Key Takeaways
- The global weakest links tally declined by 37 since our last report, to 260, which is less than pre-pandemic levels of 282 and the last report in June with 297 issuers.
- Although the 'B- and below' population remains at a high, the negative bias for issuers rated 'B-' and below has fallen to a record low of 27%, pointing to a robust stabilization of the rated universe, and decreased default risk in the near-term.
- The greatest number of additions to this month's tally was from homebuilders and real estate companies (three), followed by the healthcare sector with two issuers.
- The pace of recovery is strongest in the U.S. across a broad cohort of sectors, whereas Europe appears to lag with a significant overhang of weak links in media and entertainment remaining.
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 260 as of Aug. 31, 2021, and reached pre-pandemic levels not seen since December 2019 when the tally was 282 issuers. Accommodative financing and the global economic recovery helped increase positive rating actions through August 2021, most of which have been changed from negative outlook/CreditWatch to stable as credit metrics stabilize across the speculative-grade rating spectrum.
Chart 1
Record Low Negative Bias Helps Lessen Default Risk
Although the number of 'B- and below' rated issuers is near record levels, the negative bias for global issuers in this rating category hit an all-time low of just 27%-- driving down the weakest links tally. The previous lowest level prior to 2021 was back in April 2011 when net negative bias reached 18.1%, as both economic and credit markets were recovering from the global financial crisis (see chart 1). Upgrade potential among 'B- and below' issuers remain the highest among media and entertainment and consumer product sectors, with 12 issuers each with a positive outlook or CreditWatch, including AMC Entertainment Holdings Inc., Peninsula Pacific Entertainment LLC, Del Monte Foods, Inc, and Chobani Global Holdings, LLC. However, both the media and entertainment and consumer sectors were heavily affected by the COVID-19 pandemic and hold the largest percentage of all weakest links with 22% of the overall tally (see chart 2) Nonetheless, defaults have also continued to fall as the third quarter of 2021 had the fewest number of defaults (12) in seven years ( see "Third Quarter Corporate Default Tally At Lowest Level Since 2014," Sept. 2021).
Chart 2
Weakest Links In Europe Still Remain Elevated Compared With U.S.
Despite a falling weakest links tally, the population of speculative-grade issuers has been rising. With 2,544 issuers, it has brought down the percentage of weakest links to speculative-grade issuers to 10% (see chart 1). The rise particularly reflects growing capital needs for economic recovery, accommodative financing needs, and investors' thirst for risk assets while interest rates are still low. In the U.S, the number of weakest links dropped below its five-year average of 197 for the first time since the pandemic started, driven by improved access to financing reduced spreads, and business recovery across the region (see table 1). In Europe, corporate rating trends have improved dramatically since the height of the COVID-19 pandemic when downgrades reached a high of 149 in the second quarter of 2020. However, the number of weakest links in the region at 58 issuers continues to be elevated and is significantly higher than both its five-year and 10-year average of 40 and 30 weakest links, respectively. Additionally, Europe is the only region to still have a net negative bias higher than pre-pandemic levels as the region has been slower to lift social distancing restrictions in response to the COVID-19 delta variant (see chart 3).
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. | 165 | 197 | 143 | 1565 | 10.5% | 63.5% | 71.0% | |||||||||
Europe | 58 | 40 | 30 | 557 | 10.4% | 22.3% | 16.8% | |||||||||
