Key Takeaways
- The global weakest links tally has declined since our last report to 466 as of Jan. 31, 2021, but it remains well above its December 2019 level of 282.
- The consumer products sector (primarily composed of discretionary consumer and retail) added the most to this month's count (with three issuers), reaching 65 (chart 1).
- The high number of weakest links supports our expectation for elevated defaults, especially for sectors most affected by measures to curb the spread of COVID-19.
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 was still elevated by historical standards. Default rates among weakest links are, on average, about 8x higher globally, thus we expect the high count of weakest links to lead to elevated defaults.
Chart 1
By sector, there has been dramatic shift in credit ratings on weakest links over the past year, as more issuers in the consumer, media, entertainment, lodging, leisure, and retail sectors tackle revenue and earnings difficulties triggered by the pandemic and global recession. For consumer goods companies, in particular, the ability to facilitate e-commerce has become critical. The largest number of weakest links are in the discretionary consumer and retail sectors, where recovery could be prolonged if government mandates or fiscal stimulus measures taper off. Additionally, margins could come under pressure if consumers trade down to less expensive options and there are delays in vaccine availability (see "Industry Top Trends 2021 Consumer Products," Dec. 10, 2020).
Consumer product weakest links are down from a high of 82 in April but began increasing again over the past few months as many countries have instituted more restrictive social distancing measures in response to rising COVID-19 cases. The global 12-month-trailing speculative-grade consumer services default rate peaked in November at 9.5% but has decreased slightly to 9% as of Dec. 31. This is still well above the previous record of 7.8% set in 2009 during the great financial crisis (chart 2). The sector's speculative-grade negative bias (issuers with negative rating outlooks or ratings on CreditWatch negative) is above pre-pandemic levels across all regions and is the highest in the U.S. and Canada (chart 3). However, this reflects the larger proportion of discretionary product manufacturers in those regions rather than greater downgrade pressure. Negative rating actions in the sector will depend largely on broader economic conditions and individual companies' abilities to shift product offerings and align cost structures to the new normal.
Chart 2
Chart 3
Additional Exhibits
Chart 4
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. | 322 | 187 | 135 | 1,499 | 21.5 | 69.1 | 67.4 | |||||||||
| Europe | 84 | 35 | 26 | 524 | 16.0 | 18.0 | 15.2 | |||||||||
| Canada | 21 | 10 | 8 | 86 | 24.4 | 4.5 | 2.5 | |||||||||
| Latin America | 19 | 14 | 16 | 128 | 14.8 | 4.1 | 9.6 | |||||||||
| Asia-Pacific | 13 | 9 | 7 | 106 | 12.3 | 2.8 | 4.6 | |||||||||
| EEMEA | 7 | 13 | 11 | 137 | 5.1 | 1.5 | 0.7 | |||||||||
| Data as of Jan. 31, 2021. EEMEA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Research. | ||||||||||||||||
Chart 5
Chart 6
Chart 7
Chart 8
Chart 9
Table 2
| Global Corporate Defaults Through Jan. 31, 2021 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Country | Industry | Debt (Mil.$) | Default date | From | To | Weakest Link | |||||||||
| HGIM Corp. | U.S. | Energy and Natural Resources | 350 | 1/5/2021 | CC | SD | Yes | |||||||||
| Promotora de Informaciones S.A. | Spain | Leisure Time/Media | 0 | 1/6/2021 | CC | SD | Yes | |||||||||
| Burger BossCo Intermediate Inc., | U.S. | Consumer/Service Sector | 193 | 1/8/2021 | CCC | SD | Yes | |||||||||
| Riverbed Parent Inc., | U.S. | High Tech/Computers/Office Equipment | 0 | 1/8/2021 | CC | SD | Yes | |||||||||
| AMC Entertainment Holdings Inc. | U.S. | Leisure Time/Media | 4,576 | 1/21/2021 | CC | SD | Yes | |||||||||
| Imagine Group LLC (The) | U.S. | Leisure Time/Media | 524 | 1/27/2021 | CCC | D | Yes | |||||||||
| Data as of Jan. 31, 2021. 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 | 25.01 | 5.29 | ||||
| U.S. | 26.63 | 6.38 | ||||
| Europe | 26.24 | 4.90 | ||||
| Emerging Markets | 18.46 | 3.14 | ||||
| Other Developed | 30.17 | 5.96 | ||||
| Data as of Dec. 31, 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 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. | 11 | Negative | B- | Transportation | ||||||
| Intrado Corp. | 58 | Negative | B- | Telecommunications | ||||||
| Brand Industrial Services Inc., | 62 | Negative | B- | Capital goods | ||||||
| Wand NewCo 3 Inc., | 76 | Negative | B- | Automotive | ||||||
| Team Health Holdings Inc., | 88 | Negative | B- | Health care | ||||||
| Dynasty Acquisition Co. Inc., | 97 | Negative | B- | Aerospace and defense | ||||||
| Golden Nugget Inc. | 98 | Negative | B- | Retail/restaurants | ||||||
| Cineworld Group PLC | 101 | Negative | CCC | Media and entertainment | ||||||
| GTT Communications Inc., | 113 | Negative | CCC | Telecommunications | ||||||
| Finastra Ltd. | 121 | Negative | CCC+ | High technology | ||||||
| SeaWorld Parks & Entertainment Inc. | 127 | Negative | B- | Media and entertainment | ||||||
| Pugnacious Endeavors Inc. | 135 | Negative | B- | Media and entertainment | ||||||
| SK Blue Holdings, LP | 136 | Negative | B- | Chemicals, packaging, and environmental services | ||||||
| Oryx Midstream Holdings LLC | 137 | Negative | B- | Midstream | ||||||
| WestJet Airlines Ltd. | 139 | Negative | B- | Transportation | ||||||
| Solera Parent Holding, LLC | 140 | Negative | B- | High technology | ||||||
| Project Boost Purchaser LLC | 141 | Negative | B- | High technology | ||||||
| Toro Private Holdings I, Ltd. | 208 | Negative | CCC+ | Transportation | ||||||
| Syniverse Holdings Inc., | 242 | Negative | CCC+ | Telecommunications | ||||||
