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 to 353 as of April 30, 2021, as it nears pre-pandemic levels of 282, as of Dec. 31, 2019. Accommodative financing and an economic recovery contributed to an increase in positive rating actions in April, especially for speculative-grade issuers. So far in 2021, the number of speculative-grade upgrades has been more than a third higher than the number of downgrades (see chart 1) as sectors begin to recover from 2020 downward pressure. However, the number of upgrades so far in 2021 is only a small fraction of the total number of downgrades in 2020. Credit ratings overall are structurally lower than pre-pandemic ratings, reflecting relatively higher debt burdens.
Chart 1
Key Takeaways
- The global weakest links tally declined by 33 since our last report, to 353, and is beginning to near pre-pandemic levels of 282.
- Global speculative-grade rating actions reached 180 as of April 30, the highest level of upgrades since 2010.
- The oil and gas sector had the most removals this month, with 11 issuers, and the highest yearly change, from 63 issuers (April 2020) to 19 issuers (April 2021).
- Despite an increase in positive rating actions so far in 2021, the persistently high number of weakest links supports our expectation for continued higher defaults, especially for sectors most affected by measures enacted to curb the spread of COVID-19.
The oil and gas sector, which has historically held a large percentage of weakest links, had the greatest decline in weakest links since our last report, decreasing by nearly one-third (see chart 2). Oil and gas issuers faced immense pressures from the pandemic-driven recession, however, those issuers are beginning to have positive rating changes owing to oil prices stabilizing. Among the non-financial sectors, oil and gas have the highest year-over-year decrease in weakest link issuers, declining from 19 issuers as of April 2021, from 63 one year ago. Much of the decrease can be attributed to a steady decline in negative bias as the sector had an uptick in issuers rating outlooks moving from negative to stable (see chart 3).
Chart 2
Chart 3
Chart 4
Additional Exhibits
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. | 235 | 195 | 139 | 1548 | 15.2% | 66.6% | 70.6% | |||||||||
| Europe | 71 | 38 | 28 | 533 | 13.3% | 20.1% | 16.6% | |||||||||
| Canada | 16 | 10 | 8 | 84 | 19.0% | 4.5% | 4.5% | |||||||||
| Latin America | 14 | 14 | 16 | 114 | 12.3% | 4.0% | 5.4% | |||||||||
| Asia/Pacific | 12 | 9 | 7 | 95 | 12.6% | 3.4% | 2.6% | |||||||||
| EEMEA | 5 | 12 | 11 | 114 | 4.4% | 1.4% | 0.3% | |||||||||
| Data as of April 30, 2021. Source: S&P Global Ratings Research. EEMEA--Eastern Europe/Middle East/Africa | ||||||||||||||||
Chart 5
Chart 6
Chart 7
Chart 8
Table 2
| Global Corporate Defaults (Through April 30, 2021): Almost One- Third Issuers Are From Energy And Natural Resources Sector | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company | Country | Industry | Debt (Mil. $) | Default date | From | To | Weakest Link | |||||||||
| HGIM Corp. | U.S. | Energy and natural resources | $350.00 | 1/5/2021 | CC | SD | Yes | |||||||||
| Promotora de Informaciones S.A. | Spain | Leisure time/media | $0.00 | 1/6/2021 | CC | SD | Yes | |||||||||
| Burger BossCo Intermediate Inc., | U.S. | Consumer/service sector | $217.50 | 1/8/2021 | CCC | SD | Yes | |||||||||
| Riverbed Parent Inc., | U.S. | High tech/computers/office equipment | $1,672.00 | 1/8/2021 | CC | SD | Yes | |||||||||
| AMC Entertainment Holdings Inc. | U.S. | Leisure time/media | $6,741.01 | 1/21/2021 | CC | SD | Yes | |||||||||
| Awesome Acquisition Co. L.P. | U.S. | Consumer/service sector | $0.00 | 1/25/2021 | NR | D | No | |||||||||
| Alpha Media LLC | U.S. | Leisure Time/Media | $0.00 | 1/25/2021 | NR | D | No | |||||||||
| Imagine Group LLC (The) | U.S. | Leisure Time/Media | $554.00 | 1/27/2021 | CCC | D | Yes | |||||||||
| Belk Inc., | U.S. | Consumer/Service Sector | $1,057.60 | 2/2/2021 | CC | D | Yes | |||||||||
| Peabody Energy Corp. | U.S. | Energy and Natural Resources | $2,858.00 | 2/3/2021 | CC | SD | Yes | |||||||||
| Vallourec | France | Energy and Natural Resources | $1,758.14 | 2/11/2021 | CC | SD | Yes | |||||||||
| Renfro Corp. | U.S. | Consumer/Service Sector | $240.10 | 2/19/2021 | CCC- | SD | Yes | |||||||||
| CatLuxe Sarl (CatLuxe Acquistion Sarl) | Luxembourg | Consumer/Service Sector | $315.92 | 2/22/2021 | CCC+ | SD | Yes | |||||||||
| Form Technologies LLC | U.S. | Aerospace/Automotive/Capital Goods/Metal | $2,118.00 | 2/22/2021 | CC | SD | Yes | |||||||||
| YPF S.A | Argentina | Energy and Natural Resources | $2,900.00 | 2/26/2021 | CC | SD | Yes | |||||||||
