Key Takeaways
- The tally of global weakest links decreased to 482 as of Dec. 28, from 515 as of Nov. 19.
- The still-elevated level indicates defaults are likely to continue increasing, especially for sectors most affected by measures to curb the spread of COVID-19.
- There were 226 defaults in 2020--the highest number since the global financial crisis.
- Media and entertainment (101), consumer products (63), oil and gas (39), and capital goods (38) together account for 50% of the weakest links issuers.
Chart 1
The number of weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications) decreased in the second half of 2020 as financing conditions continued to improve, even for the lowest-rated issuers, but were still elevated by historical standards. While the global weakest links tally has declined since our last report (to 482 on Dec. 28 from 515 on Nov. 19), it remains well above its December 2019 level of 292.
As we move into the first half of 2021, renewed COVID-19 containment measures in Europe and the U.S. may harm a fragile economic recovery and lead to further credit deterioration, particularly in sectors most exposed to social distancing and travel restrictions. This is particularly pronounced in markets facing renewed lockdown pressures, potentially harming revenue growth for many companies in these markets.
Although we expect central banks to preserve very low funding costs through 2021, higher leverage mixed with an unprecedented number of vulnerable issuers is likely to induce further defaults as weakest links typically default 8x more frequently than speculative-grade companies. We expect the 12-month speculative-grade default rate to rise to around 9% in the U.S. and 8% in Europe by September 2021, versus 6.3% and 4.3% in September 2020 as companies in these sectors remain under significant revenue and earnings pressures triggered by the economic recession and global pandemic (see " Global Credit Outlook: Back On Track?" Dec. 3, 2020).
A Shift In Ratings Among Sectors In 2020 Versus 2019
There has been a dramatic shift in credit ratings of weakest link issuers between December 2019 and December 2020 (see chart 2).
Chart 2
Much of this can be contributed to variation in sector impact as more issuers in the media, entertainment, lodging, leisure, consumer and retail sectors remain under significant revenue and earnings pressures triggered by the economic recession and global pandemic. The media and entertainment, midstream, capital goods, oil and gas, transportation, retail and restaurants weakest link issuers have seen the greatest percent increases year-over-year. The only sector that experienced a drop in weakest links between 2019 and 2020 is the telecom sector, which remained relatively resilient to pandemic and oil price shock pressures.
Leisure, Lodging, And Oil And Gas Lead In December
Media and entertainment (which includes lodging and leisure) and oil and gas had the most additions to December's weakest links tally, with four issuers each, bringing their overall sector totals to 101 and 39 weakest links, respectively. The U.S. recovery in business and group travel and hotel demand will be slower than we expected and may not take hold until the second half of 2021. A prolonged period of low oil prices and industry challenges will continue to strain the creditworthiness of many oil and gas issuers, even as demand picks up after it plunged during lockdowns.
Chart 3
Additional Exhibits:
Chart 4
Chart 5
Table 1
| Weakest Links By Region | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of weakest links (B- and below Neg/Negative) | 5-year averages | 10-year averages | Total rated speculative issuers | % of weakest links to total speculative-rated issuers | Current distribution by region (%) | Distribution by region 12-months prior (%) | ||||||||||
| U.S. | 338 | 174 | 128 | 1501 | 22.5 | 70.1 | 67.4 | |||||||||
| Europe | 85 | 32 | 25 | 529 | 16.1 | 17.6 | 15.2 | |||||||||
| Latin America | 18 | 14 | 15 | 114 | 15.8 | 3.7 | 9.6 | |||||||||
| Canada | 20 | 9 | 7 | 87 | 23.0 | 4.1 | 2.5 | |||||||||
| Asia-Pacific | 14 | 8 | 7 | 99 | 14.1 | 2.9 | 4.6 | |||||||||
| EEMEA | 7 | 14 | 11 | 119 | 5.9 | 1.5 | 0.7 | |||||||||
| Data as of Dec. 28, 2020. EEMAA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Research. | ||||||||||||||||
Chart 6
Chart 7
Chart 8
Chart 9
Chart 10
Chart 11
Chart 12
Table 2
| Global Corporate Defaults (Through Dec. 28, 2020) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Country | Industry | Debt (mil. $) | Default date | From | To | Weakest link | |||||||||
| Constellis Holdings, LLC | U.S. | Aerospace/Automotive/Capital Goods/Metal | 1272.00 | 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 & 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 | Utility | 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 | 1118.14 | 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 | 1150.00 | 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. (A) | 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. (A) | U.S. | Consumer/Service Sector | 1800.00 | 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 | 22452.75 | 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 | 1030.00 | 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 | 6436.88 | 4/1/2020 | CCC+ | D | Yes | |||||||||
| KCA DEUTAG Alpha Ltd. | U.K. | Energy and Natural Resources | 1685.00 | 4/2/2020 | CCC+ | SD | Yes | |||||||||