Canada | 12 | 10 | 8 | 85 | 14.1% | 4.6% | 3.8% | |||||||||
Latin America | 11 | 14 | 16 | 122 | 9.0% | 4.2% | 4.7% | |||||||||
Asia/Pacific | 10 | 9 | 7 | 96 | 10.4% | 3.8% | 2.4% | |||||||||
EEMEA | 4 | 11 | 11 | 119 | 3.4% | 1.5% | 1.2% | |||||||||
Data as of Aug. 31, 2021. Source: S&P Global Ratings Research . EEMEA--Eastern Europe/Middle East/Africa |
Chart 3
Additional Exhibits:
Table 2
12-month Default Rates By Region | ||||||
---|---|---|---|---|---|---|
Region | Weakest links default rate | All SG default rate | ||||
Global | 24.78% | 2.79% | ||||
U.S. | 26.30% | 2.79% | ||||
Europe | 26.09% | 4.03% | ||||
Emerging markets | 18.66% | 1.79% | ||||
Other developed | 29.40% | 2.26% | ||||
Data as of July 31, 2021. Source: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. |
Chart 4
Chart 5
Table 3
Global Corporate Defaults (Through Aug. 31, 2021): Above 50% Of Issuers Are From Energy And Natural Resources And Consumer Products 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.(A) | 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 | $675.00 | 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 | $350.00 | 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 | $120.57 | 4/14/2021 | CC | SD | Yes | |||||||||
Summit Midstream Partners, LP | U.S. | Energy and natural resources | $800.00 | 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 | $292.00 | 4/19/2021 | CCC+ | SD | Yes | |||||||||
Serta Simmons Bedding LLC | U.S. | Consumer/service sector | $3,451.00 | 4/19/2021 | CC | SD | Yes | |||||||||
Isagenix Worldwide Inc., | U.S. | Consumer/service sector | $415.00 | 4/23/2021 | CCC | SD | Yes | |||||||||
Maxcom Telecomunicaciones, S.A.B. de C.V. | Mexico | Telecommunications | $56.86 | 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 | $1,202.54 | 4/30/2021 | CC | SD | Yes | |||||||||
gategroup Holding AG | Switzerland | Transportation | $0.00 | 5/10/2021 | CCC | SD | Yes | |||||||||
Voyager Aviation Holdings LLC | U.S. | Transportation | $500.00 | 5/10/2021 | CC | SD | Yes | |||||||||
CDRH Parent Inc., | U.S. | Health care/chemicals | $877.50 | 5/14/2021 | CC | D | Yes | |||||||||
Boart Longyear Ltd. | Australia | Energy and natural resources | $488.00 | 5/19/2021 | CC | D | Yes | |||||||||
Peabody Energy Corp. (B) | U.S. | Energy and natural resources | $1,918.00 | 6/3/2021 | CCC+ | SD | Yes | |||||||||
Carlson Travel Inc. | U.S. | Leisure time/media | $1,309.36 | 6/23/2021 | CCC | D | Yes | |||||||||
GTT Communications Inc., | U.S. | Telecommunications | $3,874.26 | 7/1/2021 | CCC- | SD | Yes | |||||||||
KCIBT Holdings LP | U.S. | Consumer/service sector | $590.00 | 7/8/2021 | CCC | SD | Yes | |||||||||
Joye Media SLU | Spain | Leisure time/media | $1,091.02 | 7/9/2021 | CCC- | D | Yes | |||||||||
Peabody Energy Corp. (C) | U.S. | Energy and natural resources | $1,918.00 | 7/12/2021 | CCC | SD | Yes | |||||||||
Sichuan Languang Development Co. Ltd., | China | Forest and building products/homebuilders | $0.00 | 7/13/2021 | CCC- | D | Yes | |||||||||
Alpha Holding S.A. de C.V. | Mexico | Financial institutions | $300.00 | 7/20/2021 | CC | D | Yes | |||||||||
Comdata Spa | Italy | Consumer/service sector | $705.96 | 7/30/2021 | CC | SD | Yes | |||||||||
Glass Mountain Pipeline LLC | U.S. | Energy and natural resources | $0.00 | 8/9/2021 | CC | D | Yes | |||||||||
Sunshine 100 China Holdings Ltd. (B) | Cayman Islands | Real estate | $0.00 | 8/11/2021 | CCC- | SD | Yes | |||||||||
CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. | Argentina | Aerospace/automotive/capital goods/metal | $1,175.00 | 8/13/2021 | CC | SD | Yes | |||||||||
Excludes confidential entities. Data as of Aug. 31, 2021. Source: 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 | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
Rank in U.S. CLO transactions | Outlook/CreditWatch | Applied rating | Sector/subsector | |||||||
Endo International PLC | 28 | Watch Neg | B- | Health care | ||||||
