Key Takeaways
- The global weakest links tally has fallen by over 50% year to date and is the lowest it has been since April 2019.
- Although issuers rated 'B-' and below constitute over 30% of speculative-grade ratings, the negative bias for issuers rated 'B-' and below has fallen to a record low of 24%, contributing the most to the fall in the number of weakest links.
- Weakest link removals have been mostly due stabilization as negative rating pressure has been somewhat alleviated by earnings trajectory year to date.
- The U.S. and Canada are leading the drive toward rating stabilization, with 243 removals and just 28 additions, while in Europe there have been 43 removals and eight additions (see charts 2 and 3).
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--has fallen 55% to 216 as of Nov. 18, 2021. The drop in the number of weakest links can be attributed to a decrease in the number of lower rated issuers with a negative bias, which has fallen to a record low of 24% in November, from 52% in December 2020, implying a lower risk of defaults in the near term (see chart 1). However, risks remain, including the fact that issuers rated 'B-' and below constitute over 30% of speculative-grade ratings (see "Global Credit Outlook 2022: Aftershocks, Future Shocks, And Transitions," Dec. 1, 2021).
Chart 1
Weakest Links Declined By 68% In North America And 51% In Europe
Stabilization to date in 2021 has been primarily driven by the U.S. and Canada, where the number of weakest links issuers has fallen to 143 as of Nov. 18, 2021, from 358 in December 2020. 61% of removals were related to positive outlook or CreditWatch revisions while another 23% were upgraded. However, risk remains, with the North American consumer products and heath care sectors contributing the highest number of additions to the weakest links tally in 2021.
In Europe, 63% of weakest links removals this year were related to positive outlook or CreditWatch revisions, but the region had far fewer upgrades than North America, with only 9% of issuers removed due to upgrades. Europe's recovery continues to lag that of North America, especially for lower rated issuers as companies with high debt burdens and an inability to generate free operating cash flow struggle to improve credit quality despite accommodative debt capital markets. In addition, the region is experiencing a new wave of COVID-19 cases and the emergence of the omicron variant. In particular, the media and entertainment and consumer products sectors led existing weakest links and additions to the tally since the start of the year in Europe, as both sectors were highly impacted by the pandemic and continue to feel the effects.
Chart 2
Chart 3
Table 1
| Weakest Links By Region | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of weakest links ('B-' and below Neg/Negative) | Five-year averages | 10-year averages | Total rated speculative-grade issuers | % of weakest links to total region speculative-grade rated issuers | Current distribution by region (%) | Distribution by region 12 months prior (%) | ||||||||||
| U.S. | 135 | 196 | 144 | 1,562 | 8.6 | 62.5 | 70.9 | |||||||||
| Europe | 50 | 41 | 30 | 567 | 8.8 | 23.1 | 17.1 | |||||||||
| Canada | 8 | 10 | 8 | 84 | 9.5 | 3.7 | 4.1 | |||||||||
| Asia-Pacific | 12 | 9 | 7 | 87 | 13.8 | 5.6 | 2.5 | |||||||||
| Latin America | 7 | 14 | 16 | 119 | 5.9 | 3.2 | 4.1 | |||||||||
| EEMEA | 4 | 10 | 11 | 117 | 3.4 | 1.9 | 1.4 | |||||||||
| Data as of Nov. 18, 2021. Source: S&P Global Ratings Research. | ||||||||||||||||
Chart 4
Additional Exhibits:
Chart 5
Table 2
| Weakest Link Default Rates Are On Average 8x Higher Than The Overall Speculative-Grade Default Rate | ||||||
|---|---|---|---|---|---|---|
| Region | Weakest links default rate (%) | All speculative-grade default rate (%) | ||||
| Global | 24.60 | 2.09 | ||||
| U.S. | 26.09 | 2.04 | ||||
| Europe | 25.94 | 2.55 | ||||
| Emerging markets | 18.67 | 1.69 | ||||
| Other developed | 29.14 | 2.96 | ||||
| Data as of Oct. 31, 2021. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. | ||||||
Chart 6
Chart 7
Table 3
| More Than Half Of Defaults So Far In 2021 Are Are From The Energy and natural resources And Consumer Products Sectors | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Global corporate defaults through Aug. 31, 2021 | ||||||||||||||||
| 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 | Utility | 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 goods/metal | 905.04 | 8/13/2021 | CC | SD | Yes | |||||||||
| Array Canada Inc. | Canada | Consumer/service sector | 355.00 | 9/21/2021 | CCC | SD | Yes | |||||||||
| IPC Corp. | U.S. | Telecommunications | 305.00 | 10/4/2021 | CCC- | SD | Yes | |||||||||
| Fantasia Holdings Group Co. Ltd. | Cayman Islands | Real estate | 1,950.00 | 10/5/2021 | CCC | SD | Yes | |||||||||