| CDS Group | Canada | Leisure Time/Media | 1085.00 | 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 | 1957.60 | 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 | 1062.50 | 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 | 18535.00 | 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 | 4768.08 | 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 | 3147.00 | 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 | 6251.08 | 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 | 4350.00 | 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 | 6975.00 | 4/28/2020 | CC | SD | Yes | |||||||||
| CSM Bakery Solutions LLC | U.S. | Consumer/Service Sector | 1060.00 | 4/29/2020 | CCC | SD | Yes | |||||||||
| Virgin Australia Holdings Ltd. | Australia | Transportation | 1035.96 | 4/30/2020 | CC | D | Yes | |||||||||
| J. Crew Group Inc. (Chinos Intermediate Holdings A, Inc.) | U.S. | Consumer/Service Sector | 1817.00 | 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 | 2115.00 | 5/5/2020 | CCC- | D | Yes | |||||||||
| Hertz Global Holdings Inc. | U.S. | Transportation | 8033.84 | 5/7/2020 | CCC- | SD | Yes | |||||||||
| Petra Diamonds Ltd. | Bermuda | Energy and Natural Resources | 650.00 | 5/8/2020 | CCC+ | D | Yes | |||||||||
| Avianca Holdings S.A. | Panama | Transportation | 1595.00 | 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 | 1660.19 | 5/12/2020 | CCC | D | Yes | |||||||||
| Revlon Inc. (A) | U.S. | Consumer/Service Sector | 2750.00 | 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. (A) | 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 | 1361.05 | 5/20/2020 | CCC | SD | Yes | |||||||||
| Akorn Inc. | U.S. | Health Care/Chemicals | 1045.00 | 5/21/2020 | CC | D | Yes | |||||||||
| Centennial Resource Development Inc. | U.S. | Energy and Natural Resources | 1027.07 | 5/21/2020 | CC | SD | Yes | |||||||||
| Guitar Center Inc. (Guitar Center Holdings Inc.) (A) | 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 | 1800.00 | 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 Corporation PLC (A) | U.K. | Energy and Natural Resources | 5200.00 | 6/2/2020 | CCC- | SD | Yes | |||||||||
| Valaris plc | U.K. | Energy and Natural Resources | 11050.00 | 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 | 1470.00 | 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 | |||||||||
| Techniplas LLC | U.S. | Aerospace/Automotive/Capital Goods/Metal | 0.00 | 5/6/2020 | NR | D | No | |||||||||
| RGIS Holdings LLC | U.S. | Consumer/Service Sector | 695.00 | 6/10/2020 | CCC- | D | Yes | |||||||||
| Calfrac Well Services Ltd. (B) | Canada | Energy and Natural Resources | 650.00 | 6/15/2020 | CCC- | D | Yes | |||||||||
| Pyxus International, Inc. | U.S. | Consumer/Service Sector | 1055.00 | 6/15/2020 | CCC- | D | Yes | |||||||||
| SM Energy Company (A) | U.S. | Energy and Natural Resources | 3097.00 | 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. | Utility | 2532.00 | 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 | 1130.00 | 6/18/2020 | CCC | SD | Yes | |||||||||
| Chesapeake Energy Corp. | U.S. | Energy and Natural Resources | 11629.84 | 6/19/2020 | CC | D | Yes | |||||||||
| GK Holdings, Inc. | U.S. | Leisure Time/Media | 245.00 | 6/19/2020 | CC | D | Yes | |||||||||
| Boart Longyear Limited | Australia | Energy and Natural Resources | 488.00 | 6/23/2020 | CC | SD | Yes | |||||||||
| Serta Simmons Bedding LLC | U.S. | Consumer/Service Sector | 2400.00 | 6/23/2020 | CC | SD | Yes | |||||||||
| Summit Midstream Partners, LP (A) | U.S. | Energy and Natural Resources | 1100.00 | 6/23/2020 | CCC | SD | Yes | |||||||||
| GNC Holdings Inc. | U.S. | Consumer/Service Sector | 1354.33 | 6/24/2020 | CC | D | Yes | |||||||||
| CEC Entertainment Inc. | U.S. | Consumer/Service Sector | 1129.00 | 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 | 1650.00 | 6/30/2020 | CCC+ | D | Yes | |||||||||
| California Resources Corp. | U.S. | Energy and Natural Resources | 8429.00 | 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 | 8169.77 | 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 | 1500.00 | 7/2/2020 | CCC+ | D | Yes | |||||||||
| PT Modernland Realty Tbk. | Indonesia | Real Estate | 390.00 | 7/8/2020 | CCC- | SD | Yes | |||||||||
| Tupperware Brands Corporation | 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 Corporation PLC (B) | U.K. | Energy and Natural Resources | 5200.00 | 7/17/2020 | CCC- | D | Yes | |||||||||
| Seadrill Partners LLC | Marshall Islands | Energy and Natural Resources | 2900.00 | 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. (B) | U.S. | Consumer/Service Sector | 1800.00 | 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 | 2222.97 | 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 | 2085.00 | 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 | 6707.54 | 8/3/2020 | CC | SD | Yes | |||||||||
| Forum Energy Technologies Inc. (B) | 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. (A) | Switzerland | Energy and Natural Resources | 11006.00 | 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. | Forest & Building Products/Homebuilders | 385.00 | 8/19/2020 | CCC- | D | Yes | |||||||||
| Northwest Hardwoods Inc. | U.S. | Forest & 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 | 1868.50 | 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 | 2475.00 | 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 | 1050.00 | 9/23/2020 | CC | D | Yes | |||||||||
| Technicolor S.A. | France | High Tech/Computers/Office Equipment | 1674.55 | 9/23/2020 | CC | SD | Yes | |||||||||
| Garrett Motion Inc. | U.S. | Aerospace/Automotive/Capital Goods/Metal | 2157.08 | 9/24/2020 | B | D | No | |||||||||
| Summit Midstream Partners, LP (B) | U.S. | Energy and Natural Resources | 1100.00 | 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 | 4330.00 | 10/1/2020 | CC | SD | Yes | |||||||||
