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Default, Transition, and Recovery: Despite A Pickup In Positive Rating Actions, The Weakest Links Tally Remains High

Chart 1

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The number of weakest links decreased to 386 as of March 31, 2021, from 628 on June 8, 2020, as financing conditions have continued to improve, even for the lowest-rated issuers. Weakest links are issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications. As default rates among weakest links are, on average, about 8x higher globally, we have observed an elevated number of defaults over the last year--but default rates are beginning to slow.

Since the historically high weakest link tally on June 8, 2020, 14% of issuers have defaulted and 3% have been downgraded and, therefore, removed from the tally. However, much of the decrease is due to positive rating changes (including upgrades and positive revisions to issuer outlooks/CreditWatch status) as 27% of weakest links issuers have been removed from the tally since June 2020 because of positive rating changes (see chart 1).

Of the issuers removed from the list, more than 25% were from the oil and gas and media and entertainment sectors (including lodging, leisure, and travel). Many of them were removed from the tally because of a default. Both sectors faced immense downward pressures from the pandemic-driven recession and have been slow to recover. Media and entertainment and oil and gas negative bias remains highest among all sectors (see chart 2). Nonetheless, issuers in these sectors are beginning to see some positive rating changes, which has led to both sectors leading weakest link removals this month, with 12 each (see chart 3 and 4).

Chart 2

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Chart 3

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Chart 4

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Additional Exhibits

Chart 5a

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Chart 5b

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Table 1

Weakest Links By Region
Number of weakest links Five-year averages 10-year averages Total speculative-grade-rated issuers % of weakest links to total speculative-grade-rated issuers Current distribution by region (%) Distribution by region 12 months prior (%)
U.S. 262 193 138 1,533 17.1 67.9 70.2
Europe 72 37 28 525 13.7 18.7 15.9
Canada 18 10 8 84 21.4 4.7 4.3
Latin America 15 14 16 113 13.3 3.9 6.6
Asia-Pacific 13 9 7 93 14.0 3.4 2.7
EEMEA 6 13 11 117 5.1 1.6 0.2
EEMEA--Eastern Europe/Middle East/Africa. Weakest links--Issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications. Data as of March 31, 2021. Source: S&P Global Ratings Research.

Chart 6

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Chart 7

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Chart 8

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Chart 9

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Table 2

Almost 50% Of Global Corporate Defaults Are From The Energy And Natural Resources And Leisure Time/Media Sectors
Company Country Industry Debt (mil. $) Default date From To Weakest link

HGIM Corp.

U.S. Energy and natural resources 350.00 5-Jan-21 CC SD Yes

Promotora de Informaciones S.A.

Spain Leisure time/media 0.00 6-Jan-21 CC SD Yes

Burger BossCo Intermediate Inc.

U.S. Consumer/service sector 217.50 8-Jan-21 CCC SD Yes

Riverbed Parent Inc.

U.S. High tech/computers/office equipment 1,672.00 8-Jan-21 CC SD Yes

AMC Entertainment Holdings Inc.

U.S. Leisure time/media 6,741.01 21-Jan-21 CC SD Yes

Awesome Acquisition Co. L.P.

U.S. Consumer/service sector 0.00 25-Jan-21 NR D No

Alpha Media LLC

U.S. Leisure time/media 0.00 25-Jan-21 NR D No

Imagine Group LLC (The)

U.S. Leisure time/media 554.00 27-Jan-21 CCC D Yes

Belk Inc.

U.S. Consumer/service sector 1,057.60 2-Feb-21 CC D Yes

Peabody Energy Corp.

U.S. Energy and natural resources 2,858.00 3-Feb-21 CC SD Yes

Vallourec

France Energy and natural resources 1,758.14 11-Feb-21 CC SD Yes

Renfro Corp.

U.S. Consumer/service sector 240.10 19-Feb-21 CCC- SD Yes

CatLuxe Sarl (CatLuxe Acquistion Sarl)

Luxembourg Consumer/service sector 315.92 22-Feb-21 CCC+ SD Yes

Form Technologies LLC

U.S. Aerospace/automotive/capital goods/metal 2,118.00 22-Feb-21 CC SD Yes

YPF S.A.

