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COMMENTS

Default, Transition, and Recovery: The Global Weakest Links Tally Reaches Pre-Pandemic Levels

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Jan. 8, 2025

COMMENTS

2023 Short-Term Corporate Default And Rating Transition Study

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Dec. 11, 2024

COMMENTS

Default, Transition, and Recovery: Global Speculative-Grade Corporate Default Rate To Decline To 3.5% By September 2025


Default, Transition, and Recovery: The Global Weakest Links Tally Reaches Pre-Pandemic Levels

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

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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

image

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

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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

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Chart 5

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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:

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

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