| TMK Hawk Parent Corp. | U.S. | Consumer/Service Sector | 820.00 | 10/7/2020 | CCC | SD | Yes | |||||||||
| Ruby Tuesday Inc. | U.S. | Consumer/Service Sector | 0.00 | 10/7/2020 | NR | D | No | |||||||||
| Ascent Resources Utica Holdings, LLC | U.S. | Energy and Natural Resources | 2100.00 | 10/8/2020 | CC | SD | Yes | |||||||||
| Anchor Glass Container Corp. | U.S. | Aerospace/Automotive/Capital Goods/Metal | 800.00 | 10/9/2020 | CC | SD | Yes | |||||||||
| Oi S.A. | Brazil | Telecommunications | 1653.60 | 10/9/2020 | CC | SD | Yes | |||||||||
| MD America Energy LLC | U.S. | Energy and Natural Resources | 0.00 | 10/12/2020 | NR | D | No | |||||||||
| Mallinckrodt plc | Ireland | Health Care/Chemicals | 6312.00 | 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 | 984.67 | 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 | 2050.00 | 10/16/2020 | CCC- | D | Yes | |||||||||
| Alliance HealthCare Services | U.S. | Health Care/Chemicals | 650.00 | 10/19/2020 | B- | SD | Yes | |||||||||
| Central Security Group, Inc. | U.S. | Consumer/Service Sector | 450.00 | 10/19/2020 | CCC- | SD | Yes | |||||||||
| PT Alam Sutera Realty Tbk. | Indonesia | Real Estate | 545.00 | 10/28/2020 | CC | D | Yes | |||||||||
| SAS AB | Sweden | Transportation | 0.00 | 10/28/2020 | CC | SD | Yes | |||||||||
| Selecta Group B.V. | Netherlands | Consumer/Service Sector | 1731.48 | 10/28/2020 | CC | SD | Yes | |||||||||
| Hema B.V. (AMEH XXVI B.V.) | Netherlands | Consumer/Service Sector | 990.00 | 10/30/2020 | CC | SD | Yes | |||||||||
| Pacific Drilling S.A. | Luxembourg | Energy and Natural Resources | 0.00 | 10/30/2020 | NR | D | No | |||||||||
| Nabors Industries Ltd | Bermuda | Energy and Natural Resources | 5242.00 | 10/30/2020 | CCC+ | SD | Yes | |||||||||
| CBL & Associates Properties Inc. | U.S. | Real Estate | 0.00 | 11/2/2020 | NR | D | No | |||||||||
| Nine Energy Service, Inc. | U.S. | Energy and Natural Resources | 400.00 | 11/5/2020 | CCC+ | SD | No | |||||||||
| CDRH Parent, Inc. | U.S. | Health Care/Chemicals | 895.00 | 11/6/2020 | CCC- | SD | Yes | |||||||||
| Bahia de las Isletas, S.L. | Spain | Transportation | 691.72 | 11/11/2020 | B- | SD | Yes | |||||||||
| IRSA Inversiones y Representaciones S.A. (Cresud S.A.C.I.F. y A.) | Argentina | Real Estate | 360.00 | 11/12/2020 | CC | SD | Yes | |||||||||
| Transocean Ltd. (B) | Switzerland | Energy and Natural Resources | 12944.00 | 11/16/2020 | CC | SD | Yes | |||||||||
| Jonah Energy LLC | U.S. | Energy and Natural Resources | 2100.00 | 11/17/2020 | CCC- | D | Yes | |||||||||
| Guitar Center Inc. (Guitar Center Holdings Inc.) (B) | U.S. | Consumer/Service Sector | 946.00 | 11/18/2020 | CCC- | D | Yes | |||||||||
| Summit Midstream Partners Holdings, LLC | U.S. | Utility | 300.00 | 11/18/2020 | CC | D | Yes | |||||||||
| Revlon Inc. (B) | U.S. | Consumer/Service Sector | 3567.00 | 11/19/2020 | CC | SD | Yes | |||||||||
| Northern Oil and Gas Inc. | U.S. | Energy and Natural Resources | 344.28 | 11/20/2020 | CCC+ | SD | Yes | |||||||||
| SM Energy Company (B) | U.S. | Energy and Natural Resources | 2747.00 | 11/25/2020 | CCC+ | SD | Yes | |||||||||
| Cineworld Group PLC | U.K. | Leisure Time/Media | 5721.95 | 11/26/2020 | CCC- | SD | Yes | |||||||||
| Haya Real Estate S.A.U | Spain | Consumer/Service Sector | 595.46 | 11/26/2020 | CC | SD | Yes | |||||||||
| Callon Petroleum Co. | U.S. | Energy and Natural Resources | 1900.00 | 12/2/2020 | CC | SD | Yes | |||||||||
| Europcar Mobility Group S.A. | France | Leisure Time/Media | 599.00 | 12/2/2020 | CC | SD | Yes | |||||||||
| Zellis Holdings Ltd. | U.K. | High Tech/Computers/Office Equipment | 347.00 | 12/2/2020 | CCC+ | SD | No | |||||||||
| Superior Energy Services Inc. | U.S. | Energy and Natural Resources | 0.00 | 12/7/2020 | CC | D | Yes | |||||||||
| Community Health Systems Inc. | U.S. | Health Care/Chemicals | 15494.00 | 12/9/2020 | CC | SD | Yes | |||||||||
| Populus Financial Group Inc | U.S. | Financial Institutions | 350.00 | 12/18/2020 | CC | SD | Yes | |||||||||
| Sungard AS New Holdings, LLC | U.S. | High Tech/Computers/Office Equipment | 0.00 | 12/22/2020 | B- | SD | Yes | |||||||||
| Data as of Nov. 19, 2020. (A)--Issuers' first default in 2020. (B)--Issuers' second default in 2020. Excludes confidential entities. Source: S&P Global Market Intelligence’s CreditPro®. | ||||||||||||||||
Table 3
| 12-Month Default Rates By Region | ||||||
|---|---|---|---|---|---|---|
| Region | Weakest links default rate (%) | All speculative-grade default rate (%) | ||||
| Global | 24.74 | 5.47 | ||||
| U.S. | 26.33 | 6.43 | ||||
| Europe | 26.14 | 5.28 | ||||
| Emerging markets | 18.26 | 3.45 | ||||
| Other developed | 30.06 | 6.00 | ||||
| Data as of Nov. 30, 2020. Source: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. | ||||||
Table 4
| Media And Entertainment Has One-Third Of Weakest Links Listed In The Top 250 Corporate Obligors In Outstanding Rated U.S. Cash Flow CLOs | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Organization | Rank in U.S. CLO transactions | Outlook/CreditWatch | Applied rating | Sector/subsector | ||||||
| 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, LP | 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 | ||||||
| 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 | ||||||
| Data as of Dec. 28, 2020. CLO--Collateralized loan obligation. Source: S&P Global Ratings Research. | ||||||||||
Table 5