| Sunshine 100 China Holdings Ltd. | Cayman Islands | Real Estate | $0.00 | 3/2/2021 | CCC- | SD | Yes | |||||||||
| Ensign Drilling Inc. (Ensign Energy Services Inc.) | Canada | Energy and Natural Resources | $700.00 | 3/16/2021 | CCC+ | SD | Yes | |||||||||
| HighPoint Resources Corp. | U.S. | Energy and Natural Resources | $0.00 | 3/16/2021 | CC | D | Yes | |||||||||
| Washington Prime Group Inc. | U.S. | Real Estate | $2,090.00 | 3/17/2021 | CC | D | Yes | |||||||||
| Al Mistral Holdco Ltd. | U.K. | Transportation | $687.50 | 3/23/2021 | CCC+ | SD | No | |||||||||
| Avation PLC | U.K. | Transportation | $0.00 | 3/26/2021 | CC | SD | Yes | |||||||||
| YPF Energia Electrica S.A. (YPF S.A) | Argentina | Energy and Natural Resources | $400.00 | 4/13/2021 | CCC- | SD | Yes | |||||||||
| ION Geophysical Corp. | U.S. | Energy and Natural Resources | $121.00 | 4/14/2021 | CC | SD | Yes | |||||||||
| Summit Midstream Partners, LP | U.S. | Energy and Natural Resources | $1,600.00 | 4/15/2021 | CC | SD | Yes | |||||||||
| Basic Energy Services Inc. | U.S. | Energy and Natural Resources | $300.00 | 4/16/2021 | CCC- | D | Yes | |||||||||
| Medical Depot Holdings Inc., | U.S. | Health Care/Chemicals | $457.00 | 4/19/2021 | CCC+ | SD | Yes | |||||||||
| Serta Simmons Bedding LLC | U.S. | Consumer/Service Sector | $8,851.00 | 4/19/2021 | CC | SD | Yes | |||||||||
| Isagenix Worldwide Inc., | U.S. | Consumer/Service Sector | $0.00 | 4/23/2021 | CCC | SD | Yes | |||||||||
| Maxcom Telecomunicaciones, S.A.B. de C.V. | Mexico | Telecommunications | $57.00 | 4/27/2021 | CCC- | D | Yes | |||||||||
| Future Retail Ltd. | India | Consumer/Service Sector | $500.00 | 4/28/2021 | CCC- | SD | No | |||||||||
| Codere S.A. | Spain | Leisure Time/Media | $905.00 | 4/30/2021 | CC | SD | Yes | |||||||||
| Excludes confidential entities. Data as of April 30, 2021. Source: S&P Global Market Intelligence’s CreditPro®. | ||||||||||||||||
Table 3
| 12-month Default Rates By Region | ||||||
|---|---|---|---|---|---|---|
| Region | Weakest links default rate | All SG default rate | ||||
| Global | 25.06% | 4.55% | ||||
| U.S. | 26.67% | 5.17% | ||||
| Europe | 26.28% | 5.65% | ||||
| Emerging markets | 18.59% | 2.46% | ||||
| Other developed | 30.01% | 3.50% | ||||
| Data as of March 31, 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 In Outstanding Rated U.S. Cash Flow CLOs With Media And Entertainment Having The Most With Three Issuers | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Organization | Rank in U.S. CLO transactions | Outlook/CreditWatch | Applied rating | Sector/subsector | ||||||
| American Airlines Group Inc. | 10 | Negative | B- | Transportation | ||||||
| Intrado Corp. | 76 | Negative | B- | Telecommunications | ||||||
| Team Health Holdings Inc., | 86 | Negative | B- | Health care | ||||||
| Brand Industrial Services Inc., | 95 | Negative | B- | Capital goods | ||||||
| Dynasty Acquisition Co. Inc., | 99 | Negative | B- | Aerospace and defense | ||||||
| GTT Communications Inc., | 119 | Negative | CCC- | Telecommunications | ||||||
| Cineworld Group PLC | 121 | Negative | CCC | Media and entertainment | ||||||
| Pugnacious Endeavors Inc. | 122 | Negative | B- | Media and entertainment | ||||||
| SeaWorld Parks & Entertainment Inc. | 138 | Negative | B- | Media and entertainment | ||||||
| Project Boost Purchaser LLC | 141 | Negative | B- | High technology | ||||||
| Finastra Ltd. | 147 | Negative | CCC+ | High technology | ||||||
| WestJet Airlines Ltd. | 160 | Negative | B- | Transportation | ||||||
| Knowlton Development HoldCo Inc., | 246 | Negative | B- | Consumer products | ||||||
| CLO--Collateralized loan obligation. Data as of April 30, 2021. Source: S&P Global Ratings Research. | ||||||||||
Table 5
| Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only*) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (%) | Mar. 31, 2021 | Feb. 28, 2021 | 6 months ago | 12 months ago | ||||||
| Financial | ||||||||||
| Financial Institutions | 1.05 | 1.05 | 0.00 | 3.16 | ||||||
| Insurance | 0.00 | 0.00 | 1.61 | 1.59 | ||||||
| Non-Financial | ||||||||||
| Aerospace/automotive/capital goods/metal | 3.31 | 3.41 | 3.83 | 1.96 | ||||||
| Consumer/service sector | 10.47 | 10.47 | 12.18 | 5.60 | ||||||
| Energy and natural resources | 20.97 | 21.79 | 14.14 | 7.32 | ||||||
| Forest and building products/homebuilders | 2.08 | 2.13 | 3.13 | 1.02 | ||||||
| Health care/chemicals | 3.74 | 3.77 | 4.17 | 2.38 | ||||||
| High technology/computers/office equipment | 1.12 | 1.68 | 1.09 | 2.66 | ||||||
| Leisure time/media | 6.51 | 6.07 | 6.91 | 1.82 | ||||||
| Real estate | 3.70 | 3.57 | 1.75 | 1.82 | ||||||
| Telecommunications | 1.49 | 4.35 | 5.97 | 6.06 | ||||||