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 | ||||||
Cineworld Group PLC | 121 | Negative | CCC | Media and entertainment | ||||||
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 Aug. 31, 2021. Source: S&P Global Ratings Research. |
Table 5
Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only*) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
(%) | Jul. 31, 2021 | Jun. 30, 2021 | 6 months ago | 12 months ago | ||||||
Financial | ||||||||||
Financial institutions | 1.08 | 1.08 | 1.04 | 0.00 | ||||||
Insurance | 0.00 | 0.00 | 0.00 | 1.52 | ||||||
Non-Financial | ||||||||||
Aerospace/automotive/capital goods/metal | 1.87 | 1.85 | 3.02 | 3.42 | ||||||
Consumer/service sector | 4.20 | 5.67 | 11.40 | 11.08 | ||||||
Energy and natural resources | 11.66 | 14.79 | 20.88 | 14.21 | ||||||
Forest and building products/homebuilders | 2.11 | 2.11 | 2.20 | 1.05 | ||||||
Health care/chemicals | 1.84 | 1.83 | 3.76 | 4.15 | ||||||
High technology/computers/office equipment | 1.15 | 1.14 | 1.71 | 1.08 | ||||||
Leisure time/media | 2.33 | 3.27 | 6.48 | 6.02 | ||||||
Real estate | 3.85 | 3.85 | 3.45 | 1.75 | ||||||
Telecommunications | 1.49 | 1.47 | 4.48 | 7.46 | ||||||
Transportation | 2.08 | 2.08 | 4.08 | 4.35 | ||||||
Utilities | 2.63 | 2.63 | 5.56 | 5.71 | ||||||
U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of July 31, 2021. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. |
Table 6
Issuers Rated ‘B-’ Or Lower With A Negative Outlook Or On CreditWatch With Negative Implications | ||||||||
---|---|---|---|---|---|---|---|---|
Rating | Outlook / CreditWatch Placement | Subsector | Issuer | |||||
B- | CreditWatch Negative | Health care | Endo International PLC | |||||
B- | CreditWatch Negative | Homebuilders/real estate companies | Grupo GICSA S.A.B. de C.V | |||||
B- | CreditWatch Negative | Media and entertainment | Spectacle Gary Holdings, LLC | |||||
B- | CreditWatch Negative | Transportation | Transportes Aereos Portugueses, SGPS, S.A. | |||||
B- | Outlook Negative | Aerospace and defense | API Holdings III Corp. | |||||
B- | Outlook Negative | Aerospace and defense | Dynasty Acquisition Co. Inc., | |||||
B- | Outlook Negative | Aerospace and defense | F-Brasile S.p.A | |||||
B- | Outlook Negative | Automotive | Cooper-Standard Holdings Inc., | |||||
B- | Outlook Negative | Automotive | EnTrans International, LLC | |||||
B- | Outlook Negative | Automotive | FleetPride Inc., | |||||
B- | Outlook Negative | Automotive | TPro Acquisition Corp. | |||||
B- | Outlook Negative | Capital goods | Brand Industrial Services Inc., | |||||
B- | Outlook Negative | Capital goods | CFS Brands LLC | |||||
B- | Outlook Negative | Capital goods | CIRCOR International Inc., | |||||
B- | Outlook Negative | Capital goods | Crosby Worldwide Ltd. | |||||
B- | Outlook Negative | Capital goods | QualTek LLC | |||||
B- | Outlook Negative | Capital goods | Star UK Midco Ltd. | |||||
B- | Outlook Negative | Capital goods | Tailwind Smith Cooper Holding Corp. | |||||
B- | Outlook Negative | Capital goods | TNT Crane & Rigging LLC | |||||
B- | Outlook Negative | Chemicals, packaging, and environmental services | EnergySolutions Inc. | |||||
B- | Outlook Negative | Chemicals, packaging, and environmental services | Fort Dearborn Holding Co. Inc. | |||||
B- | Outlook Negative | Chemicals, packaging, and environmental services | Perstorp Holding AB (publ) | |||||
B- | Outlook Negative | Consumer products | 8th Avenue Food & Provisions Inc., | |||||
B- | Outlook Negative | Consumer products | Calceus Acquisition Inc., | |||||
B- | Outlook Negative | Consumer products | CB Poly Investments, LLC | |||||
B- | Outlook Negative | Consumer products | Chefs' Warehouse Inc., (The) | |||||
B- | Outlook Negative | Consumer products | Coty Inc. | |||||
B- | Outlook Negative | Consumer products | Edward Don & Co. Holdings, LLC | |||||