| Sinic Holdings (Group) Co. Ltd. | Cayman Islands | Forest and building products/homebuilders | 0.00 | 10/19/2021 | CC | SD | Yes | |||||||||
| Exela Technologies Inc. | U.S. | Consumer/service sector | 0.00 | 11/2/2021 | CCC- | SD | Yes | |||||||||
| Investimentos e Participacoes em Infraestrutura S.A. - Invepar | Brazil | Transportation | 0.00 | 11/11/2021 | CC | D | Yes | |||||||||
| Riverbed Parent Inc., | U.S. | High tech/computers/office equipment | 0.00 | 11/17/2021 | CC | D | Yes | |||||||||
| Data as of Nov. 18, 2021. Excludes confidential entities. 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 | ||||||
| Brand Industrial Services Inc., | 100 | Negative | B- | Capital goods | ||||||
| Endo International PLC | 104 | Negative | CCC+ | Health care | ||||||
| Dynasty Acquisition Co. Inc., | 110 | Negative | B- | Aerospace and defense | ||||||
| Team Health Holdings Inc., | 117 | Negative | B- | Health care | ||||||
| Intrado Corp. | 126 | Negative | B- | Telecommunications | ||||||
| Cineworld Group PLC | 139 | Negative | CCC | Media and entertainment | ||||||
| WestJet Airlines Ltd. | 194 | Negative | B- | Transportation | ||||||
| Data as of Nov. 18, 2021. CLO--Collateralized loan obligation. Source: S&P Global Ratings Research. | ||||||||||
Table 5
| Weakest Links Listed In The Top 250 Corporate Obligors In Outstanding Rated Europe Cash Flow CLOs | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Organization | Parent rank in Europe CLO transactions | Outlook/CreditWatch | Applied rating | Sector/subsector | ||||||
| Awaze Ltd. | 66 | Negative | B- | Media and entertainment | ||||||
| Piolin Bidco S.A.U. | 102 | Negative | CCC+ | Media and entertainment | ||||||
| Perstorp Holding AB (publ) | 155 | Negative | B- | Chemicals, packaging, and environmental services | ||||||
| International Park Holdings B.V. | 160 | Negative | CCC+ | Media and entertainment | ||||||
| Data as of Dec. 3, 2021. CLO--Collateralized loan obligation.Source: S&P Global Ratings Research. | ||||||||||
Table 6
| Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (%) | Oct. 31, 2021 | Sep. 30, 2021 | 6 months ago | 12 months ago | ||||||
| Financial | ||||||||||
| Financial institutions | 1.04 | 1.04 | 1.05 | 0.00 | ||||||
| Insurance | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Nonfinancial | ||||||||||
| Aerospace/automotive/capital goods/metal | 0.74 | 1.11 | 2.55 | 3.44 | ||||||
| Consumer/service sector | 2.30 | 3.26 | 7.99 | 12.15 | ||||||
| Energy and natural resources | 7.36 | 9.15 | 16.96 | 15.79 | ||||||
| Forest and building products/homebuilders | 1.05 | 0.00 | 2.15 | 3.23 | ||||||
| Health care/chemicals | 1.36 | 1.86 | 2.36 | 4.29 | ||||||
| High technology/computers/office equipment | 1.14 | 1.15 | 1.14 | 1.10 | ||||||
| Leisure time/media | 0.91 | 1.38 | 3.72 | 6.51 | ||||||
| Real estate | 5.66 | 3.85 | 3.85 | 1.72 | ||||||
| Telecommunications | 2.86 | 1.45 | 1.45 | 5.88 | ||||||
| Transportation | 2.08 | 2.08 | 2.08 | 4.17 | ||||||
| Utilities | 2.00 | 2.56 | 5.13 | 5.41 | ||||||
| Data as of Oct. 31, 2021. U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. | ||||||||||
Table 7
| Trailing 12-Month Corporate Default Rates By Industry (Europe Speculative-Grade Issuers Only) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (%) | Oct. 31, 2021 | Sep. 30, 2021 | 6 months ago | 12 months ago | ||||||
| Financial | ||||||||||
| Financial institutions | 1.82 | 1.79 | 1.75 | 0.00 | ||||||
| Insurance | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Nonfinancial | ||||||||||
| Aerospace/automotive/capital goods/metal | 1.22 | 1.19 | 1.25 | 1.49 | ||||||
| Consumer/service sector | 3.27 | 4.49 | 7.55 | 7.14 | ||||||
| Energy and natural resources | 5.41 | 5.41 | 17.39 | 17.95 | ||||||
| Forest and building products/homebuilders | 0.00 | 0.00 | 2.08 | 2.17 | ||||||
| Health care/chemicals | 0.00 | 0.93 | 1.87 | 1.90 | ||||||
| High technology/computers/office equipment | 2.27 | 2.27 | 4.65 | 4.44 | ||||||
| Leisure time/media | 4.88 | 6.02 | 7.06 | 4.88 | ||||||
| Real estate | 0.00 | 0.00 | 0.00 | 10.00 | ||||||
| Telecommunications | 0.00 | 0.00 | 0.00 | 2.70 | ||||||
| Transportation | 12.90 | 18.75 | 19.44 | 14.29 | ||||||
| Utilities | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
| Data as of Oct. 31, 2021. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. | ||||||||||
Table 7
| The U.S. Overwhelmingly Leads Weakest Links With 63% | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 (mil. US$) | Country | Region | |||||||||||
| B- | CreditWatch Negative | Transportation | Transportes Aereos Portugueses, SGPS, S.A. | 425 | 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 | IXS Holdings Inc., | Yes | 620 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Automotive | Standard Profil Automotive GmbH | 312 | 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 | Fort Dearborn Holding Co. Inc. | 762 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Perstorp Holding AB (publ) | 965 | 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 | 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 | Isagenix Worldwide Inc., | - | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | JHW Alphia Holdings Inc. | Yes | 285 | U.S. | U.S. | |||||||||||||