| Trailing 12-Month Corporate Default Rates* By Industry (U.S. Speculative-Grade Issuers Only) (%) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Nov. 30, 2020 | Oct. 31, 2020 | 6 months ago | 12 months ago | |||||||
| Financial | ||||||||||
| Financial institutions | 0.00 | 0.00 | 1.06 | 4.00 | ||||||
| Insurance | 0.00 | 0.00 | 1.54 | 1.56 | ||||||
| Non-Financial | ||||||||||
| Aerospace/automotive/capital goods/metal | 3.56 | 3.60 | 3.23 | 1.19 | ||||||
| Consumer/service sector | 11.92 | 12.21 | 7.96 | 4.50 | ||||||
| Energy and natural resources | 17.35 | 15.38 | 10.19 | 9.13 | ||||||
| Forest and building products/homebuilders | 2.11 | 3.06 | 1.00 | 0.98 | ||||||
| Health care/chemicals | 3.72 | 4.17 | 4.21 | 1.86 | ||||||
| High technology/computers/office equipment | 1.08 | 1.05 | 1.54 | 2.63 | ||||||
| Leisure time/media | 6.42 | 6.45 | 4.61 | 1.79 | ||||||
| Real estate | 3.39 | 1.69 | 1.75 | 0.00 | ||||||
| Telecommunications | 5.97 | 7.46 | 4.62 | 4.35 | ||||||
| Transportation | 4.08 | 4.08 | 4.17 | 0.00 | ||||||
| Utility | 7.32 | 5.13 | 2.78 | 0.00 | ||||||
| Data as of Nov. 30, 2020. *U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. | ||||||||||
Table 6
| Issuers Rated ‘B-’ Or Lower With A Negative Outlook Or On CreditWatch With Negative Implications | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rating | Outlook /CreditWatch | Subsector | Issuer | Parent company | New to the list this month | Outlook/Credit Watch change | Debt (Mil. US$) | Country | Region | |||||||||||
| B- | CreditWatch Negative | Capital goods | Arvos LuxCo S.a.r.l. | 592 | Luxembourg | Europe | ||||||||||||||
| 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. | 3,147 | 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 | Jacobs Entertainment Inc. | 385 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | National Amusements Inc. | 300 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Spectacle Gary Holdings, LLC | 370 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Retail/restaurants | Mabel Topco Ltd. | The Restaurant Group PLC | 305 | U.K. | Europe | |||||||||||||
| B- | CreditWatch Negative | Transportation | Transportes Aereos Portugueses, SGPS, S.A. | 457 | Portugal | Europe | ||||||||||||||
| B- | CreditWatch Negative | Utilities | Delhi International Airport Ltd. | Yes | 1,311 | India | Asia/Pacific | |||||||||||||
| 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 | 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 | 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 | 1,280 | Spain | Europe | ||||||||||||||
| B- | Outlook Negative | Automotive | Kongsberg Automotive ASA | 335 | Norway | Europe | ||||||||||||||
| B- | Outlook Negative | Automotive | Parts Holding Europe SAS | Dakar Finance S.A. | 1,771 | 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 | 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. | - | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | Energy Holdings (Cayman) Ltd., | 2,094 | Cayman Islands | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | FR Flow Control Midco Ltd. | - | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | Infrastructure and Energy Alternatives Inc., | - | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | JMC Acquisition Corp. | 460 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | LJ Ruby Holdings, LLC | 435 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Maxim Crane Works Holdings Capital, LLC | 545 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Norican Global A/S | 414 | Denmark | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | QualTek USA, LLC | 380 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Rubix Group Holdings Ltd. | 2,084 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | Safe Fleet Holdings LLC | 1,435 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Star UK Midco Ltd. | 535 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | Tailwind Smith Cooper Holding Corp. | - | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | TNT Crane & Rigging LLC | 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. | 400 | Cayman Islands | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Afflelou SAS | 506 | 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 | 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 | Coty Inc. | 4,961 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Edward Don & Co. Holdings, LLC | 210 | 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 | IM Growth SAS | 244 | France | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Kiwi VFS SUB I S.ar.l | Yes | 1,809 | Luxembourg | 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. | 452 | Belgium | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Marcolin SpA | 305 | Italy | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Oak Holdings, LLC | 389 | 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 | 282 | 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. | 1,693 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Kronos Worldwide Inc. | 487 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Perstorp Holding AB (publ) | 1,008 | Sweden | Europe | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Pregis TopCo Corp. | 848 | 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. | 305 | 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. | 5,032 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Trident TPI Holdings Inc., | 2,470 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Financial institutions | Altisource Portfolio Solutions S.A. | 412 | Luxembourg | Europe | ||||||||||||||
| B- | Outlook Negative | Financial institutions | Asset Finance Ltd. | - | New Zealand | Asia/Pacific | ||||||||||||||