Argentina Energy and natural resources 2,900.00 26-Feb-21 CC SD Yes

Sunshine 100 China Holdings Ltd.

Cayman Islands Real estate 0.00 2-Mar-21 CCC- SD Yes

Ensign Drilling Inc. (Ensign Energy Services Inc.)

Canada Energy and natural resources 700.00 16-Mar-21 CCC+ SD Yes

HighPoint Resources Corp.

U.S. Energy and natural resources 0.00 16-Mar-21 CC D Yes

Washington Prime Group Inc.

U.S. Real estate 2,090.00 17-Mar-21 CC D Yes

AI Mistral Holdco Ltd.

U.K. Transportation 687.50 23-Mar-21 CCC+ SD No

Avation PLC

U.K. Transportation 0.00 26-Mar-21 CC SD Yes
Note: Excludes confidential entities. Data as of March 31, 2021. Source: S&P Global Market Intelligence’s CreditPro®.

Table 3

Weakest Link Default Rates Are, On Average, 8x Higher Than The Overall Speculative-Grade Default Rate
Region Weakest links default rate (%) All speculative-grade default rate (%)
Global 25.09 5.19
U.S. 26.71 6.11
Europe 26.30 5.53
Emerging markets 18.55 2.80
Other developed 30.15 5.92
Data as of Feb. 28, 2021. Source: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 4

Weakest Links Listed In The Top 250 Corporate Obligors By Outstanding Rated U.S. Cash Flow CLOs
Media and entertainment has the most with four issuers
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

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 L.P.

136 Negative B- Chemicals, packaging, and environmental services

WestJet Airlines Ltd.

139 Negative B- Transportation

Project Boost Purchaser LLC

141 Negative B- High technology

Toro Private Holdings I Ltd.

208 Negative CCC+ Transportation
CLO--Collateralized loan obligation. Data as of March 31, 2021. Source: S&P Global Ratings Research.

Table 5

Trailing-12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only*)
% Feb. 28, 2021 Jan. 31, 2021 6 months ago 12 months ago
Financial
Financial institutions 1.05 1.05 0.00 3.09
Insurance 0.00 0.00 1.52 0.00
Nonfinancial
Aerospace/automotive/capital goods/metal 3.44 3.08 3.13 1.17
Consumer/service sector 10.50 11.49 11.71 5.62
Energy and natural resources 21.55 20.54 14.14 7.58
Forest and building products/homebuilders 2.13 2.15 3.09 1.01
Health care/chemicals 3.77 3.76 4.19 2.36
High technology/computers/office equipment 1.68 1.69 1.63 2.70
Leisure time/media 6.05 6.45 6.88 2.25
Real estate 3.57 3.45 1.75 0.00
Telecommunications 4.35 4.48 5.97 3.03
Transportation 2.13 4.08 4.35 2.04
Utility 5.41 5.56 5.71 2.94
*U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of Feb. 28, 2021. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 6