B- | Outlook Negative | Consumer products | Genuine Financial Holdings, LLC | |||||
B- | Outlook Negative | Consumer products | Halo Buyer Inc. | |||||
B- | Outlook Negative | Consumer products | IM Growth SAS | |||||
B- | Outlook Negative | Consumer products | Isagenix Worldwide Inc., | |||||
B- | Outlook Negative | Consumer products | Kiwi VFS SUB I S.ar.l | |||||
B- | Outlook Negative | Consumer products | Knowlton Development HoldCo Inc., | |||||
B- | Outlook Negative | Consumer products | Marcolin SpA | |||||
B- | Outlook Negative | Consumer products | Oak Holdings, LLC | |||||
B- | Outlook Negative | Consumer products | pH Beauty Holdings I Inc., | |||||
B- | Outlook Negative | Consumer products | RGIS Holdings LLC | |||||
B- | Outlook Negative | Consumer products | Sierra Enterprises LLC | |||||
B- | Outlook Negative | Consumer products | Topgolf International Inc., | |||||
B- | Outlook Negative | Consumer products | Vincent Topco BV (NL) | |||||
B- | Outlook Negative | Financial institutions | Avison Young (Canada) Inc. | |||||
B- | Outlook Negative | Financial institutions | Ravnaq-bank Private Open Joint-Stock Commercial Bank | |||||
B- | Outlook Negative | Health care | Alvogen Pharma US Inc., | |||||
B- | Outlook Negative | Health care | ATI Physical Therapy Inc., | |||||
B- | Outlook Negative | Health care | Lannett Co. Inc., | |||||
B- | Outlook Negative | Health care | Symplr Software Intermediate Holdings Inc., | |||||
B- | Outlook Negative | Health care | Team Health Holdings Inc., | |||||
B- | Outlook Negative | High technology | Franklin Ireland Topco Ltd. | |||||
B- | Outlook Negative | High technology | MYOB Invest Co Pty Ltd. | |||||
B- | Outlook Negative | High technology | Northpole Newco S.a.r.l. | |||||
B- | Outlook Negative | Homebuilders/real estate companies | Xinyuan Real Estate Co. Ltd. | |||||
B- | Outlook Negative | Media and entertainment | ABC Financial Intermediate, LLC | |||||
B- | Outlook Negative | Media and entertainment | ASM Global Parent Inc., | |||||
B- | Outlook Negative | Media and entertainment | Awaze Ltd. | |||||
B- | Outlook Negative | Media and entertainment | CareerBuilder, LLC | |||||
B- | Outlook Negative | Media and entertainment | Century Casinos Inc., | |||||
B- | Outlook Negative | Media and entertainment | Cirsa Enterprises S.L.U. | |||||
B- | Outlook Negative | Media and entertainment | ConvergeOne Holdings Inc. | |||||
B- | Outlook Negative | Media and entertainment | Data Axle Inc. | |||||
B- | Outlook Negative | Media and entertainment | EagleView Technology Corp. | |||||
B- | Outlook Negative | Media and entertainment | GBT JerseyCo Ltd. | |||||
B- | Outlook Negative | Media and entertainment | Global University Systems Holding BV | |||||
B- | Outlook Negative | Media and entertainment | Hanjin International Corp. | |||||
B- | Outlook Negative | Media and entertainment | Lindblad Expeditions Holdings Inc. | |||||
B- | Outlook Negative | Media and entertainment | Monitronics International Inc. | |||||
B- | Outlook Negative | Media and entertainment | NEP/NCP Holdco Inc. | |||||
B- | Outlook Negative | Media and entertainment | Peak Jersey Holdco Ltd. | |||||
B- | Outlook Negative | Media and entertainment | PlayPower Holdings Inc. | |||||
B- | Outlook Negative | Media and entertainment | Prometric Holdings Inc., | |||||
B- | Outlook Negative | Media and entertainment | Recess Holdings Inc., | |||||
B- | Outlook Negative | Media and entertainment | Ryman Hospitality Properties Inc., | |||||
B- | Outlook Negative | Media and entertainment | Sugarhouse HSP Gaming Prop. Mezz. L.P. | |||||
B- | Outlook Negative | Media and entertainment | TEG Pty Ltd. | |||||
B- | Outlook Negative | Media and entertainment | Tornante - MDP Joe Holding LLC | |||||
B- | Outlook Negative | Media and entertainment | Xenia Hotels & Resorts Inc., | |||||
B- | Outlook Negative | Metals, mining, and steel | Arch Resources Inc., | |||||
B- | Outlook Negative | Metals, mining, and steel | Ferrexpo PLC | |||||