| 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 | - | Uzbekistan | Eastern Europe/Middle East/Africa | ||||||||||||||
| B- | Outlook Negative | Financial institutions | Turkiston Bank | - | Uzbekistan | Eastern Europe/Middle East/Africa | ||||||||||||||
| B- | Outlook Negative | Financial institutions | World Acceptance Corp. | - | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Forest products and building materials | Werner FinCo LP | New Werner Holding Co. Inc., | 625 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Health care | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | 938 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Health care | American Dental Partners Inc., | 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 | Buccaneer Intermediate Holdco Ltd. | 545 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Health care | Dentalcorp Health Services ULC | 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., | 785 | 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. | - | Ireland | Europe | ||||||||||||||
| B- | Outlook Negative | High technology | Idemia France SAS | 7,343 | 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. | 676 | Australia | Asia/Pacific | ||||||||||||||
| 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 | 11,645 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | High technology | Triton UK Midco Ltd. | 305 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Homebuilders/real estate companies | PT Lippo Karawaci Tbk. | 1,160 | Indonesia | Asia/Pacific | ||||||||||||||
| B- | Outlook Negative | Homebuilders/real estate companies | Xinjiang Guanghui Industry Investment (Group) Co. Ltd. | Yes | 59 | China | 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. | - | Kuwait | Eastern Europe/Middle East/Africa | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | ABC Financial Intermediate, LLC | - | 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., | 1,210 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Awaze Ltd. | 1,203 | 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. | 6,914 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Century Casinos Inc., | Yes | 170 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Media and entertainment | Cirsa Enterprises S.L.U. | LHMC Finco 2 S.a.r.l. | Yes | 2,375 | Spain | Europe | ||||||||||||
| 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 | Getty Images Inc. | Abe Investment Holdings Inc., | 1,888 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Media and entertainment | Global University Systems Holding BV | Yes | 1,219 | Netherlands | Europe | |||||||||||||
| 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 | Lindblad Expeditions Holdings Inc. | 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. | 2,626 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Peak Jersey Holdco Ltd. | 935 | Jersey | 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. | 2,581 | 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. | 2,704 | 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. | 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. | 290 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Tornante - MDP Joe Holding LLC | 200 | 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., | 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 | Arch Resources Inc., | Yes | 300 | 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. | - | Luxembourg | Europe | ||||||||||||||
| B- | Outlook Negative | Metals, mining, and steel | Ferrexpo PLC | - | 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. | 4,400 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Metals, mining, and steel | WireCo WorldGroup Inc. | 595 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Midstream | Associated Asphalt Partners LLC | Road Holdings III, LLC | Yes | 350 | U.S. | U.S. | ||||||||||||
| B- | Outlook Negative | Midstream | BCP Raptor II, LLC | BCP Raptor HoldCo | 690 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Midstream | Crestwood Holdings LLC | 5,450 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Midstream | EagleClaw Midstream Ventures, LLC | BCP Raptor HoldCo | - | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Midstream | Epic Crude Services, LP | EPIC Midstream Holdings, LP | 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 | - | 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 | 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. | - | 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 | 244 | 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 | Dave & Buster's Inc. | Dave & Buster's Entertainment Inc., | 550 | 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 | Guitar Center Inc. | Guitar Center Holdings Inc. | Yes | 350 | 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 | Telecommunications | Aerial Parent Corp. | 1,950 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Telecommunications | Dawn Acquisitions LLC | Infra Colodata Holdings LLC | 550 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Telecommunications | HC2 Holdings Inc. | 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. | 9,035 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Transportation | Promontoria Holding 264 B.V. | 926 | Netherlands | Europe | ||||||||||||||
| B- | Outlook Negative | Transportation | Quality Distribution Inc. | 650 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Transportation | The Pasha Group | 160 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Transportation | WestJet Airlines Ltd. | 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. | 816 | Greece | Europe | ||||||||||||||
