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 242 as of Sept. 30, 2021, from 260 as of Aug. 31, 2021, the lowest count since August 2019. As the weakest link tally continues to fall below pre-pandemic levels, risk is increasing for the lowest-rated homebuilder and real estate issuers. The sector led additions to the tally last month, with two, as the negative bias for 'B- and below' issuers in the sector rose to 46.2%, the highest among all other sectors, signaling further downward pressure (see chart 1). Among the homebuilders and real estate developers, Cayman-incorporated 'China Evergrande Group' has the highest debt exposure (US$ 16.26 billion), third highest among all weakest links. So far this year, seven homebuilders and real estate companies have defaulted (through Oct. 20), four are based in China and incorporated in the Cayman Island. (see China-Based "Sinic Holdings' Missed Bond Payment Pushes The 2021 Global Corporate Default Tally To 6", Oct. 21, 2021). The sector has been rattled recently by contagion risks related to Evergrande as developers with concentrated maturities and deteriorating liquidity have been left exposed (see "Credit FAQ: Evergrande Default Contagion Risk--Ripple Or Wave?," Sept. 20, 2021.)
Key Takeaways
- The global weakest links tally declined by 18 since our last report, to 242, the lowest tally since August 2019.
- 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 25%, contributing to the drop in the weakest links tally.
- The greatest number of additions to this month's tally was from homebuilders and real estate companies (two), followed by one each from five other sectors.
- Regionally, the U.S. has driven much of the rating stabilization, while the Europe and Asia Pacific regions remains at higher-than-average levels of weakest links.
Chart 1
Weakest Links In Europe And Asia Pacific Remain Elevated
The drop in the global weakest links tally can be attributed to the decrease in the number of issuers with a negative bias that has fallen for the past 14 months, despite an increase in the number of issuers rated 'B- and below' (see chart 2). At just 25%, the negative bias for 'B- and below' issuers is at an all-time low, pointing to a robust stabilization of the rated universe, and decreased default risk in the near-term. Much of this stabilization has been driven by the U.S. region, where the number of weakest links issuers has fallen by 71% since its June 2020 peak of 432 weakest links.
However, both Europe and Asia Pacific regions have been slower to rebound as the number of weakest links has only dropped by 46% and 33%, respectively, from their June 2020 highs, as both regions remains above their five-year averages (see table 1). The percentage of weakest links in the total speculative-grade population also remains elevated in both regions at 9.6% in Europe, and 10.6% in Asia Pacific, as rating normalization is moving more slowly than in the U.S. This is likely because of a combination of less stimulus than in the U.S. at the beginning of the pandemic, as well as slower to lift social distancing restrictions in response to the COVID-19 delta variant. In both Europe and Asia Pacific, the media and entertainment sector--including casinos and gaming, lodging, resorts and cruise lines, and other leisure facilities-- leads weakest links, with 18 and three each. Most are rated in the 'CCC and below' rating category as revenue streams for companies in the sector continue to be heavily affected by the pandemic and slower to recover (see chart 2).