| B- | Outlook Negative | Consumer products | Kiwi VFS SUB I S.ar.l | 1,909 | Luxembourg | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Knowlton Development Corp. Inc., | Knowlton Development HoldCo, Inc | Yes | 1,565 | Canada | Canada | ||||||||||||
| B- | Outlook Negative | Consumer products | Marcolin SpA | 397 | Italy | Europe | ||||||||||||||
| 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 | Vincent Topco BV (NL) | 488 | Netherlands | Europe | ||||||||||||||
| B- | Outlook Negative | Financial institutions | Avison Young (Canada) Inc. | 325 | Canada | Canada | ||||||||||||||
| B- | Outlook Negative | Financial institutions | Banco Agricola S.A | Bancolombia, S. A. y Companias Subordinadas | Yes | - | El Salvador | Latin America | ||||||||||||
| 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., | 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. | 669 | Australia | Asia-Pacific | ||||||||||||||
| B- | Outlook Negative | High technology | Northpole Newco S.a.r.l. | Triangle Holdings S.A. | 115 | Luxembourg | Europe | |||||||||||||
| B- | Outlook Negative | Homebuilders/real estate companies | Guangzhou R&F Properties Co. Ltd. | Yes | - | China | Asia-Pacific | |||||||||||||
| B- | Outlook Negative | Homebuilders/real estate companies | Jiangsu Zhongnan Construction Group Co. Ltd. | Yes | 560 | China | Asia-Pacific | |||||||||||||
| B- | Outlook Negative | Media and entertainment | Awaze Ltd. | 1,120 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | CareerBuilder, LLC | 415 | 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 | 1,135 | 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. | 3,123 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Media and entertainment | Peak Jersey Holdco Ltd. | 934 | 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 | Metals, mining, and steel | Ferrexpo PLC | - | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Metals, mining, and steel | Mongolian Mining Corp. | Yes | 880 | Cayman Islands | U.S. | |||||||||||||
| B- | Outlook Negative | Metals, mining, and steel | Petra Diamonds Ltd. | - | Bermuda | U.S. | ||||||||||||||
| B- | Outlook Negative | Oil and gas | DTEK Renewables B.V. | - | Netherlands | 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 | 3,704 | 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. | 862 | 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. | ||||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | Brown Jordan Inc. | Yes | 165 | U.S. | U.S. | |||||||||||||
| CCC+ | CreditWatch Negative | Health care | Femur Buyer Inc., | 485 | U.S. | 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 | 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 | 699 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Neenah Enterprises Inc., | - | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Praesidiad Group Ltd. | 359 | 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. | 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 | 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 | 539 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | KC Culinarte Holdings LP | 313 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Missouri TopCo Ltd. | 611 | 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. | 584 | 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 | 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 | Mitel Networks (International) Ltd. | 1,380 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Homebuilders/real estate companies | IRSA Propiedades Comerciales S.A. | Cresud S.A.C.I.F. y A. | 360 | Argentina | Latin America | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Bioplan USA Inc., | 1,040 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Casper Topco | Yes | 1,101 | 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. | 843 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | eDreams ODIGEO S.A. | 681 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Enjoy S.A. | 211 | 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. | 2,740 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | International Park Holdings B.V. | 760 | 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 | Odyssey Europe Holdco S.a r.l. | 227 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Piolin Bidco S.A.U. | 1,101 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Promotora de Informaciones S.A. | - | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Richmond UK Holdco Ltd. | 1,812 | 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. | 1,463 | 