Issuers Rated 'B-' Or Lower With Negative Outlooks Or Ratings On CreditWatch With Negative Implications
Rating Outlook/CreditWatch Subsector Issuer Parent company New to the list this month Outlook/CreditWatch change Debt (mil. US$) Country Region
B- CreditWatch Negative 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 Midstream Ruby Pipeline LLC Yes 825 U.S. U.S.
B- CreditWatch Negative Retail/restaurants Mabel Topco Ltd. The Restaurant Group PLC 310 U.K. Europe
B- CreditWatch Negative Transportation Transportes Aereos Portugueses, SGPS, S.A. 441 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 1,236 Spain Europe
B- Outlook Negative Automotive Kongsberg Automotive ASA 324 Norway Europe
B- Outlook Negative Automotive Parts Holding Europe SAS Dakar Finance S.A. 1,710 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 Infrastructure and Energy Alternatives Inc., 0 U.S. U.S.
B- Outlook Negative Capital goods JMC Acquisition Corp. 460 U.S. U.S.
B- Outlook Negative Capital goods LJ Ruby Holdings, LLC 435 U.S. U.S.
B- Outlook Negative Capital goods Maxim Crane Works Holdings Capital, LLC 545 U.S. U.S.
B- Outlook Negative Capital goods Norican Global A/S 400 Denmark Europe
B- Outlook Negative Capital goods QualTek USA, LLC 380 U.S. U.S.
B- Outlook Negative Capital goods Rubix Group Holdings Ltd. 2,012 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 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. 715 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Kronos Worldwide Inc. 471 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Perstorp Holding AB (publ) 986 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 Schoeller Packaging B.V. 294 Netherlands Europe
B- Outlook Negative Chemicals, packaging, and environmental services SK Blue Holdings, LP 2,950 Cayman Islands U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Trident TPI Holdings Inc., 2,449 U.S. U.S.
B- Outlook Negative Consumer products 361 Degrees International Ltd. 400 Cayman Islands U.S.
B- Outlook Negative Consumer products Calceus Acquisition Inc., Yes 290 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 Coty Inc. 4,892 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 235 France Europe
B- Outlook Negative Consumer products Kiwi VFS SUB I S.ar.l 1,794 Luxembourg Europe
B- Outlook Negative Consumer products Knowlton Development HoldCo Inc., 3,178 Canada Canada
B- Outlook Negative Consumer products Livingston International Inc. 344 Canada Canada
B- Outlook Negative Consumer products Marcolin SpA 294 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) 506 Netherlands Europe
B- Outlook Negative Financial institutions Altisource Portfolio Solutions S.A. 412 Luxembourg Europe
B- Outlook Negative Financial institutions Avison Young (Canada) Inc. Yes 325 Canada Canada
B- Outlook Negative Financial institutions Ravnaq-bank Private Open Joint-Stock Commercial Bank 0 Uzbekistan Eastern Europe/Middle East/Africa
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 Arbor Pharmaceuticals Inc. 500 U.S. U.S.
B- Outlook Negative Health care Dentalcorp Health Services ULC 1,302 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 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 Mitel Networks (International) Ltd. 1,380 U.K. Europe
B- Outlook Negative High technology MYOB Invest Co Pty Ltd. 677 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 QBS Parent Inc., Project Quarterback Parent, LLC 420 U.S. U.S.
B- Outlook Negative Homebuilders/real estate companies PT Lippo Karawaci Tbk. 1,160 Indonesia Asia/Pacific
B- Outlook Negative Insurance Genworth Financial Inc. Yes 2,748 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 ASM Global Parent Inc., 1,210 U.S. U.S.
B- Outlook Negative Media and entertainment Awaze Ltd. 1,161 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. 5,414 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. 2,311 Spain Europe
B- Outlook Negative Media and entertainment ConvergeOne Holdings Inc. 1,235 U.S. U.S.
B- Outlook Negative Media and entertainment EagleView Technology Corp. 800 U.S. U.S.
B- Outlook Negative Media and entertainment Global University Systems Holding BV 1,177 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. 2,591 U.S. U.S.
B- Outlook Negative Media and entertainment Peak Jersey Holdco Ltd. 938 Jersey Europe
B- Outlook Negative Media and entertainment PlayPower Holdings Inc. 400 U.S. U.S.
B- Outlook Negative Media and entertainment POWDR Corp. 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. 2,562 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., 3,800 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 CONSOL Energy Inc. 675 U.S. U.S.
B- Outlook Negative Metals, mining, and steel Coronado Global Resources Inc. Yes 0 Australia Asia/Pacific
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 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. 691 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 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 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 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 665 France Europe