| KUEHG Corp. | 250 | Negative | CCC+ | Media and entertainment | ||||||
| Data as of Jan. 31, 2021. 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) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (%) | December 31, 2020 | November 30, 2020 | 6 months ago | 12 months ago | ||||||
| Financial | ||||||||||
| Financial Institutions | 1.03 | 0.00 | 0.00 | 3.03 | ||||||
| Insurance | 0.00 | 0.00 | 1.52 | 1.61 | ||||||
| Non-Financial | ||||||||||
| Aerospace/automotive/capital goods/metal | 3.47 | 3.47 | 3.49 | 1.16 | ||||||
| Consumer/service sector | 11.82 | 12.07 | 11.24 | 5.09 | ||||||
| Energy and natural resources | 18.75 | 17.09 | 13.73 | 8.13 | ||||||
| Forest and building products/homebuilders | 2.17 | 2.15 | 1.03 | 1.00 | ||||||
| Health care/chemicals | 4.19 | 3.72 | 4.13 | 2.33 | ||||||
| High technology/computers/office equipment | 1.13 | 1.11 | 1.59 | 2.73 | ||||||
| Leisure time/media | 6.45 | 6.42 | 5.96 | 1.77 | ||||||
| Real estate | 3.45 | 3.45 | 1.75 | 0.00 | ||||||
| Telecommunications | 4.48 | 4.48 | 5.97 | 4.41 | ||||||
| Transportation | 4.17 | 4.17 | 4.35 | 0.00 | ||||||
| Utility | 7.50 | 7.50 | 5.71 | 2.86 | ||||||
| Data as of Dec. 31, 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 Placement | 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. | 591 | 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. | 3,149 | 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 | Spectacle Gary Holdings, LLC | 370 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Retail/restaurants | Mabel Topco Ltd. | The Restaurant Group PLC | 309 | U.K. | Europe | |||||||||||||
| B- | CreditWatch Negative | Transportation | Transportes Aereos Portugueses, SGPS, S.A. | 456 | Portugal | Europe | ||||||||||||||
| B- | CreditWatch Negative | Utilities | Delhi International Airport Ltd. | 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 | 1,276 | Spain | Europe | ||||||||||||||
| B- | Outlook Negative | Automotive | Kongsberg Automotive ASA | 334 | Norway | Europe | ||||||||||||||
| B- | Outlook Negative | Automotive | Parts Holding Europe SAS | Dakar Finance S.A. | 1,765 | 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. | 0 | 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. | 0 | U.K. | 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 | 413 | Denmark | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | QualTek USA, LLC | 380 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Rubix Group Holdings Ltd. | 2,077 | 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 | 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 | 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. | 1,691 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Kronos Worldwide Inc. | 486 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Perstorp Holding AB (publ) | 1,006 | 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. | 304 | 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 | Trident TPI Holdings Inc., | 2,468 | 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 | 504 | 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. | 4,954 | 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 | 243 | France | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Kiwi VFS SUB I S.ar.l | 1,818 | Luxembourg | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | KLDiscovery Inc. | 680 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Knowlton Development HoldCo Inc., | Yes | 3,221 | Canada | Canada | |||||||||||||
| B- | Outlook Negative | Consumer products | Livingston International Inc. | 344 | Canada | Canada | ||||||||||||||
| B- | Outlook Negative | Consumer products | LSF9 Balta Issuer S.A. | 451 | Belgium | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Marcolin SpA | 304 | Italy | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Oak Holdings, LLC | 389 | 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 | Vincent Topco BV (NL) | Yes | 522 | Netherlands | Europe | |||||||||||||
| B- | Outlook Negative | Financial institutions | Altisource Portfolio Solutions S.A. | 412 | Luxembourg | Europe | ||||||||||||||
| B- | Outlook Negative | Financial institutions | Asset Finance Ltd. | 0 | 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 | 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 | 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 | 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. | 0 | Ireland | Europe | ||||||||||||||
| B- | Outlook Negative | High technology | Idemia France SAS | 7,327 | 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. | 678 | 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 | 11,638 | 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 | 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., | 1,210 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Awaze Ltd. | 1,199 | 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., | 170 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Cirsa Enterprises S.L.U. | LHMC Finco 2 S.a.r.l. | 2,369 | 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., | 1,887 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Media and entertainment | Global University Systems Holding BV | 1,215 | 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. | 2,622 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Peak Jersey Holdco Ltd. | 937 | Jersey | Europe | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | PlayPower Holdings Inc. | 400 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | POWDR Corp. | Yes | 300 | 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. | 2,580 | 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 | 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 | Xenia Hotels & Resorts Inc., | 450 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Metals, mining, and steel | Arch Resources Inc., | 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 | 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 | WireCo WorldGroup Inc. | 595 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Midstream | Associated Asphalt Partners LLC | Road Holdings III, LLC | 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 | 6,850 | 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 | 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 | 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. | 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 | 244 | Canada | Canada | ||||||||||||||