B- | Outlook Negative | Metals, mining, and steel | Petra Diamonds Ltd. | |||||
B- | Outlook Negative | Midstream | Martin Midstream Partners L.P. | |||||
B- | Outlook Negative | Oil and gas | DTEK Renewables B.V. | |||||
B- | Outlook Negative | Oil and gas | Welltec A/S | |||||
B- | Outlook Negative | Retail/restaurants | AAG FH LP | |||||
B- | Outlook Negative | Retail/restaurants | BURGER KING France SAS | |||||
B- | Outlook Negative | Retail/restaurants | Guitar Center Inc. | |||||
B- | Outlook Negative | Retail/restaurants | Kirk Beauty One GmbH | |||||
B- | Outlook Negative | Retail/restaurants | Moran Foods, LLC | |||||
B- | Outlook Negative | Telecommunications | Aerial Parent Corp. | |||||
B- | Outlook Negative | Telecommunications | Intrado Corp. | |||||
B- | Outlook Negative | Telecommunications | U.S. TelePacific Holdings Corp. | |||||
B- | Outlook Negative | Transportation | Promontoria Holding 264 B.V. | |||||
B- | Outlook Negative | Transportation | WestJet Airlines Ltd. | |||||
B- | Outlook Negative | Utilities | Calumet Specialty Products Partners LP | |||||
CCC+ | CreditWatch Negative | Consumer products | PetroChoice Holdings Inc., | |||||
CCC+ | CreditWatch Negative | Health care | Femur Buyer Inc., | |||||
CCC+ | Outlook Negative | Aerospace and defense | Forming Machining Industries Holdings, LLC | |||||
CCC+ | Outlook Negative | Aerospace and defense | Jazz Acquisition Inc. | |||||
CCC+ | Outlook Negative | Aerospace and defense | New Constellis Borrower, LLC | |||||
CCC+ | Outlook Negative | Aerospace and defense | Triumph Group Inc. | |||||
CCC+ | Outlook Negative | Aerospace and defense | Wesco Aircraft Holdings Inc. | |||||
CCC+ | Outlook Negative | Aerospace and defense | WP CPP Holdings LLC | |||||
CCC+ | Outlook Negative | Automotive | Accuride Corp. | |||||
CCC+ | Outlook Negative | Automotive | SK HoldCo LLC | |||||
CCC+ | Outlook Negative | Capital goods | FGI Acquisition Corp. | |||||
CCC+ | Outlook Negative | Capital goods | Helix Acquisition Holdings Inc., | |||||
CCC+ | Outlook Negative | Capital goods | Jason Holdings Inc. | |||||
CCC+ | Outlook Negative | Capital goods | JSG I Inc. | |||||
CCC+ | Outlook Negative | Capital goods | Mangrove Luxco III Sarl | |||||
CCC+ | Outlook Negative | Capital goods | Neenah Enterprises Inc., | |||||
CCC+ | Outlook Negative | Capital goods | Praesidiad Group Ltd. | |||||
CCC+ | Outlook Negative | Capital goods | Shape Technologies Group Inc., | |||||
CCC+ | Outlook Negative | Capital goods | Yak Access, LLC | |||||
CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Anchor Glass Container Corp. | |||||
CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Cornerstone Chemical Co. | |||||
CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Transcendia Holdings Inc., | |||||
CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Vantage Specialty Chemicals Inc. | |||||
CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Zep Inc. | |||||
CCC+ | Outlook Negative | Consumer products | ABB/Con-Cise Optical Group LLC | |||||
CCC+ | Outlook Negative | Consumer products | Alert 360 Opco Inc., | |||||
CCC+ | Outlook Negative | Consumer products | Arctic Glacier Group Holdings Inc., | |||||
CCC+ | Outlook Negative | Consumer products | Brown Jordan Inc. | |||||
CCC+ | Outlook Negative | Consumer products | GEO Group (The) Inc. | |||||
CCC+ | Outlook Negative | Consumer products | Haya Real Estate S.A.U | |||||
CCC+ | Outlook Negative | Consumer products | Jill Acquisition LLC | |||||
CCC+ | Outlook Negative | Consumer products | Missouri TopCo Ltd. | |||||
CCC+ | Outlook Negative | Consumer products | MVK Intermediate Holdings, LLC | |||||
CCC+ | Outlook Negative | Consumer products | Never Slip Topco Inc. | |||||
CCC+ | Outlook Negative | Consumer products | New TMW LLC | |||||
CCC+ | Outlook Negative | Consumer products | Rodan & Fields, LLC | |||||