Chart 2
Table 1
| Weakest Links By Region | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of weakest links ( B- and below Neg/Negative) | Five-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. | 155 | 197 | 143 | 1578 | 9.8% | 59.6% | 71.0% | |||||||||
| Europe | 54 | 40 | 30 | 561 | 9.6% | 20.8% | 16.8% | |||||||||
| Canada | 10 | 10 | 8 | 85 | 11.8% | 3.8% | 3.8% | |||||||||
| Asia Pacific | 10 | 9 | 7 | 94 | 10.6% | 3.8% | 4.7% | |||||||||
| Latin America | 9 | 14 | 16 | 121 | 7.4% | 3.5% | 2.4% | |||||||||
| EEMEA | 4 | 11 | 11 | 117 | 3.4% | 1.5% | 1.2% | |||||||||
| Data as of Sept. 30, 2021. Source: S&P Global Ratings Research . EEMEA--Eastern Europe/Middle East/Africa | ||||||||||||||||
Chart 3
Table 2
| Weakest Link Default Rates Are On Average 8x Higher Than The Overall Speculative-Grade Default Rate | ||||||
|---|---|---|---|---|---|---|
| Region | Weakest Links Default Rate | All SG Default Rate | ||||
| Global | 24.70% | 2.50% | ||||
| U.S. | 26.20% | 2.40% | ||||
| Europe | 26.03% | 3.35% | ||||
| Emerging markets | 18.71% | 2.04% | ||||
| Other developed | 29.24% | 2.24% | ||||
| Data as of Aug. 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 Sept. 30, 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 | $30.00 | 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 oods/metal | $905.04 | 8/13/2021 | CC | SD | Yes | |||||||||
| Array Canada Inc. | Canada | Consumer/service sector | $355.00 | 9/21/2021 | CCC | SD | Yes | |||||||||
| Excludes confidential entities. Data as of Sept. 30, 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Organization | Rank in U.S. CLO transactions | Outlook/CreditWatch | Applied rating | Sector/subsector | ||||||
| Endo International PLC | 28 | Negative | CCC+ | 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 | ||||||
| CLO--Collateralized loan obligation. Data as of Sept. 30, 2021. Source: S&P Global Ratings Research. | ||||||||||
Table 5
| Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only*) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (%) | Aug. 31, 2021 | Jul. 31, 2021 | 6 months ago | 12 months ago | ||||||
| Financial | ||||||||||
| Financial Institutions | 1.05 | 1.08 | 1.04 | 0.00 | ||||||
| Insurance | 0.00 | 0.00 | 0.00 | 1.52 | ||||||
| Non-Financial | ||||||||||
| Aerospace/automotive/capital goods/metal | 1.86 | 1.87 | 3.27 | 3.07 | ||||||
| Consumer/service sector | 4.14 | 4.17 | 10.32 | 11.52 | ||||||
| Energy and natural resources | 10.98 | 11.73 | 21.20 | 14.43 | ||||||
| Forest and building products/homebuilders | 0.00 | 2.11 | 2.13 | 3.16 | ||||||
| Health care/chemicals | 1.88 | 1.88 | 3.81 | 4.27 | ||||||
| High technology/computers/office equipment | 1.17 | 1.15 | 1.14 | 1.10 | ||||||
| Leisure time/media | 1.39 | 2.33 | 6.51 | 6.94 | ||||||
| Real estate | 3.85 | 3.85 | 3.70 | 1.75 | ||||||
| Telecommunications | 1.49 | 1.49 | 1.49 | 7.46 | ||||||
| Transportation | 2.08 | 2.08 | 2.08 | 4.35 | ||||||
| Utilities | 2.56 | 2.56 | 5.26 | 5.56 | ||||||
| U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of Aug. 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 | Parent company | New to the list this month | Outlook/Credit Watch Change | Debt (US$ Mil) | Country | Region | |||||||||||
| B- | CreditWatch Negative | Homebuilders/real estate companies | Grupo GICSA S.A.B. de C.V | - | Mexico | Latin America | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Spectacle Gary Holdings, LLC | 370 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Transportation | Transportes Aereos Portugueses, SGPS, S.A. | 438 | Portugal | Europe | ||||||||||||||
| B- | Outlook Negative | Aerospace and defense | API Holdings III Corp. | 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 | 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 | Standard Profil Automotive GmbH | Yes | 321 | Germany | 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 | CFS Brands LLC | 408 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | QualTek LLC | 380 | 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. | 762 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Perstorp Holding AB (publ) | 982 | Sweden | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | 8th Avenue Food & Provisions Inc., | 750 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | CB Poly Investments, LLC | 4,020 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Chefs' Warehouse Inc., (The) | 405 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Coty Inc. | 6,595 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Edward Don & Co. Holdings, LLC | 210 | 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 | 234 | France | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Isagenix Worldwide Inc., | - | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Kiwi VFS SUB I S.ar.l | 1,946 | Luxembourg | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Marcolin SpA | 409 | 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 | Sierra Enterprises LLC | 282 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Topgolf International Inc., | Callaway Golf Co. | 350 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Consumer products | Vincent Topco BV (NL) | 502 | 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 | - | Uzbekistan | Eastern Europe/Middle East/Africa | ||||||||||||||