| B- | Outlook Negative | Utilities | Ukrainian Railways JSC | 500 | Ukraine | Eastern Europe/Middle East/Africa | ||||||||||||||
| 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 | Retail/restaurants | Red Lobster Intermediate Holdings LLC | 380 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Telecommunications | Telecom Argentina S.A. | 400 | Argentina | Latin America | ||||||||||||||
| CCC+ | CreditWatch Negative | Transportation | Navios Maritime Holdings Inc. | 2,995 | Marshall Islands | Asia/Pacific | ||||||||||||||
| CCC+ | CreditWatch Negative | Utilities | Aeropuertos Argentina 2000 S.A. | 750 | Argentina | Latin America | ||||||||||||||
| CCC+ | CreditWatch Negative | Utilities | Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. | 99 | Argentina | Latin America | ||||||||||||||
| CCC+ | Outlook Negative | Aerospace and defense | Bombardier Inc. | 9,456 | Canada | Canada | ||||||||||||||
| CCC+ | Outlook Negative | Aerospace and defense | Forming Machining Industries Holdings, LLC | 320 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Aerospace and defense | Jazz Acquisition Inc. | Wencor Group LLC | 610 | 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 | 1,606 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Automotive | Accuride Corp. | 363 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Automotive | Dayco LLC | - | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Automotive | Pearl Holding III Ltd. | 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., | 1,328 | 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. | - | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Liqui-Box Holdings Inc., | 530 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Mangrove Luxco III Sarl | Yes | 751 | Luxembourg | Europe | |||||||||||||
| CCC+ | Outlook Negative | Capital goods | Neenah Enterprises Inc., | 120 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Praesidiad Group Ltd. | 383 | U.K. | Europe | ||||||||||||||
| 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 | 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 | Acropole Holding | 591 | France | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Alert 360 Opco Inc., | 200 | 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 Inc. | 165 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | CatLuxe Sarl | CatLuxe Acquistion Sarl | 262 | 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 | Haya Real Estate S.A.U | Yes | 579 | Spain | Europe | |||||||||||||
| 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 | SIRVA Inc. | Yes | 850 | 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 | 219 | 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. | 857 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | DCG Acquisition Corp. | 775 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Flint HoldCo S.a r.l. | 2,853 | 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 | Transcendia Holdings Inc., | 405 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Vantage Specialty Chemicals Inc. | 758 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Zep Inc. | 725 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Amigo Loans Ltd. | Yes | 391 | U.K. | Europe | |||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Muganbank OJSC | - | Azerbaijan | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Mulhacen Pte. Ltd. | 628 | Singapore | Asia/Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Populus Financial Group Inc. | 350 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Forest products and building materials | Apex Tool Group, LLC | 1,559 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Forest products and building materials | Distribution International Inc. | DI Purchaser Inc., | - | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Forest products and building materials | Millar Western Forest Products Ltd. | Millar Western Industries Ltd. | 117 | Canada | Canada | |||||||||||||
| CCC+ | Outlook Negative | Forest products and building materials | Pro.Gest SpA | 609 | Italy | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Forest products and building materials | PT Sawit Sumbermas Sarana Tbk | - | Indonesia | Asia/Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Health care | Affordable Care Holding Corp. | 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 | Medical Depot Holdings Inc., | 915 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Health care | Premier Dental Services Inc. | 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. | - | 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. | 36,859 | 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 | Transact Holdings Inc., | 260 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Aimbridge Acquisition Co. Inc. | 995 | 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. | 2,555 | 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. | 847 | U.K. | Europe | ||||||||||||||
| 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 | eDreams ODIGEO S.A. | 731 | Luxembourg | Europe | ||||||||||||||