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 Guitar Center Inc. Guitar Center Holdings Inc. 350 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 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. 894 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 Utilities Calumet Specialty Products Partners LP 4,650 U.S. U.S.
B- Outlook Negative Utilities Ellaktor S.A. 788 Greece Europe
B- Outlook Negative Utilities Ukrainian Railways JSC 500 Ukraine Eastern Europe/Middle East/Africa
CCC+ CreditWatch Negative Consumer products MVK Intermediate Holdings, LLC Yes 335 U.S. U.S.
CCC+ CreditWatch Negative Consumer products PetroChoice Holdings Inc., 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 Oil and gas Tullow Oil PLC Yes 1,450 U.K. Europe
CCC+ CreditWatch Negative Transportation Navios Maritime Holdings Inc. 2,995 Marshall Islands Asia/Pacific
CCC+ Outlook Negative Aerospace and defense Bombardier Inc. 9,433 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 PT Gajah Tunggal Tbk. 250 Indonesia Asia/Pacific
CCC+ Outlook Negative Automotive SK HoldCo LLC 1,525 U.S. U.S.
CCC+ Outlook Negative Capital goods Ahern Rentals Inc. 550 U.S. U.S.
CCC+ Outlook Negative Capital goods ASP Unifrax Holdings Inc., 1,315 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 725 Luxembourg Europe
CCC+ Outlook Negative Capital goods Neenah Enterprises Inc., 120 U.S. U.S.
CCC+ Outlook Negative Capital goods Praesidiad Group Ltd. 371 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 Flint HoldCo S.a r.l. 2,789 Luxembourg Europe
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 Consumer products ABB/Con-Cise Optical Group LLC 578 U.S. U.S.
CCC+ Outlook Negative Consumer products Acropole Holding 571 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 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 559 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 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 212 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. 397 U.K. Europe
CCC+ Outlook Negative Financial institutions Mulhacen Pte. Ltd. 606 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. 119 Canada Canada
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 Electronics for Imaging Inc., 1,100 U.S. U.S.
CCC+ Outlook Negative High technology Finastra Ltd. 36,587 Cayman Islands U.S.
CCC+ Outlook Negative High technology Natel Engineering Co., LLC 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. 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 Casper MidCo SAS Yes 1,141 France Europe
CCC+ Outlook Negative Media and entertainment ClubCorp Holdings Inc., 1,600 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Comet Bidco Ltd. 854 U.K. Europe
CCC+ Outlook Negative Media and entertainment Diamond Sports Holdings LLC Sinclair Broadcast Group Inc. 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. 706 Luxembourg Europe
CCC+ Outlook Negative Media and entertainment Endeavor Operating Co., LLC 9,172 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. 2,842 U.K. Europe
CCC+ Outlook Negative Media and entertainment Hurtigruten Group AS Silk Holdings Sarl 1,224 Norway Europe
CCC+ Outlook Negative Media and entertainment International Park Holdings B.V. 788 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 1,083 Spain Europe
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., 2,250 U.S. U.S.
CCC+ Outlook Negative Media and entertainment National CineMedia Inc. 1,220 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Odyssey Europe Holdco S.a r.l. 235 Luxembourg Europe
CCC+ Outlook Negative Media and entertainment Piolin Bidco S.A.U. 1,141 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. 1,859 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 Spectacle Bidco Holdings Inc. 1,232 Canada Canada
CCC+ Outlook Negative Media and entertainment Thame and London Ltd. 1,501 U.K. Europe
CCC+ Outlook Negative Media and entertainment Tribe Buyer LLC 400 U.S. U.S.
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 836 U.K. Europe
CCC+ Outlook Negative Media and entertainment WeWork Companies LLC 702 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Alpha Metallurgical Resources 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 Peabody Energy Corp. Yes 2,318 U.S. U.S.
CCC+ Outlook Negative Midstream Altera Infrastructure L.P. Brookfield Asset Management Inc. Yes 1,000 Marshall Islands Asia/Pacific
CCC+ Outlook Negative Midstream Epic Y Grade Services, LP Yes 950 U.S. U.S.
CCC+ Outlook Negative Midstream Gulf Finance, LLC 1,150 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 Callon Petroleum Co. Yes 1,900 U.S. U.S.
CCC+ Outlook Negative Oil and gas Centennial Resource Development Inc., 1,027 U.S. U.S.
CCC+ Outlook Negative Oil and gas Crew Energy Inc. 238 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 Petroquimica Comodoro Rivadavia S.A. Yes 0 Argentina Latin America
CCC+ Outlook Negative Oil and gas PGS ASA Yes 0 Norway Europe
CCC+ Outlook Negative Oil and gas Shelf Drilling Holdings Ltd. 1,435 Cayman Islands U.S.