| B- | Outlook Negative | Financial institutions | Vida Capital Inc., | Yes | 275 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Health care | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | 1,098 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Health care | ATI Physical Therapy Inc., | 768 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Health care | Lannett Co. Inc., | 1,135 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Health care | Symplr Software Intermediate Holdings Inc., | - | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Health care | Team Health Holdings Inc., | 7,230 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | High technology | Franklin Ireland Topco Ltd. | - | Ireland | Europe | ||||||||||||||
| B- | Outlook Negative | High technology | MYOB Invest Co Pty Ltd. | 667 | Australia | Asia/Pacific | ||||||||||||||
| B- | Outlook Negative | High technology | Northpole Newco S.a.r.l. | Triangle Holdings S.A. | 118 | Luxembourg | Europe | |||||||||||||
| B- | Outlook Negative | Media and entertainment | ABC Financial Intermediate, LLC | - | 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. | 1,153 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | CareerBuilder, LLC | 415 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Century Casinos Inc., | 170 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | ConvergeOne Holdings Inc. | 1,235 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Data Axle Inc. | 250 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | EagleView Technology Corp. | 800 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | GBT JerseyCo Ltd. | 850 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Global University Systems Holding BV | 1,168 | Netherlands | Europe | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Hanjin International Corp. | Korean Air Lines Co. Ltd. | 344 | Korea, Republic of | Asia/Pacific | |||||||||||||
| 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. | 2,584 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Peak Jersey Holdco Ltd. | 935 | Jersey | Europe | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | PlayPower Holdings Inc. | 400 | 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 | 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 | Xenia Hotels & Resorts Inc., | 850 | 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 | Ferrexpo PLC | - | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Metals, mining, and steel | Petra Diamonds Ltd. | - | Bermuda | U.S. | ||||||||||||||
| B- | Outlook Negative | Midstream | Martin Midstream Partners L.P. | 691 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Oil and gas | DTEK Renewables B.V. | - | Netherlands | Europe | ||||||||||||||
| B- | Outlook Negative | Retail/restaurants | AAG FH LP | 244 | Canada | Canada | ||||||||||||||
| B- | Outlook Negative | Retail/restaurants | BURGER KING France SAS | NewCo GB SAS | 660 | France | Europe | |||||||||||||
| 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 | 3,813 | 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 | Intrado Corp. | 5,407 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Transportation | Promontoria Holding 264 B.V. | 888 | Netherlands | Europe | ||||||||||||||
| 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. | ||||||||||||||
| CC | Outlook Negative | Homebuilders/real estate companies | China Evergrande Group | 16,260 | Cayman Islands | U.S. | ||||||||||||||
| CC | Outlook Negative | Utilities | Investimentos e Participacoes em Infraestrutura S.A. - Invepar | - | Brazil | Latin America | ||||||||||||||
| CCC | CreditWatch Negative | High technology | Riverbed Parent Inc., | Yes | 1,672 | U.S. | U.S. | |||||||||||||
| CCC | CreditWatch Negative | Homebuilders/real estate companies | Fantasia Holdings Group Co. Ltd. | Yes | 1,950 | Cayman Islands | U.S. | |||||||||||||
| 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 | SK HoldCo LLC | 1,525 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Capital goods | Arvos LuxCo S.a.r.l. | - | Luxembourg | Europe | ||||||||||||||
| 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 | Consumer products | Anastasia Holdings, LLC | 650 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Consumer products | Boardriders Inc., | 861 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Consumer products | CatLuxe Sarl | CatLuxe Acquistion Sarl | 251 | Luxembourg | Europe | |||||||||||||
| CCC | Outlook Negative | Consumer products | Grupo Kaltex, S.A. de C.V. | 320 | Mexico | Latin America | ||||||||||||||
| 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 | PetroChoice Holdings Inc., | Yes | 435 | U.S. | U.S. | |||||||||||||
| CCC | Outlook Negative | Consumer products | Premier Brands Group Holdings LLC | 325 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Consumer products | Serta Simmons Bedding LLC | 10,201 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Consumer products | TMK Hawk Parent, Corp. | 1,248 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Financial institutions | Amigo Loans Ltd. | 390 | U.K. | Europe | ||||||||||||||