| 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 | Gateway Casinos & Entertainment Ltd. | 695 | Canada | Canada | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Hanjin International Corp. | Korean Air Lines Co. Ltd. | - | Korea, Republic of | Asia/Pacific | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | HNVR Midco Ltd. | 2,943 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Hurtigruten Group AS | Silk Holdings Sarl | 1,267 | Norway | Europe | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | International Park Holdings B.V. | 816 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | iQor Holdings Inc. | Yes | 395 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Joye Media SLU | 1,121 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | KUEHG Corp. | 1,387 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Lakeland Holdings, LLC | 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 | 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 | National CineMedia Inc. | 1,170 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Odyssey Europe Holdco S.a r.l. | 244 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Piolin Bidco S.A.U. | 1,182 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Playa Hotels & Resorts N.V. | 1,010 | Netherlands | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | PSS Industrial Group Corp. | 300 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Richmond UK Holdco Ltd. | 1,829 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Screenvision, LLC | 350 | U.S. | U.S. | ||||||||||||||
| 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 | Spectacle Bidco Holdings Inc. | Yes | 616 | Canada | Canada | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Thame and London Ltd. | Yes | 1,477 | U.K. | Europe | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Tribe Buyer LLC | 400 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | TUI AG | 366 | 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 | 861 | 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 | 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 | NGL Energy Partners LP | Yes | 4,100 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Midstream | Woodford Express, LLC | 364 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | BlackBrush Oil & Gas, L.P. | Yes | 75 | 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. | 233 | 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., | 728 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | ION Geophysical Corp. | 121 | U.S. | U.S. | ||||||||||||||
| 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. | Yes | 5,101 | 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 | Shelf Drilling Holdings Ltd. | Yes | 1,125 | Cayman Islands | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Oil and gas | SM Energy Co. | 2,747 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | Tervita Corp. | 1,110 | Canada | Canada | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | W&T Offshore Inc. | 625 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Beverages & More Inc., | 190 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | California Pizza Kitchen Inc., | Yes | 177 | 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 | Hema B.V. | AMEH XXVI B.V. | 197 | Netherlands | Europe | |||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Kirk Beauty One GmbH | 2,809 | 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., | 750 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | PAX Midco Spain | 1,280 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | PHD Group Holdings LLC | 487 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Punch Taverns Ltd. | 699 | 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. | - | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Transportation | Neovia Logistics Intermediate Holdings, LP | 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 | Transportation | URS Holdco Inc., | Yes | 747 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Utilities | CAPEX S.A. | 300 | Argentina | Latin America | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | ESKOM Holdings SOC Ltd. | 6,424 | 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 | Telecommunications | GTT Communications Inc., | 3,514 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Transportation | Avation PLC | - | U.K. | Europe | ||||||||||||||
| CCC | CreditWatch Negative | Transportation | gategroup Holding AG | - | Switzerland | Europe | ||||||||||||||
| CCC | Outlook Negative | Automotive | Aston Martin Holdings (UK) Ltd. | 2,647 | 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. | 851 | U.K. | Europe | ||||||||||||||
| 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. | 315 | Canada | Canada | ||||||||||||||
| CCC | Outlook Negative | Consumer products | Blue Ribbon Intermediate Holdings LLC | - | 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. | 320 | Mexico | Latin America | ||||||||||||||
| CCC | Outlook Negative | Consumer products | Isagenix Worldwide Inc., | - | 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 | Outerstuff LLC | Yes | 155 | U.S. | U.S. | |||||||||||||
| CCC | Outlook Negative | Consumer products | Output Services Group Inc., | 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 | TPC Group Inc., | TPC Group LLC | 930 | 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 | 317 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Forest products and building materials | InterCement Brasil S.A. | InterCement Participacoes S.A. | - | 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. | 847 | U.K. | Europe | ||||||||||||||
| CCC | Outlook Negative | High technology | SuperMoose Newco Inc., | 1,335 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Homebuilders/real estate companies | PT Alam Sutera Realty Tbk. | 545 | Indonesia | Asia/Pacific | ||||||||||||||
| CCC | Outlook Negative | Media and entertainment | AVSC Holding Corp. | 2,506 | 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 | Cineworld Group PLC | 5,276 | U.K. | Europe | ||||||||||||||