| Transportation | 2.08 | 2.13 | 4.26 | 2.00 | ||||||
| Utility | 5.41 | 5.41 | 5.56 | 2.86 | ||||||
| U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of March 31, 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 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 | Retail/restaurants | Mabel Topco Ltd. | The Restaurant Group PLC | 313 | U.K.. | Europe | |||||||||||||
| B- | CreditWatch Negative | Transportation | Transportes Aereos Portugueses, SGPS, S.A. | 453 | Portugal | Europe | ||||||||||||||
| B- | Outlook Negative | Aerospace and defense | API Holdings III Corp. | Yes | 245 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Aerospace and defense | Dynasty Acquisition Co. Inc., | 2,340 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Aerospace and defense | F-Brasile S.p.A | 1,010 | Italy | Europe | ||||||||||||||
| B- | Outlook Negative | Aerospace and defense | 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 | 1,270 | Spain | Europe | ||||||||||||||
| B- | Outlook Negative | Automotive | Kongsberg Automotive ASA | 333 | Norway | Europe | ||||||||||||||
| B- | Outlook Negative | Automotive | Parts Holding Europe SAS | Dakar Finance S.A. | 1,757 | France | Europe | |||||||||||||
| B- | Outlook Negative | Automotive | TPro Acquisition Corp. | 300 | 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., | 2,194 | Cayman Islands | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Infrastructure and Energy Alternatives Inc., | 0 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | JSG I Inc. | 460 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | LJ Ruby Holdings, LLC | 435 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Norican Global A/S | 411 | Denmark | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | QualTek LLC | 380 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Rubix Group Holdings Ltd. | 2,068 | 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 | 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 | Perstorp Holding AB (publ) | 1,003 | 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. | 302 | Netherlands | Europe | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Trident TPI Holdings Inc., | 2,465 | 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., | 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. | 5,845 | 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 | 242 | France | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Isagenix Worldwide Inc., | 0 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Kiwi VFS SUB I S.ar.l | 2,008 | Luxembourg | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Knowlton Development HoldCo Inc., | 3,214 | Canada | Canada | ||||||||||||||
| B- | Outlook Negative | Consumer products | Marcolin SpA | 302 | 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 | Topgolf International Inc., | Callaway Golf Co. | Yes | 350 | U.S. | U.S. | ||||||||||||
| B- | Outlook Negative | Consumer products | Vincent Topco BV (NL) | 520 | Netherlands | Europe | ||||||||||||||
| B- | Outlook Negative | Financial institutions | Avison Young (Canada) Inc. | 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., | 1,135 | 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 | MYOB Invest Co Pty Ltd. | 680 | 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. | 2,753 | U.S. | U.S. | ||||||||||||||
| 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. | 1,193 | 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. | 2,361 | 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 | 1,209 | Netherlands | Europe | ||||||||||||||
| 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. | 2,618 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Peak Jersey Holdco Ltd. | 939 | 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. | 2,577 | 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. | 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 | Petra Diamonds Ltd. | Yes | 0 | Bermuda | 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 | Martin Midstream Partners L.P. | 691 | 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 | DTEK Renewables B.V. | 0 | Netherlands | Europe | ||||||||||||||
| 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 | 683 | France | Europe | |||||||||||||
| 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 | Kirk Beauty One GmbH | Yes | 3,313 | Germany | Europe | |||||||||||||