| B- | Outlook Negative | Retail/restaurants | BURGER KING France SAS | NewCo GB SAS | Yes | 686 | France | Europe | ||||||||||||
| 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. | 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. | 770 | 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. | 923 | 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. | 814 | Greece | Europe | ||||||||||||||
| B- | Outlook Negative | Utilities | Ukrainian Railways JSC | 500 | Ukraine | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | PetroChoice Holdings Inc., | Yes | 435 | 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 | 0 | 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 | Automotive | SK HoldCo LLC | Yes | 1,525 | U.S. | U.S. | |||||||||||||
| 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., | 1,327 | 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., | 1,195 | 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 | Mangrove Luxco III Sarl | 749 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Neenah Enterprises Inc., | 120 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Praesidiad Group Ltd. | 382 | 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 | 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. | 2,847 | 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 | Consumer products | ABB/Con-Cise Optical Group LLC | 578 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Acropole Holding | 589 | 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 | 261 | 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 | 577 | 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 | New TMW LLC | Yes | 440 | 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. | 850 | 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 | Financial institutions | Amigo Loans Ltd. | 396 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Muganbank OJSC | 0 | Azerbaijan | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Mulhacen Pte. Ltd. | 626 | Singapore | Asia-Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Turkiston Bank | 0 | Uzbekistan | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC+ | Outlook Negative | Forest products and building materials | Apex Tool Group, LLC | 1,524 | 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. | 117 | Canada | Canada | |||||||||||||
| CCC+ | Outlook Negative | Forest products and building materials | Pro.Gest SpA | 607 | Italy | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Forest products and building materials | PT Sawit Sumbermas Sarana Tbk | 0 | Indonesia | Asia-Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Health care | Affordable Care Holding Corp. | 516 | 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 | 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. | 36,834 | 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 | Riverbed Parent Inc., | 1,672 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | High technology | Transact Holdings Inc., | 260 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Homebuilders/real estate companies | IRSA Propiedades Comerciales S.A. | Cresud S.A.C.I.F. y A. | Yes | 360 | Argentina | Latin America | ||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Aimbridge Acquisition Co. Inc. | 995 | 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. | 853 | 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 | Diamond Sports Holdings LLC | Sinclair Broadcast Group Inc. | Yes | 8,206 | 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. | 729 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Endeavor Operating Co., LLC | 13,963 | 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. | 344 | Korea, Republic of | Asia-Pacific | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | HNVR Midco Ltd. | 2,934 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Hurtigruten Group AS | Silk Holdings Sarl | 1,263 | Norway | Europe | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | International Park Holdings B.V. | 814 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | iQor Holdings Inc. | 395 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Joye Media SLU | 1,118 | 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., | 4,217 | 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 | National CineMedia Inc. | 1,170 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Odyssey Europe Holdco S.a r.l. | 243 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Piolin Bidco S.A.U. | 1,178 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Playa Hotels & Resorts N.V. | 1,010 | Netherlands | 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. | 300 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Richmond UK Holdco Ltd. | 1,854 | 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. | 1,232 | Canada | Canada | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Thame and London Ltd. | 1,497 | 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 | 364 | 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. | 2,955 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Viking Cruises Ltd. | Viking Holdings Ltd | 3,225 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Vue International Bidco plc | 859 | 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 | Summit Midstream