CCC+ | Outlook Negative | Consumer products | SIRVA Inc. | |||||
CCC+ | Outlook Negative | Financial institutions | Altisource Portfolio Solutions S.A. | |||||
CCC+ | Outlook Negative | Financial institutions | Amigo Loans Ltd. | |||||
CCC+ | Outlook Negative | Financial institutions | Mulhacen Pte. Ltd. | |||||
CCC+ | Outlook Negative | Financial institutions | Turkiston Bank | |||||
CCC+ | Outlook Negative | Forest products and building materials | Apex Tool Group, LLC | |||||
CCC+ | Outlook Negative | Forest products and building materials | Distribution International Inc. | |||||
CCC+ | Outlook Negative | Forest products and building materials | PT Sawit Sumbermas Sarana Tbk | |||||
CCC+ | Outlook Negative | Health care | Envision Healthcare Corp. | |||||
CCC+ | Outlook Negative | Health care | Medical Depot Holdings Inc., | |||||
CCC+ | Outlook Negative | Health care | Vyaire Medical Inc., | |||||
CCC+ | Outlook Negative | High technology | Finastra Ltd. | |||||
CCC+ | Outlook Negative | High technology | Mitel Networks (International) Ltd. | |||||
CCC+ | Outlook Negative | High technology | Natel Engineering Co., LLC | |||||
CCC+ | Outlook Negative | High technology | Riverbed Parent Inc., | |||||
CCC+ | Outlook Negative | Homebuilders/real estate companies | IRSA Propiedades Comerciales S.A. | |||||
CCC+ | Outlook Negative | Homebuilders/real estate companies | PT Alam Sutera Realty Tbk. | |||||
CCC+ | Outlook Negative | Media and entertainment | Bioplan USA Inc., | |||||
CCC+ | Outlook Negative | Media and entertainment | Casper MidCo SAS | |||||
CCC+ | Outlook Negative | Media and entertainment | ClubCorp Holdings Inc., | |||||
CCC+ | Outlook Negative | Media and entertainment | Comet Bidco Ltd. | |||||
CCC+ | Outlook Negative | Media and entertainment | DTI Holdco Inc., | |||||
CCC+ | Outlook Negative | Media and entertainment | eDreams ODIGEO S.A. | |||||
CCC+ | Outlook Negative | Media and entertainment | Enjoy S.A. | |||||
CCC+ | Outlook Negative | Media and entertainment | Excel Fitness Holdings Inc., | |||||
CCC+ | Outlook Negative | Media and entertainment | Fitness International, LLC | |||||
CCC+ | Outlook Negative | Media and entertainment | HNVR Midco Ltd. | |||||
CCC+ | Outlook Negative | Media and entertainment | Hurtigruten Group AS | |||||
CCC+ | Outlook Negative | Media and entertainment | International Park Holdings B.V. | |||||
CCC+ | Outlook Negative | Media and entertainment | iQor Holdings Inc. | |||||
CCC+ | Outlook Negative | Media and entertainment | Lakeland Holdings, LLC | |||||
CCC+ | Outlook Negative | Media and entertainment | Learfield Communications, LLC | |||||
CCC+ | Outlook Negative | Media and entertainment | Life Time Inc., | |||||
CCC+ | Outlook Negative | Media and entertainment | Odyssey Europe Holdco S.a r.l. | |||||
CCC+ | Outlook Negative | Media and entertainment | Piolin Bidco S.A.U. | |||||
CCC+ | Outlook Negative | Media and entertainment | Playa Hotels & Resorts N.V. | |||||
CCC+ | Outlook Negative | Media and entertainment | Promotora de Informaciones S.A. | |||||
CCC+ | Outlook Negative | Media and entertainment | PSS Industrial Group Corp. | |||||
CCC+ | Outlook Negative | Media and entertainment | Richmond UK Holdco Ltd. | |||||
CCC+ | Outlook Negative | Media and entertainment | Southern Graphics Inc. | |||||
CCC+ | Outlook Negative | Media and entertainment | Spectacle Bidco Holdings Inc. | |||||
CCC+ | Outlook Negative | Media and entertainment | Thame and London Ltd. | |||||
CCC+ | Outlook Negative | Media and entertainment | Tribe Buyer LLC | |||||
CCC+ | Outlook Negative | Media and entertainment | United PF Holdings, LLC | |||||
CCC+ | Outlook Negative | Media and entertainment | Universal Entertainment Corp. | |||||
CCC+ | Outlook Negative | Media and entertainment | Viking Cruises Ltd. | |||||
CCC+ | Outlook Negative | Media and entertainment | Vue International Bidco plc | |||||
CCC+ | Outlook Negative | Media and entertainment | WeWork Companies LLC | |||||