CCC+ Outlook Negative Oil and gas W&T Offshore Inc. 625 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Belk Inc., 1,225 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 Main Event Entertainment Inc., Ardent Leisure Ltd. 200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants NMG Holding Co. Inc., 1,750 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants PAX Midco Spain 1,236 Spain Europe
CCC+ Outlook Negative Retail/restaurants PHD Group Holdings LLC 487 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Punch Taverns Ltd. 711 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 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 URS Holdco Inc., 747 U.S. U.S.
CCC+ Outlook Negative Utilities Aeropuertos Argentina 2000 S.A. Yes 750 Argentina Latin America
CCC+ Outlook Negative Utilities AES Argentina Generacion S.A AES Corp. (The) Yes 300 Argentina Latin America
CCC+ Outlook Negative Utilities ESKOM Holdings SOC Ltd. 4,652 South Africa Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Utilities Pampa Energia S.A. 1,550 Argentina Latin America
CCC CreditWatch Negative Transportation gategroup Holding AG 0 Switzerland 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. 860 U.K. Europe
CCC Outlook Negative Capital goods Arvos LuxCo S.a.r.l. Yes 579 Luxembourg Europe
CCC Outlook Negative Capital goods CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. 300 Argentina Latin America
CCC Outlook Negative Chemicals, packaging, and environmental services LSB Industries Inc. 435 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 1,083 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 CatLuxe Sarl CatLuxe Acquistion Sarl 253 Luxembourg Europe
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 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. 861 U.K. Europe
CCC Outlook Negative High technology SuperMoose Newco Inc., 1,335 U.S. U.S.
CCC Outlook Negative Homebuilders/real estate companies Ezdan Holding Group Q.S.C. Yes 2,000 Qatar Eastern Europe/Middle East/Africa
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 5,251 U.K. 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 Owl Finance Ltd. Hibu Group Ltd. 310 U.K. Europe
CCC Outlook Negative Media and entertainment Travel Leaders Group, LLC 629 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. 159 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 375 U.S. U.S.
CCC Outlook Negative Retail/restaurants Miller's Ale House Inc., 271 U.S. U.S.
CCC Outlook Negative Telecommunications Dawn Acquisitions LLC Infra Colodata Holdings LLC 550 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- CreditWatch Negative Utilities YPF Energia Electrica S.A. YPF S.A Yes 400 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. 627 U.K. Europe
CCC- Outlook Negative Consumer products Renfro Corp. 240 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. 600 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 All Day AcquisitionCo LLC Yes 200 U.S. U.S.
CCC- Outlook Negative Media and entertainment AMC Entertainment Holdings Inc. 6,044 U.S. U.S.
CCC- Outlook Negative Media and entertainment Exela Technologies Inc. 2,396 U.S. U.S.
CCC- Outlook Negative Media and entertainment Lago Resort & Casino 290 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 Transocean Ltd. 9,734 Switzerland Europe
CCC- Outlook Negative Retail/restaurants Foodco Bondco SAU 788 Spain Europe
CCC- Outlook Negative Telecommunications GTT Communications Inc., 3,758 U.S. U.S.
CCC- Outlook Negative Telecommunications Maxcom Telecomunicaciones, S.A.B. de C.V. 57 Mexico Latin America
CCC- Outlook Negative Utilities Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. Yes 99 Argentina Latin America
CCC- Outlook Negative Utilities Empresa Distribuidora Y Comercializadora Norte S.A. 300 Argentina Latin America
CCC- Outlook Negative Utilities Investimentos e Participacoes em Infraestrutura S.A. - Invepar 0 Brazil Latin America
CC CreditWatch Negative Metals, mining, and steel Boart Longyear Ltd. Yes 488 Australia Asia/Pacific
CC CreditWatch Negative Transportation Voyager Aviation Holdings LLC Yes 1,000 U.S. U.S.
CC Outlook Negative Media and entertainment Codere S.A. 1,283 Spain Europe
CC Outlook Negative Media and entertainment Europcar International S.A.S.U Europcar Mobility Group S.A. 0 France Europe
CC Outlook Negative Midstream Summit Midstream Partners, LP 1,900 U.S. U.S.
CC Outlook Negative Oil and gas ION Geophysical Corp. 121 U.S. U.S.
Data as of March 31, 2021. Source: S&P Global Ratings Research.

For additional information regarding weakest links, please see our most recent quarterly publication, "Revenue Pressures Continue To Weigh On Consumer-Related Weakest Links," Feb. 22, 2021

Related Research

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, New York + 1 (212) 438 1396;
nicole.serino@spglobal.com
Sudeep K Kesh, New York + 1 (212) 438 7982;
sudeep.kesh@spglobal.com
Research Contributor:Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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