| CCC | Outlook Negative | Health care | BW Homecare Holdings LLC | Yes | 855 | U.S. | U.S. | |||||||||||||
| CCC | Outlook Negative | Health care | NAPA Management Services Corp. | ASP NAPA Holdings, LLC | 353 | U.S. | U.S. | |||||||||||||
| CCC | Outlook Negative | Health care | Turnstone Midco 2 Ltd. | 846 | U.K. | Europe | ||||||||||||||
| CCC | Outlook Negative | Homebuilders/real estate companies | Ezdan Holding Group Q.S.C. | 1,000 | Qatar | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC | Outlook Negative | Media and entertainment | AVSC Holding Corp. | 2,506 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Media and entertainment | Cineworld Group PLC | 5,445 | 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 | Equinox Holdings Inc. | 1,211 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Media and entertainment | Gateway Casinos & Entertainment Ltd. | 695 | Canada | Canada | ||||||||||||||
| 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. | 305 | 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 | 825 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Athabasca Oil Corp. | 450 | Canada | Canada | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | ION Geophysical Corp. | 123 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Nine Energy Service Inc., | 400 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Serba Dinamik Holdings Berhad | 500 | Malaysia | Asia/Pacific | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Transocean Ltd. | 9,734 | Switzerland | Europe | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Vantage Drilling International | 300 | Cayman Islands | U.S. | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Vesta Energy Corp. | 157 | Canada | Canada | ||||||||||||||
| CCC | Outlook Negative | Retail/restaurants | Burger BossCo Intermediate Inc., | 193 | 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 | Navios Maritime Holdings Inc. | 2,795 | Marshall Islands | Asia/Pacific | ||||||||||||||
| CCC | Outlook Negative | Transportation | SAS AB | - | Sweden | Europe | ||||||||||||||
| CCC- | Outlook Negative | Chemicals, packaging, and environmental services | UFS Holdings Inc., | 254 | 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. | 596 | Luxembourg | Europe | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | The Talbots Inc. | 410 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Media and entertainment | All Day AcquisitionCo LLC | 200 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Media and entertainment | Exela Technologies Inc. | 2,396 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Metals, mining, and steel | Mountain Province Diamonds Inc. | 660 | Canada | Canada | ||||||||||||||
| CCC- | Outlook Negative | Telecommunications | IPC Corp. | 305 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Utilities | Empresa Distribuidora Y Comercializadora Norte S.A. | 300 | Argentina | Latin America | ||||||||||||||
| CCC+ | CreditWatch Negative | Health care | Femur Buyer Inc., | 485 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Homebuilders/real estate companies | Sinic Holdings (Group) Co. Ltd. | Yes | - | Cayman Islands | U.S. | |||||||||||||
| 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 | New Constellis Borrower, LLC | New Constellis Holdings Inc. | 260 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Aerospace and defense | Triumph Group Inc. | 1,725 | 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 | 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. | - | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | JSG I Inc. | 460 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Mangrove Luxco III Sarl | 720 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Neenah Enterprises Inc., | 120 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Praesidiad Group Ltd. | 369 | U.K. | Europe | ||||||||||||||
| 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 | Dunn Paper Holdings Inc. | Yes | 350 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Transcendia Holdings Inc., | 405 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Vantage Specialty Chemicals Inc. | 758 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Chemicals, packaging, and environmental services | Zep Inc. | 725 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | ABB/Con-Cise Optical Group LLC | 578 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Alert 360 Opco Inc., | 200 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Arctic Glacier Group Holdings Inc., | 880 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Brown Jordan Inc. | 165 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Calceus Acquisition Inc., | 290 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | GEO Group (The) Inc. | 2,734 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Haya Real Estate S.A.U | 555 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | KC Culinarte Holdings LP | 313 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Missouri TopCo Ltd. | 616 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | MVK Intermediate Holdings, LLC | 335 | 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 | Rodan & Fields, LLC | 600 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | SIRVA Inc. | 850 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Altisource Portfolio Solutions S.A. | 412 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Mulhacen Pte. Ltd. | 601 | Singapore | Asia/Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Financial institutions | Turkiston Bank | - | 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 | PT Sawit Sumbermas Sarana Tbk | - | Indonesia | Asia/Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Health care | Endo International PLC | Yes | 33,358 | Ireland | Europe | |||||||||||||