CCC+ | Outlook Negative | Metals, mining, and steel | Alpha Metallurgical Resources Inc. | |||||
CCC+ | Outlook Negative | Metals, mining, and steel | Conuma Resources Ltd. | |||||
CCC+ | Outlook Negative | Metals, mining, and steel | Peabody Energy Corp. | |||||
CCC+ | Outlook Negative | Midstream | Altera Infrastructure L.P. | |||||
CCC+ | Outlook Negative | Midstream | Epic Crude Services, LP | |||||
CCC+ | Outlook Negative | Midstream | Epic Y Grade Services, LP | |||||
CCC+ | Outlook Negative | Midstream | Gulf Finance, LLC | |||||
CCC+ | Outlook Negative | Oil and gas | BlackBrush Oil & Gas, L.P. | |||||
CCC+ | Outlook Negative | Oil and gas | Ensign Drilling Inc. | |||||
CCC+ | Outlook Negative | Oil and gas | HGIM Corp. | |||||
CCC+ | Outlook Negative | Oil and gas | Nabors Industries Ltd. | |||||
CCC+ | Outlook Negative | Oil and gas | Petroquimica Comodoro Rivadavia S.A. | |||||
CCC+ | Outlook Negative | Oil and gas | PGS ASA | |||||
CCC+ | Outlook Negative | Oil and gas | W&T Offshore Inc. | |||||
CCC+ | Outlook Negative | Retail/restaurants | Belk Inc., | |||||
CCC+ | Outlook Negative | Retail/restaurants | California Pizza Kitchen Inc., | |||||
CCC+ | Outlook Negative | Retail/restaurants | Foodco Bondco SAU | |||||
CCC+ | Outlook Negative | Retail/restaurants | PAX Midco Spain | |||||
CCC+ | Outlook Negative | Retail/restaurants | Quidditch Acquisition Inc., | |||||
CCC+ | Outlook Negative | Telecommunications | Flexential Intermediate Corp. | |||||
CCC+ | Outlook Negative | Transportation | Overseas Shipholding Group Inc. | |||||
CCC+ | Outlook Negative | Transportation | Toro Private Holdings I, Ltd. | |||||
CCC+ | Outlook Negative | Transportation | URS Holdco Inc., | |||||
CCC+ | Outlook Negative | Utilities | Aeropuertos Argentina 2000 S.A. | |||||
CCC+ | Outlook Negative | Utilities | AES Argentina Generacion S.A | |||||
CCC+ | Outlook Negative | Utilities | Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. | |||||
CCC+ | Outlook Negative | Utilities | Ellaktor S.A. | |||||
CCC+ | Outlook Negative | Utilities | ESKOM Holdings SOC Ltd. | |||||
CCC+ | Outlook Negative | Utilities | Pampa Energia S.A. | |||||
CCC | Outlook Negative | Automotive | Bright Bidco B.V. | |||||
CCC | Outlook Negative | Automotive | K&N Parent Inc., | |||||
CCC | Outlook Negative | Capital goods | Arvos LuxCo S.a.r.l. | |||||
CCC | Outlook Negative | Chemicals, packaging, and environmental services | Strategic Materials Holding Corp. | |||||
CCC | Outlook Negative | Chemicals, packaging, and environmental services | TPC Group Inc., | |||||
CCC | Outlook Negative | Chemicals, packaging, and environmental services | UFS Holdings Inc., | |||||
CCC | Outlook Negative | Consumer products | Anastasia Holdings, LLC | |||||
CCC | Outlook Negative | Consumer products | Array Canada Inc. | |||||
CCC | Outlook Negative | Consumer products | Boardriders Inc., | |||||
CCC | Outlook Negative | Consumer products | CatLuxe Sarl | |||||
CCC | Outlook Negative | Consumer products | Grupo Kaltex, S.A. de C.V. | |||||
CCC | Outlook Negative | Consumer products | KC Culinarte Holdings LP | |||||
CCC | Outlook Negative | Consumer products | KCIBT Holdings LP | |||||
CCC | Outlook Negative | Consumer products | Outerstuff LLC | |||||
CCC | Outlook Negative | Consumer products | Output Services Group Inc., | |||||
CCC | Outlook Negative | Consumer products | Premier Brands Group Holdings LLC | |||||
CCC | Outlook Negative | Consumer products | Serta Simmons Bedding LLC | |||||
CCC | Outlook Negative | Consumer products | TMK Hawk Parent, Corp. | |||||
CCC | Outlook Negative | Health care | NAPA Management Services Corp. | |||||
CCC | Outlook Negative | Health care | Turnstone Midco 2 Ltd. | |||||
CCC | Outlook Negative | High technology | SuperMoose Newco Inc., | |||||
CCC | Outlook Negative | Homebuilders/real estate companies | China Evergrande Group | |||||