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. | 2,832 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Viking Cruises Ltd. | Viking Holdings Ltd | 3,325 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Media and entertainment | Vue International Bidco plc | 807 | 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 | PGS ASA | - | Norway | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | 99 cents only stores LLC | Yes | 784 | U.S. | U.S. | |||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Belk Inc., | 1,223 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | Foodco Bondco SAU | 760 | Spain | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Retail/restaurants | PAX Midco Spain | 1,191 | 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 | Toro Private Holdings I, Ltd. | 3,680 | U.K. | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Transportation | URS Holdco Inc., | 747 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | Aeropuertos Argentina 2000 S.A. | 750 | Argentina | Latin America | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | AES Argentina Generacion S.A | AES Corp. (The) | 300 | Argentina | Latin America | |||||||||||||
| CCC+ | Outlook Negative | Utilities | Ellaktor S.A. | 760 | Greece | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Utilities | ESKOM Holdings SOC Ltd. | 5,119 | South Africa | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC | CreditWatch Negative | Homebuilders/real estate companies | Grupo GICSA S.A.B. de C.V | - | Mexico | Latin America | ||||||||||||||
| 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 | 244 | Luxembourg | Europe | |||||||||||||
| CCC | Outlook Negative | Consumer products | KCIBT Holdings LP | 1,050 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Consumer products | KNB Holdings Corp. | Yes | 295 | 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., | 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. | 387 | U.K. | Europe | ||||||||||||||
| CCC | Outlook Negative | Health care | BW Homecare Holdings LLC | 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 | Homebuilders/real estate companies | China Aoyuan Group Ltd. | Yes | 935 | Cayman Islands | U.S. | |||||||||||||
| 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 | 5,425 | 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. | 302 | U.K. | Europe | |||||||||||||
| CCC | Outlook Negative | Media and entertainment | Travel Leaders Group, LLC | 629 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Metals, mining, and steel | PT Bumi Resources Tbk. | Yes | - | Indonesia | Asia-Pacific | |||||||||||||
| 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 | Transocean Ltd. | 9,734 | Switzerland | Europe | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Vantage Drilling International | 300 | Cayman Islands | U.S. | ||||||||||||||
| 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 | Consumer products | Revlon Inc. | 2,750 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Consumer products | Takko Fashion S.a.r.l. | 579 | 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 | PSS Industrial Group Corp. | 300 | U.S. | U.S. | ||||||||||||||
| CCC- | Outlook Negative | Metals, mining, and steel | Mountain Province Diamonds Inc. | 660 | Canada | Canada | ||||||||||||||
| CCC- | Outlook Negative | Utilities | Empresa Distribuidora Y Comercializadora Norte S.A. | 300 | Argentina | Latin America | ||||||||||||||
| CC | Outlook Negative | Homebuilders/real estate companies | China Evergrande Group | 16,260 | Cayman Islands | U.S. | ||||||||||||||
| CC | Outlook Negative | Midstream | Ruby Pipeline LLC | 825 | U.S. | U.S. | ||||||||||||||
| CC | Outlook Negative | Oil and gas | Serba Dinamik Holdings Berhad | 500 | Malaysia | Asia-Pacific | ||||||||||||||
| Data as of Nov. 18, 2021. Source: S&P Global Ratings Research . | ||||||||||||||||||||
For additional information regarding weakest links, please see our most recent quarterly publication, "Global Weakest Links Fall Despite A Rising Speculative-Grade Population," Aug. 3, 2021.
Related Research
- The U.S. Contributes The Most To Lower Global Corporate Defaults, Oct. 14, 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
- S&P Global Ratings Metal Price Assumptions: Choppy Markets Drive Erratic Moves, Oct. 11, 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
- Fantasia Holdings Downgraded To 'SD' On Missed Principal Payment, Oct. 5, 2021
- China's Local Governments Will Address Evergrande--Quietly, Behind The Scenes, Oct. 4, 2021
This report does not constitute a rating action.
| Credit Markets Research: | Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com |
| Patrick Drury Byrne, Dublin (00353) 1 568 0605; patrick.drurybyrne@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 Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
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