunications

Aerial Parent Corp.

 1,950 U.S. U.S.
B- Outlook Negative Telecommunications

Aventiv Technologies, LLC

 1,665 U.S. U.S.
B- Outlook Negative Telecommunications

Dawn Acquisitions LLC

 Infra Colodata Holdings LLC 550 U.S. U.S.
B- Outlook Negative Telecommunications

DISH DBS Corp.

 DISH Network Corp. 10,250 U.S. U.S.
B- Outlook Negative Telecommunications

HC2 Holdings Inc.

 Yes 470 U.S. U.S.
B- Outlook Negative Telecommunications

Intrado Corp.

 5,407 U.S. U.S.
B- Outlook Negative Telecommunications

U.S. TelePacific Holdings Corp.

 655 U.S. U.S.
B- Outlook Negative Transportation

American Airlines Group Inc.

 8,540 U.S. U.S.
B- Outlook Negative Transportation

Bahia de las Isletas, S.L.

 685 Spain Europe
B- Outlook Negative Transportation Daseke Inc. 500 U.S. U.S.
B- Outlook Negative Transportation

Promontoria Holding 264 B.V.

 895 Netherlands Europe
B- Outlook Negative Transportation

Quality Distribution Inc.

 650 U.S. U.S.
B- Outlook Negative Transportation

The Pasha Group

 Yes 160 U.S. U.S.
B- Outlook Negative Transportation

WestJet Airlines Ltd.

 Yes 1,955 Canada Canada
B- Outlook Negative Transportation

WWEX UNI Intermediate Holdings LLC

 1,650 U.S. U.S.
B- Outlook Negative Utilities Calumet Specialty Products Partners LP 4,650 U.S. U.S.
B- Outlook Negative Utilities

Ellaktor S.A.

 789 Greece Europe
B- Outlook Negative Utilities

Ukrainian Railways JSC

 500 Ukraine Eastern Europe/Middle East/Africa
CCC+ CreditWatch Negative Aerospace and defense MB Aerospace Holdings II Corp. 305 U.K. Europe
CCC+ CreditWatch Negative Consumer products

SIRVA Inc.

 850 U.S. U.S.
CCC+ CreditWatch Negative Financial institutions

Amigo Loans Ltd.

 Yes 375 U.K. Europe
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

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

Gateway Casinos & Entertainment Ltd.

 695 Canada Canada
CCC+ CreditWatch Negative Media and entertainment Thame and London Ltd. 572 U.K. Europe
CCC+ CreditWatch Negative Retail/restaurants

Red Lobster Intermediate Holdings LLC

 380 U.S. U.S.
CCC+ CreditWatch Negative Telecommunications GTT Communications Inc., 3,483 U.S. U.S.
CCC+ CreditWatch Negative Telecommunications

Telecom Argentina S.A.

 Yes 400 Argentina Latin America
CCC+ CreditWatch Negative Transportation

Navios Maritime Holdings Inc.

 Yes 2,995 Marshall Islands Asia/Pacific
CCC+ CreditWatch Negative Utilities

Aeropuertos Argentina 2000 S.A.

 Yes 750 Argentina Latin America
CCC+ CreditWatch Negative Utilities

Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A.

 Yes 99 Argentina Latin America
CCC+ Outlook Negative Aerospace and defense

Bombardier Inc.

 9,413 Canada Canada
CCC+ Outlook Negative Aerospace and defense

Forming Machining Industries Holdings, LLC

 320 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense

Propulsion Acquisition LLC

 535 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense

Sequa Corp.

 1,470 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense

Triumph Group Inc.

 2,025 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense

Wesco Aircraft Holdings Inc.

 Wolverine Intermediate Holding Corp. 2,075 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense

WP CPP Holdings LLC

 1,506 U.S. U.S.
CCC+ Outlook Negative Automotive

Accuride Corp.

 363 U.S. U.S.
CCC+ Outlook Negative Automotive

Dayco LLC

 0 U.S. U.S.
CCC+ Outlook Negative Automotive GC EOS Buyer Inc. 1,115 U.S. U.S.
CCC+ Outlook Negative Automotive

Pearl Holding III Ltd.

 Yes 175 China Asia/Pacific
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., 1,315 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 Helix Acquisition Holdings Inc., 1,405 U.S. U.S.
CCC+ Outlook Negative Capital goods

Jason Holdings Inc.