Partners, LP | Yes | 1,900 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Oil and gas | BlackBrush Oil & Gas, L.P. | 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. | 235 | 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 | HGIM Corp. | 350 | 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. | 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. | 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 | Vine Oil & Gas LP | 1,760 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | W&T Offshore Inc. | 625 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | California Pizza Kitchen Inc., | 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 | Hema B.V. | AMEH XXVI B.V. | 197 | Netherlands | Europe | |||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Kirk Beauty One GmbH | 2,800 | 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 | 1,276 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | PHD Group Holdings LLC | 487 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Punch Taverns Ltd. | 708 | 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 | 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., | 747 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | CAPEX S.A. | 300 | Argentina | Latin America | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | ESKOM Holdings SOC Ltd. | 6,397 | 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 | Transportation | gategroup Holding AG | 0 | Switzerland | Europe | ||||||||||||||
| CCC | Outlook Negative | Automotive | Aston Martin Holdings (UK) Ltd. | 2,652 | 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. | 858 | 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 | 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 | 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 | 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. | 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 | Outerstuff LLC | 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. | 0 | 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 | 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. | 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. | 858 | 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 | 5,274 | U.K. | Europe | ||||||||||||||
| CCC | Outlook Negative | Media and entertainment | Codere S.A. | 1,314 | 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 | 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. | 309 | 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 | 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. | 157 | Canada | Canada | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Weatherford International plc | 2,990 | Ireland | Europe | ||||||||||||||
| CCC | Outlook Negative | Retail/restaurants | Burger BossCo Intermediate Inc., | 193 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Retail/restaurants | CEC Entertainment, LLC | Yes | 375 | 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 | GTT Communications Inc., | Yes | 3,786 | U.S. | U.S. | |||||||||||||
| CCC | Outlook Negative | Telecommunications | IPC Corp. | 1,466 | 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 | 1,000 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Metals, mining, and steel | Peabody Energy Corp. | 2,318 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Oil and gas | Petroquimica Comodoro Rivadavia S.A. | 0 | Argentina | Latin America | ||||||||||||||
| CCC- | CreditWatch Negative | Transportation | Avation PLC | 0 | U.K. | Europe | ||||||||||||||
| 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. | 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. | 625 | U.K. | Europe | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | Renfro Corp. | 230 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | Revlon Inc. | 2,750 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | Takko Fashion S.a.r.l. | 620 | Luxembourg | Europe | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | The Talbots Inc. | 410 | U.S. | U.S. | ||||||||||||||
| 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. | 0 | Cayman Islands | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Media and entertainment | AMC Entertainment Holdings Inc. | 6,042 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Media and entertainment | Exela Technologies Inc. | 2,396 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Metals, mining, and steel | Mountain Province Diamonds Inc. | 660 | Canada | Canada | ||||||||||||||
| CCC- | Outlook Negative | 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. | 9,734 | Switzerland | Europe | ||||||||||||||
| CCC- | Outlook Negative | Retail/restaurants | Distribuidora Internacional de Alimentacion S.A. | 729 | Spain | Europe | ||||||||||||||
| CCC- | Outlook Negative | Retail/restaurants | Foodco Bondco SAU | 814 | 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 | 0 | Brazil | Latin America | ||||||||||||||
| CC | Outlook Negative | Homebuilders/real estate companies | Washington Prime Group Inc. | 1,643 | 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. | 0 | France | Europe | |||||||||||||
| CC | Outlook Negative | Oil and gas | HighPoint Resources Corp. | 675 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Oil and gas | ION Geophysical Corp. | 121 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Oil and gas | Vallourec | 1,761 | France | Europe | ||||||||||||||
| CC | Outlook Negative | Oil and gas | YPF S.A | Yes | 2,953 | Argentina | Latin America | |||||||||||||
| CC | Outlook Negative | Retail/restaurants | Belk Inc., | 1,058 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Utilities | Ferrellgas L.P. | Ferrellgas Partners L.P. | 4,350 | U.S. | U.S. | |||||||||||||
| Data as of Jan. 31, 2021. Source: S&P Global Ratings 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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