| 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. | 300 | 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. | 919 | 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 | 2,850 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | MVK Intermediate Holdings, LLC | 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 | Transportation | Navios Maritime Holdings Inc. | 2,995 | Marshall Islands | Asia/Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Aerospace and defense | Bombardier Inc. | 9,469 | 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., | 1,325 | 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 | 745 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Neenah Enterprises Inc., | 120 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Praesidiad Group Ltd. | 381 | 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 | 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 | Cornerstone Chemical Co. | 450 | 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 | 586 | 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 | Brill Bakery Solutions LLC | 210 | 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 | Haya Real Estate S.A.U | 574 | 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 | 465 | 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 | SIRVA Inc. | 850 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Transcom TopCo AB | 218 | Sweden | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Varsity Brands Holding Co. Inc. | 3,000 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Altisource Portfolio Solutions S.A. | 412 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Amigo Loans Ltd. | 401 | U.K.. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Mulhacen Pte. Ltd. | 623 | 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. | 121 | 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., | 579 | 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. | 36,798 | Cayman Islands | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | High technology | Mitel Networks (International) Ltd. | 1,380 | U.K.. | Europe | ||||||||||||||
| 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 | Bioplan USA Inc., | 1,040 | 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 | 1,173 | 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. | 858 | 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. | 726 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Europcar Mobility Group S.A. | Yes | 605 | France | Europe | |||||||||||||
| 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. | 2,920 | U.K.. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Hurtigruten Group AS | Silk Holdings Sarl | 1,258 | Norway | Europe | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | International Park Holdings B.V. | 810 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | iQor Holdings Inc. | 395 | 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., | 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. | 242 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Piolin Bidco S.A.U. | 1,173 | 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. | 1,877 | 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. | 1,516 | 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. | 2,905 | 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 | 857 | 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. | 2,318 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Midstream | Altera Infrastructure L.P. | Brookfield Asset Management Inc. | 1,000 | Marshall Islands | Asia/Pacific | |||||||||||||
| CCC+ | Outlook Negative | Midstream | Epic Crude Services, LP | 1,175 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Midstream | Epic Y Grade Services, LP | 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. | 1,900 | U.S. | U.S. | ||||||||||||||
| 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 | Nabors Industries Ltd. | 5,101 | Bermuda | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | Petroquimica Comodoro Rivadavia S.A. | 0 | Argentina | Latin America | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | PGS ASA | 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., | 1,223 | 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 | 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 | 1,270 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | PHD Group Holdings LLC | 487 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Punch Taverns Ltd. | 718 | 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 | 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. | 750 | Argentina | Latin America | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | AES Argentina Generacion S.A | AES Corp. (The) | 300 | Argentina | Latin America | |||||||||||||
| CCC+ | Outlook Negative | Utilities | Ellaktor S.A. | 810 | Greece | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | ESKOM Holdings SOC Ltd. | 4,694 | South Africa | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | Pampa Energia S.A. | 1,550 | Argentina | Latin America | ||||||||||||||