 0 U.S. U.S.
CCC+ Outlook Negative Capital goods Liqui-Box Holdings Inc., 530 U.S. U.S.
CCC+ Outlook Negative Capital goods Neenah Enterprises Inc., 120 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 Consumer products

ABB/Con-Cise Optical Group LLC

 578 U.S. U.S.
CCC+ Outlook Negative Consumer products Arctic Glacier Group Holdings Inc., 880 U.S. U.S.
CCC+ Outlook Negative Consumer products

Brown Jordan International Inc.

 165 U.S. U.S.
CCC+ Outlook Negative Consumer products

CatLuxe Sarl

 CatLuxe Acquistion Sarl 253 Luxembourg Europe
CCC+ Outlook Negative Consumer products

CB Poly Investments, LLC

 1,658 U.S. U.S.
CCC+ Outlook Negative Consumer products

CSM Bakery Solutions LLC

 1,060 U.S. U.S.
CCC+ Outlook Negative Consumer products Elevate Textiles Inc., 710 U.S. U.S.
CCC+ Outlook Negative Consumer products

Innovative Water Care Global Corp.

 460 U.S. U.S.
CCC+ Outlook Negative Consumer products

Jill Acquisition LLC

 Jill Holdings LLC 521 U.S. U.S.
CCC+ Outlook Negative Consumer products

Never Slip Topco Inc.

 283 U.S. U.S.
CCC+ Outlook Negative Consumer products

Pesquera Exalmar S.A.A.

 61 Peru Latin America
CCC+ Outlook Negative Consumer products

Rodan & Fields, LLC

 600 U.S. U.S.
CCC+ Outlook Negative Consumer products

Serta Simmons Bedding LLC

 10,201 U.S. U.S.
CCC+ Outlook Negative Consumer products

The Talbots Inc.

 410 U.S. U.S.
CCC+ Outlook Negative Consumer products

Transcom TopCo AB

 212 Sweden Europe
CCC+ Outlook Negative Consumer products Varsity Brands Holding Co. Inc. 3,000 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services

Anchor Glass Container Corp.

 860 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

Flint HoldCo S.a r.l.

 2,791 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 Financial institutions

Muganbank OJSC

 0 Azerbaijan Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Financial institutions

Mulhacen Pte. Ltd.

 607 Singapore Asia/Pacific
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., 0 U.S. U.S.
CCC+ Outlook Negative Forest products and building materials

Millar Western Forest Products Ltd.

 Millar Western Industries Ltd. 114 Canada Canada
CCC+ Outlook Negative Forest products and building materials

Pro.Gest SpA

 589 Italy Europe
CCC+ Outlook Negative Forest products and building materials

PT Sawit Sumbermas Sarana Tbk

 0 Indonesia Asia/Pacific
CCC+ Outlook Negative Forest products and building materials

Rayonier Advanced Materials Inc.

 550 U.S. U.S.
CCC+ Outlook Negative Health care

Affordable Care Holding Corp.

 Yes 516 U.S. U.S.
CCC+ Outlook Negative Health care

Aveanna Healthcare LLC

 Aveanna Healthcare Holdings Inc. 1,231 U.S. U.S.
CCC+ Outlook Negative Health care

Community Health Systems Inc.

 17,194 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

Premier Dental Services Inc.

 Yes 996 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 High technology

Eastman Kodak Co.

 0 U.S. U.S.
CCC+ Outlook Negative High technology Electronics for Imaging Inc., 1,100 U.S. U.S.
CCC+ Outlook Negative High technology

Finastra Ltd.

 36,594 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 Transact Holdings Inc., 260 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Aimbridge Acquisition Co. Inc. 945 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

Casablanca Global Intermediate Holdings L.P.

 1,900 British Virgin Islands Europe
CCC+ Outlook Negative Media and entertainment

Cengage Learning Holdings II Inc.

 2,580 U.S. U.S.
CCC+ Outlook Negative Media and entertainment ClubCorp Holdings Inc., 1,600 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Comet Bidco Ltd. 829 U.K. Europe
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 11,510 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Excel Fitness Holdings Inc., 260 U.S. U.S.
CCC+ Outlook Negative Media and entertainment

Fitness International, LLC

 1,275 U.S. U.S.
CCC+ Outlook Negative Media and entertainment

Hanjin International Corp.

 Korean Air Lines Co. Ltd. Yes 0 Korea, Republic of Asia/Pacific
CCC+ Outlook Negative Media and entertainment

HNVR Midco Ltd.