CCC | Outlook Negative | Homebuilders/real estate companies | Ezdan Holding Group Q.S.C. | |||||
CCC | Outlook Negative | Media and entertainment | AVSC Holding Corp. | |||||
CCC | Outlook Negative | Media and entertainment | Cineworld Group PLC | |||||
CCC | Outlook Negative | Media and entertainment | Diamond Sports Holdings LLC | |||||
CCC | Outlook Negative | Media and entertainment | Equinox Holdings Inc. | |||||
CCC | Outlook Negative | Media and entertainment | Gateway Casinos & Entertainment Ltd. | |||||
CCC | Outlook Negative | Media and entertainment | Hornblower HoldCo, LLC | |||||
CCC | Outlook Negative | Media and entertainment | Owl Finance Ltd. | |||||
CCC | Outlook Negative | Media and entertainment | Travel Leaders Group, LLC | |||||
CCC | Outlook Negative | Midstream | Ruby Pipeline LLC | |||||
CCC | Outlook Negative | Oil and gas | Athabasca Oil Corp. | |||||
CCC | Outlook Negative | Oil and gas | ION Geophysical Corp. | |||||
CCC | Outlook Negative | Oil and gas | Nine Energy Service Inc., | |||||
CCC | Outlook Negative | Oil and gas | Serba Dinamik Holdings Berhad | |||||
CCC | Outlook Negative | Oil and gas | Transocean Ltd. | |||||
CCC | Outlook Negative | Oil and gas | Vantage Drilling International | |||||
CCC | Outlook Negative | Oil and gas | Vesta Energy Corp. | |||||
CCC | Outlook Negative | Retail/restaurants | Burger BossCo Intermediate Inc., | |||||
CCC | Outlook Negative | Telecommunications | Dawn Acquisitions LLC | |||||
CCC | Outlook Negative | Telecommunications | Logix Intermediate Holding Corp. | |||||
CCC | Outlook Negative | Transportation | Navios Maritime Holdings Inc. | |||||
CCC | Outlook Negative | Transportation | SAS AB | |||||
CCC- | Outlook Negative | Consumer products | Revlon Inc. | |||||
CCC- | Outlook Negative | Consumer products | Takko Fashion S.a.r.l. | |||||
CCC- | Outlook Negative | Consumer products | The Talbots Inc. | |||||
CCC- | Outlook Negative | Media and entertainment | All Day AcquisitionCo LLC | |||||
CCC- | Outlook Negative | Media and entertainment | Exela Technologies Inc. | |||||
CCC- | Outlook Negative | Metals, mining, and steel | Mountain Province Diamonds Inc. | |||||
CCC- | Outlook Negative | Telecommunications | IPC Corp. | |||||
CCC- | Outlook Negative | Telecommunications | Premiere Global Services Inc. | |||||
CCC- | Outlook Negative | Utilities | Empresa Distribuidora Y Comercializadora Norte S.A. | |||||
CC | Outlook Negative | Utilities | Investimentos e Participacoes em Infraestrutura S.A. - Invepar | |||||
Data as of Aug. 31, 2021. Source: S&P Global Ratings Research . |
For additional information regarding weakest links, please see our most recent quarterly publication, "Default, Transition, and Recovery: Global Weakest Links Fall Despite A Rising Speculative-Grade Population", Aug. 3, 2021
Related Research:
- U.S. CLO And Leveraged Finance Quarterly Key Themes, Aug. 2, 2021
- ATI Physical Therapy Inc. Downgraded To 'B-' On Lower Guidance; Outlook Negative; Issue-Level Ratings Also Lowered, July 31, 2021
- Xinyuan Real Estate Outlook Revised To Negative As Delayed Financial Statements Raise Refinancing Risk; Rating Affirmed, July 30, 2021
- Evergrande And Subsidiaries Downgraded To 'B-' On Weakening Funding Access; Outlook Negative, July 26, 2021
- Symplr Software Intermediate Holdings Inc. Outlook Revised To Negative From Stable; Ratings Affirmed, July 23, 2021
- Grupo GICSA Ratings Downgraded To 'B-' And 'mxB' And Placed On Watch Negative On Weaker Liquidity, July 7, 2021
This report does not constitute a rating action.
Credit Markets Research: | Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com |
Leveraged Finance Research: | Ramki Muthukrishnan, New York + 1 (212) 438 1384; ramki.muthukrishnan@spglobal.com |
Marta Stojanova, London + 44 20 7176 0476; marta.stojanova@spglobal.com | |
Research Contributor: | Nivritti Mishra, Mumbai; Nivritti.Mishra@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.