| CCC+ | Outlook Negative | Health care | Envision Healthcare Corp. | Envision Healthcare Holdings Inc. | 7,070 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Health care | Medical Depot Holdings Inc., | 579 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Health care | Vyaire Medical Inc., | 360 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | High technology | Finastra Ltd. | 36,530 | 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 | Homebuilders/real estate companies | IRSA Propiedades Comerciales S.A. | Cresud S.A.C.I.F. y A. | 360 | Argentina | Latin America | |||||||||||||
| CCC+ | Outlook Negative | Homebuilders/real estate companies | PT Alam Sutera Realty Tbk. | 370 | Indonesia | Asia/Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Bioplan USA Inc., | 1,040 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Casper MidCo SAS | Casper Topco | 1,133 | 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. | 846 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | eDreams ODIGEO S.A. | 701 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Enjoy S.A. | - | Chile | Latin America | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Fitness International, LLC | 1,275 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | HNVR Midco Ltd. | 2,821 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Hurtigruten Group AS | Silk Holdings Sarl | 1,215 | Norway | Europe | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | International Park Holdings B.V. | 783 | 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 | Odyssey Europe Holdco S.a r.l. | 234 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Piolin Bidco S.A.U. | 1,133 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Promotora de Informaciones S.A. | - | 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. | 1,827 | U.K. | Europe | ||||||||||||||
| 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. | 1,475 | 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 | Universal Entertainment Corp. | 760 | Japan | Asia/Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Vericast Corp. | Yes | 2,832 | 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 | 828 | 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 Resources Ltd. | 200 | Canada | Canada | ||||||||||||||
| CCC+ | Outlook Negative | Metals, mining, and steel | Peabody Energy Corp. | 724 | 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 | Oil and gas | BlackBrush Oil & Gas, L.P. | 75 | 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 | HGIM Corp. | 350 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | Nabors Industries Ltd. | 4,401 | Bermuda | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | PGS ASA | - | Norway | Europe | ||||||||||||||
| 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 | Foodco Bondco SAU | 783 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | PAX Midco Spain | 1,226 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Quidditch Acquisition Inc., | 204 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Telecommunications | Flexential Intermediate Corp. | 1,760 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Telecommunications | U.S. TelePacific Holdings Corp. | 655 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Transportation | Overseas Shipholding Group Inc. | 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 | Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. | - | Argentina | Latin America | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | Ellaktor S.A. | 783 | Greece | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | ESKOM Holdings SOC Ltd. | 5,144 | South Africa | Eastern Europe/Middle East/Africa | ||||||||||||||
| Data as of Sept. 30, 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:
- Fantasia Holdings Downgraded To 'SD' On Missed Principal Payment, Oct. 5, 2021
- China's Local Governments Will Address Evergrande--Quietly, Behind The Scenes, Oct. 5, 2021
- The U.S. Distress Ratio Remains Near Its Record Low, Oct. 11, 2021
- 'BBB' Pulse: M&A Rebound Could Put The Corporate Credit Recovery On The Back Burner, Oct. 11, 2021
- S&P Global Ratings Metal Price Assumptions: Choppy Markets Drive Erratic Moves, Oct. 12, 2021
- Ratings Weekly Digest, Oct. 13, 2021
- Emerging Markets Monthly Highlights: Rising Energy Prices Will Test Patience Of Central Banks Across Emerging Markets, Oct. 13, 2021
- The U.S. Contributes The Most To Lower Global Corporate Defaults, Oct. 15, 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: | 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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