 2,844 U.K. Europe
CCC+ Outlook Negative Media and entertainment

Hurtigruten Group AS

 Silk Holdings Sarl 1,225 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

 Yes 435 U.S. U.S.
CCC+ Outlook Negative Media and entertainment

Learfield Communications, LLC

 1,089 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Life Time Inc., 1,967 U.S. U.S.
CCC+ Outlook Negative Media and entertainment McGraw-Hill Education Inc., 2,125 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

 1,857 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Odyssey Europe Holdco S.a r.l. 236 Luxembourg Europe
CCC+ Outlook Negative Media and entertainment

PGX Holdings Inc.

 417 U.S. U.S.
CCC+ Outlook Negative Media and entertainment

Piolin Bidco S.A.U.

 Yes 1,142 Spain Europe
CCC+ Outlook Negative Media and entertainment

Promotora de Informaciones S.A.

 0 Spain Europe
CCC+ Outlook Negative Media and entertainment PSS Industrial Group Corp. Yes 300 U.S. U.S.
CCC+ Outlook Negative Media and entertainment

Richmond UK Holdco Ltd.

 1,755 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

 353 Germany Europe
CCC+ Outlook Negative Media and entertainment

United PF Holdings, LLC

 706 U.S. U.S.
CCC+ Outlook Negative Media and entertainment

Vericast Corp.

 3,670 U.S. U.S.
CCC+ Outlook Negative Media and entertainment

Vue International Bidco plc

 831 U.K. Europe
CCC+ Outlook Negative Media and entertainment

WeWork Companies LLC

 702 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel

Algoma Steel Inc.

 285 Canada Canada
CCC+ Outlook Negative Metals, mining, and steel

Boart Longyear Ltd.

 488 Australia Asia/Pacific
CCC+ Outlook Negative Metals, mining, and steel Contura Energy Inc., 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

Ferroglobe PLC

 Grupo Villar Mir S.A.U. 0 U.K. Europe
CCC+ Outlook Negative Metals, mining, and steel

Peabody Energy Corp.

 1,400 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

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

Basic Energy Services Inc.

 300 U.S. U.S.
CCC+ Outlook Negative Oil and gas

Callon Petroleum Co.

 1,900 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

Crew Energy Inc.

 228 Canada Canada
CCC+ Outlook Negative Oil and gas

Ensign Drilling Inc.

 Ensign Energy Services Inc. 700 Canada Canada
CCC+ Outlook Negative Oil and gas Forum Energy Technologies Inc., 716 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.

 3,025 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

Osum Oil Sands Corp.

 172 Canada Canada
CCC+ Outlook Negative Oil and gas

SM Energy Co.

 2,747 U.S. U.S.
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

W&T Offshore Inc.

 625 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants

99 cents only stores LLC

 434 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

Cooper's Hawk Intermediate Holding, LLC

 200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Fogo De Chao Inc., 365 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Fresh Market Inc., (The) 800 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants GPS Hospitality Holding Co. LLC 265 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants

Kirk Beauty One GmbH

 2,715 Germany Europe
CCC+ Outlook Negative Retail/restaurants Main Event Entertainment Inc., Ardent Leisure Ltd. 200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Mister Car Wash Holdings Inc., 800 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants NMG Holding Co. Inc. Yes 750 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants

PHD Group Holdings LLC

 487 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants

Punch Taverns Ltd.

 Yes 671 U.K. Europe
CCC+ Outlook Negative Retail/restaurants Quidditch Acquisition Inc., 204 U.S. U.S.
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

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 Transportation

Hawaiian Holdings Inc.

 0 U.S. U.S.
CCC+ Outlook Negative Transportation

Kenan Advantage Group Inc.

 1,398 U.S. U.S.
CCC+ Outlook Negative Transportation Neovia Logistics Intermediate Holdings, LP Yes 325 U.S. U.S.
CCC+ Outlook Negative Transportation Toro Private Holdings I, Ltd. 3,680 U.K. Europe
CCC+ Outlook Negative Transportation United States Shipping Corp. 220 U.S. U.S.
CCC+ Outlook Negative Utilities

CAPEX S.A.

 300 Argentina Latin America
CCC+ Outlook Negative Utilities

ESKOM Holdings SOC Ltd.

 6,320 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.

 372 U.K. Europe
CCC CreditWatch Negative Media and entertainment Urban One Inc., Yes 700 U.S. U.S.
CCC CreditWatch Negative Transportation

Avation PLC

 0 U.K. Europe
CCC Outlook Negative Automotive

Aston Martin Holdings (UK) Ltd.

 1,210 U.K. Europe
CCC Outlook Negative Automotive

Bright Bidco B.V.