| CCC | CreditWatch Negative | Financial institutions | Alpha Holding S.A. de C.V. | Yes | 300 | Mexico | Latin America | |||||||||||||
| CCC | CreditWatch Negative | Transportation | gategroup Holding AG | 0 | Switzerland | Europe | ||||||||||||||
| CCC | CreditWatch Negative | Utilities | Ukrainian Railways JSC | Yes | 500 | Ukraine | Eastern Europe/Middle East/Africa | |||||||||||||
| 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. | 864 | U.K.. | Europe | ||||||||||||||
| CCC | Outlook Negative | Capital goods | Arvos LuxCo S.a.r.l. | 589 | 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 | Boardriders Inc., | 861 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Consumer products | CatLuxe Sarl | CatLuxe Acquistion Sarl | 260 | Luxembourg | Europe | |||||||||||||
| CCC | Outlook Negative | Consumer products | Grupo Kaltex, S.A. de C.V. | 320 | Mexico | Latin America | ||||||||||||||
| 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 | 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. | 869 | 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. | 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 | Carlson Travel Inc. | Yes | 1,314 | U.S. | U.S. | |||||||||||||
| CCC | Outlook Negative | Media and entertainment | Cineworld Group PLC | 5,271 | 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. | 313 | U.K.. | Europe | |||||||||||||
| CCC | Outlook Negative | Media and entertainment | Travel Leaders Group, LLC | 629 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Midstream | Ruby Pipeline LLC | Yes | 825 | 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 | Vantage Drilling International | 300 | Cayman Islands | U.S. | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Vesta Energy Corp. | 162 | 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 | 975 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Telecommunications | Dawn Acquisitions LLC | Infra Colodata Holdings LLC | 550 | U.S. | U.S. | |||||||||||||
| CCC | Outlook Negative | Telecommunications | Logix Intermediate Holding Corp. | 250 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Transportation | SAS AB | Yes | 0 | Sweden | Europe | |||||||||||||
| 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. | 633 | 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. | 617 | Luxembourg | Europe | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | The Talbots Inc. | 410 | 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 | 200 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Media and entertainment | AMC Entertainment Holdings Inc. | 6,050 | 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 | Joye Media SLU | 1,112 | Spain | Europe | ||||||||||||||
| 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 | Transocean Ltd. | 9,734 | Switzerland | Europe | ||||||||||||||
| CCC- | Outlook Negative | Retail/restaurants | Foodco Bondco SAU | 810 | Spain | Europe | ||||||||||||||
| CCC- | Outlook Negative | Telecommunications | GTT Communications Inc., | 3,782 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Telecommunications | IPC Corp. | 1,467 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Utilities | Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. | 99 | Argentina | Latin America | ||||||||||||||
| CCC- | Outlook Negative | Utilities | Empresa Distribuidora Y Comercializadora Norte S.A. | 300 | Argentina | Latin America | ||||||||||||||
| CC | CreditWatch Negative | Health care | CDRH Parent Inc., | Yes | 1,590 | U.S. | U.S. | |||||||||||||
| CC | CreditWatch Negative | Metals, mining, and steel | Boart Longyear Ltd. | 488 | Australia | Asia/Pacific | ||||||||||||||
| CC | CreditWatch Negative | Transportation | Voyager Aviation Holdings LLC | 1,000 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Midstream | Glass Mountain Pipeline, LLC | 300 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Utilities | Investimentos e Participacoes em Infraestrutura S.A. - Invepar | 0 | Brazil | Latin America | ||||||||||||||
| Data as of April 30, 2021. Source: S&P Global Ratings Research. | ||||||||||||||||||||
For additional information regarding weakest links, please see our most recent quarterly publication, "Despite A Pickup In Positive Rating Actions, The Weakest Links Tally Remains High," May 6, 2021.
Related Research:
- U.S. Corporate Credit Outlook 2021 Economic And Political Transition, Jan. 21, 2021
- Industry Top Trends 2021: Oil And Gas, Dec. 10, 2020
- Industry Top Trends 2021: Metals And Mining, Dec. 10, 2020
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 |
No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.
Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.