| CCC | Outlook Negative | Media and entertainment | Codere S.A. | 1,116 | Spain | Europe | ||||||||||||||
| 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 | Hornblower HoldCo, LLC | 655 | 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. | 305 | U.K. | 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 | Media and entertainment | Urban One Inc., | Yes | 1,047 | 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 | Nine Energy Service Inc., | 400 | U.S. | U.S. | ||||||||||||||
| 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. | 155 | 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 | 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. | 1,465 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Telecommunications | Logix Intermediate Holding Corp. | 250 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Transportation | Voyager Aviation Holdings LLC | Yes | 1,000 | U.S. | U.S. | |||||||||||||
| CCC- | CreditWatch Negative | Metals, mining, and steel | Peabody Energy Corp. | 1,400 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Oil and gas | Petroquimica Comodoro Rivadavia S.A. | - | Argentina | Latin America | ||||||||||||||
| CCC- | CreditWatch Negative | Oil and gas | YPF S.A | 2,955 | Argentina | Latin America | ||||||||||||||
| CCC- | CreditWatch Negative | Utilities | AES Argentina Generacion S.A | AES Corp. (The) | 300 | Argentina | Latin America | |||||||||||||
| CCC- | Outlook Negative | Consumer products | Iconix Brand Group Inc. | - | 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. | 617 | U.K. | Europe | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | Renfro Corp. | 230 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | Revlon Inc. | Yes | 2,750 | U.S. | U.S. | |||||||||||||
| CCC- | Outlook Negative | Consumer products | Takko Fashion S.a.r.l. | 621 | Luxembourg | Europe | ||||||||||||||
| CCC- | Outlook Negative | Health care | CDRH Parent Inc., | Yes | 1,590 | U.S. | U.S. | |||||||||||||
| CCC- | Outlook Negative | Homebuilders/real estate companies | Sunshine 100 China Holdings Ltd. | - | Cayman Islands | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Media and entertainment | Exela Technologies Inc. | 2,396 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Metals, mining, and steel | Mountain Province Diamonds Inc. | 660 | Canada | Canada | ||||||||||||||
| CCC- | Outlook Negative | Oil and gas | Basic Energy Services Inc. | 300 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Oil and gas | Great Western Petroleum LLC | 600 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Oil and gas | Transocean Ltd. | Yes | 9,734 | Switzerland | 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. | 731 | Spain | Europe | ||||||||||||||
| CCC- | Outlook Negative | Retail/restaurants | Foodco Bondco SAU | 816 | Spain | Europe | ||||||||||||||
| CCC- | Outlook Negative | Retail/restaurants | Steak n Shake Inc. | Biglari Holdings Inc. | 220 | U.S. | U.S. | |||||||||||||
| CCC- | Outlook Negative | Telecommunications | Maxcom Telecomunicaciones, S.A.B. de C.V. | 57 | Mexico | 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 | - | Brazil | Latin America | ||||||||||||||
| CC | Outlook Negative | High technology | Riverbed Parent Inc., | 2,150 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Homebuilders/real estate companies | Washington Prime Group Inc. | 1,643 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Media and entertainment | AMC Entertainment Holdings Inc. | 6,032 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Media and entertainment | Buena Vista Gaming Authority | 205 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Media and entertainment | Europcar International S.A.S.U | Europcar Mobility Group S.A. | Yes | - | France | Europe | ||||||||||||
| CC | Outlook Negative | Media and entertainment | Promotora de Informaciones S.A. | - | Spain | Europe | ||||||||||||||
| CC | Outlook Negative | Oil and gas | HGIM Corp. | 350 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Oil and gas | HighPoint Resources Corp. | 675 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Oil and gas | Vallourec | 1,767 | France | Europe | ||||||||||||||
| CC | Outlook Negative | Utilities | Ferrellgas L.P. | Ferrellgas Partners L.P. | 4,350 | U.S. | U.S. | |||||||||||||
| Data as of Dec. 28, 2020. Source: S&P Global Ratings Research. | ||||||||||||||||||||
For additional information regarding weakest links, please see our most recent quarterly publication,
Default, Transition, and Recovery: Weakest Links Fall Amid Improved Funding Conditions," Dec. 17, 2020.
Related Research:
"Industry Top Trends 2021: Transportation", Dec. 10, 2020
"Industry Top Trends 2021: Telecommunications"
"Industry Top Trends 2021: Technology"
"Industry Top Trends 2021: Retail and Restaurants"
"Industry Top Trends 2021: Real Estate"
"Industry Top Trends 2021: Oil and Gas"
"Industry Top Trends 2021: Metals and Mining"
"Industry Top Trends 2021: Media and Entertainment"
"Industry Top Trends 2021: Hotels, Gaming, and Leisure"
"Industry Top Trends 2021: Homebuilders and Developers"
"Industry Top Trends 2021: Health Care"
"Industry Top Trends 2021: Consumer Products"
"Industry Top Trends 2021: Chemicals"
"Industry Top Trends 2021: Capital Goods"
"Industry Top Trends 2021: Building Materials"
"Industry Top Trends 2021: Autos"
"Industry Top Trends 2021: Aerospace and Defense"
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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