 1,683 Netherlands Europe
CCC Outlook Negative Automotive K&N Parent Inc., 345 U.S. U.S.
CCC Outlook Negative Automotive

McLaren Group Ltd.

 831 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 Optimas OE Solutions Holding, LLC 450 U.S. U.S.
CCC Outlook Negative Consumer products Anastasia Holdings, LLC 650 U.S. U.S.
CCC Outlook Negative Consumer products

Array Canada Inc.

 Yes 315 Canada Canada
CCC Outlook Negative Consumer products

Blue Ribbon Intermediate Holdings LLC

 0 U.S. U.S.
CCC Outlook Negative Consumer products Boardriders Inc., 861 U.S. U.S.
CCC Outlook Negative Consumer products

Grupo Kaltex, S.A. de C.V.

 Yes 320 Mexico Latin America
CCC Outlook Negative Consumer products Isagenix Worldwide Inc., 0 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

 1,050 U.S. U.S.
CCC Outlook Negative Consumer products Lanai Holdings III Inc., 2,655 U.S. U.S.
CCC Outlook Negative Consumer products NSA International, LLC 450 U.S. U.S.
CCC Outlook Negative Consumer products Output Services Group Inc., Yes 498 U.S. U.S.
CCC Outlook Negative Consumer products

Premier Brands Group Holdings LLC

 325 U.S. U.S.
CCC Outlook Negative Consumer products

StoneMor Partners L.P.

 385 U.S. U.S.
CCC Outlook Negative Consumer products TMK Hawk Parent, Corp. 1,248 U.S. U.S.
CCC Outlook Negative Consumer products Winebow Group, LLC 360 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services

LSB Industries Inc.

 435 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 Financial institutions

CCF Holdings LLC

 319 U.S. U.S.
CCC Outlook Negative Forest products and building materials

InterCement Brasil S.A.

 InterCement Participacoes S.A. 0 Brazil Latin America
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 Turnstone Midco 2 Ltd. 812 U.K. Europe
CCC Outlook Negative High technology Optiv Inc., 1,030 U.S. U.S.
CCC Outlook Negative High technology SuperMoose Newco Inc., 1,335 U.S. U.S.
CCC Outlook Negative Homebuilders/real estate companies

Washington Prime Group Inc.

 1,643 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

Downstream Development Authority

 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. 292 U.K. Europe
CCC Outlook Negative Media and entertainment

Safari Beteiligungs Gmbh

 412 Germany Europe
CCC Outlook Negative Media and entertainment

Salem Media Group Inc.

 255 U.S. U.S.
CCC Outlook Negative Media and entertainment Travel Leaders Group, LLC 629 U.S. U.S.
CCC Outlook Negative Merchant power

Frontera Generation Holdings LLC

 Yes 775 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 Oil and gas

Athabasca Oil Corp.

 450 Canada Canada
CCC Outlook Negative Oil and gas

Compania General de Combustibles S.A.

 585 Argentina Latin America
CCC Outlook Negative Oil and gas

Profrac Services, LLC

 180 U.S. U.S.
CCC Outlook Negative Oil and gas

Vantage Drilling International

 300 Cayman Islands U.S.
CCC Outlook Negative Oil and gas

Vesta Energy Corp.

 152 Canada Canada
CCC Outlook Negative Oil and gas

Weatherford International plc

 2,990 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 Jo-Ann Stores Holdings Inc. 0 U.S. U.S.
CCC Outlook Negative Retail/restaurants Miller's Ale House Inc., 271 U.S. U.S.
CCC Outlook Negative Retail/restaurants Party City Holdings Inc., PC Nextco Holdings LLC 2,223 U.S. U.S.
CCC Outlook Negative Telecommunications Cyxtera DC Holdings Inc., 1,225 U.S. U.S.
CCC Outlook Negative Telecommunications

IPC Corp.

 1,460 U.S. U.S.
CCC Outlook Negative Telecommunications

Logix Intermediate Holding Corp.

 250 U.S. U.S.
CCC- CreditWatch Negative Homebuilders/real estate companies

IRSA Inversiones y Representaciones S.A.

 Cresud S.A.C.I.F. y A. Yes 360 Argentina Latin America
CCC- CreditWatch Negative Oil and gas

Petroquimica Comodoro Rivadavia S.A.

 Yes 0 Argentina Latin America
CCC- CreditWatch Negative Oil and gas YPF S.A Yes 2,959 Argentina Latin America
CCC- CreditWatch Negative Telecommunications

Alorica Inc.

 895 U.S. U.S.
CCC- CreditWatch Negative Telecommunications Maxcom Telecomunicaciones, S.A.B. de C.V. 57 Mexico Latin America
CCC- CreditWatch Negative Utilities

AES Argentina Generacion S.A

 AES Corp. (The) Yes 300 Argentina Latin America
CCC- CreditWatch Negative Utilities GCL New Energy Holdings Ltd. GCL-Poly Energy Holdings Ltd. Yes 500 Bermuda U.S.
CCC- Outlook Negative Consumer products

Iconix Brand Group Inc.

 0 U.S. U.S.
CCC- Outlook Negative Consumer products

KNB Holdings Corp.

 295 U.S. U.S.
CCC- Outlook Negative Consumer products

Missouri TopCo Ltd.

 591 U.K. Europe
CCC- Outlook Negative Consumer products

Novartex

 0 France Europe
CCC- Outlook Negative Consumer products

Renfro Corp.

 230 U.S. U.S.
CCC- Outlook Negative Consumer products

Takko Fashion S.a.r.l.

 601 Luxembourg Europe
CCC- Outlook Negative Health care CDRH Parent Inc., 1,590 U.S. U.S.
CCC- Outlook Negative Homebuilders/real estate companies

Sunshine 100 China Holdings Ltd.

 Yes 0 Cayman Islands U.S.
CCC- Outlook Negative Media and entertainment

AMC Entertainment Holdings Inc.

 Yes 6,005 U.S. U.S.
CCC- Outlook Negative Media and entertainment

AVSC Holding Corp.

 1,980 U.S. U.S.
CCC- Outlook Negative Media and entertainment

Cineworld Group PLC

 Yes 4,691 U.K. Europe
CCC- Outlook Negative Media and entertainment

Exela Technologies Inc.

 2,396 U.S. U.S.
CCC- Outlook Negative Media and entertainment Hornblower HoldCo, LLC 655 U.S. U.S.
CCC- Outlook Negative Metals, mining, and steel

Mountain Province Diamonds Inc.

 660 Canada Canada
CCC- Outlook Negative Oil and gas

Great Western Petroleum LLC

 600 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

Vallourec

 Yes 1,708 France Europe
CCC- Outlook Negative Oil and gas

Vine Oil & Gas LP

 1,760 U.S. U.S.
CCC- Outlook Negative Retail/restaurants

Distribuidora Internacional de Alimentacion S.A.

 707 Spain Europe
CCC- Outlook Negative Retail/restaurants

Foodco Bondco SAU

 789 Spain Europe
CCC- Outlook Negative Retail/restaurants

Guitar Center Inc.

 Guitar Center Holdings Inc. 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 Transportation

Azul S.A.

 0 Brazil Latin America
CCC- Outlook Negative Utilities

Empresa Distribuidora Y Comercializadora Norte S.A.

 300 Argentina Latin America
CCC- Outlook Negative Utilities

Investimentos e Participacoes em Infraestrutura S.A. - Invepar

 0 Brazil Latin America
CC CreditWatch Negative Consumer products

Selecta Group B.V.

 1,735 Netherlands Europe
CC Outlook Negative Consumer products

Revlon Inc.

 3,117 U.S. U.S.
CC Outlook Negative Homebuilders/real estate companies

PT Alam Sutera Realty Tbk.

 545 Indonesia Asia/Pacific
CC Outlook Negative Media and entertainment

Buena Vista Gaming Authority

 205 U.S. U.S.
CC Outlook Negative Media and entertainment Europcar Mobility Group S.A. 1,825 France Europe
CC Outlook Negative Media and entertainment

Town Sports International Holdings Inc.

 Yes 0 U.S. U.S.
CC Outlook Negative Midstream Summit Midstream Partners Holdings, LLC Summit Midstream Partners, LP Yes 300 U.S. U.S.
CC Outlook Negative Oil and gas

Superior Energy Services Inc.

 1,300 U.S. U.S.
CC Outlook Negative Oil and gas

Transocean Ltd.

 Yes 10,634 Switzerland Europe
CC Outlook Negative Retail/restaurants

Hema B.V.

 AMEH XXVI B.V. 118 Netherlands Europe
CC Outlook Negative Transportation

SAS AB

 0 Sweden Europe
CC Outlook Negative Utilities

Ferrellgas L.P.

 Ferrellgas Partners L.P. 4,350 U.S. U.S.
Data as of Oct. 21, 2020. Source: S&P Global Ratings Research.

Related Research

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:Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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