(Editor's Note: We intend to update this article periodically as new corporate rating actions occur.)
U.S. broadly syndicated collateralized loan obligations (CLOs) are backed primarily by broadly syndicated loans (BSLs) issued by U.S. companies. The CLO group within S&P Global Ratings' U.S. Structured Finance department believes that a review of recent rating action reports published by U.S. Corporate Ratings can provide insights on developing sector trends. We are including a table listing of rating actions on issuers with loans held in U.S. BSL CLOs that have taken place since the start of 2022. (For a list of rating actions in 2021, see "Full-Year 2021 U.S. Corporate Rating Actions Tracker," published Jan. 12, 2022.)
For each issuer, we include the rank as of the most recent U.S. BSL CLO Top Obligors And Industries Report, to give an indication of how widely held the issuer's loans are across U.S. BSL CLOs rated by S&P Global Ratings. U.S. BSL CLOs, collectively, have had exposure to over 1,500 parent issuers operating across several different global industry classification (GIC) sectors. (For the list of the issuers held across U.S. BSL CLOs as of the end of fourth-quarter 2021, see "U.S. BSL CLO Top Obligors And Industries Report: Fourth-Quarter 2021," published Jan. 7, 2022.)
Chart 1
Table 1
U.S. Corporate Rating Actions | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
As of March 18, 2022 | ||||||||||||
Rating | ||||||||||||
Action date | Issuer name | GIC sector | Current | Previous | Rank Within U.S. BSL CLOs | |||||||
3/18/2022 | JHW Alphia Holdings Inc. | Food products | CCC+/Watch negative | B-/Negative | 1,001 to 1,250 | |||||||
3/17/2022 | CIRCOR International Inc. | Machinery | B-/Watch negative | B-/Stable | 251 to 500 | |||||||
3/17/2022 | Hilton Grand Vacations Inc. | Hotels, restaurants, and leisure | BB-/Stable | B+/Stable | 251 to 500 | |||||||
3/17/2022 | Yum! Brands Inc. | Hotels, restaurants, and leisure | BB+/Stable | BB/Stable | 1,251 to 1,500 | |||||||
3/17/2022 | ZoomInfo Technologies Inc. | Software | BB/Stable | BB-/Stable | 251 to 500 | |||||||
3/16/2022 | Diamond Sports Group LLC | Media | CCC+/Negative | SD | top 250 | |||||||
3/16/2022 | Diamond Sports Holdings LLC | Media | CCC+/Negative | CCC/Negative | top 250 | |||||||
3/16/2022 | Granite Generation LLC | Independent power and renewable electricity producers | B+/Negative | B+/Watch negative | 251 to 500 | |||||||
3/16/2022 | Tarkett Participation | Building products | B+/Negative | BB-/Stable | 1,500+ | |||||||
3/16/2022 | Gogo Inc. | Wireless telecommunication services | B/Positive | B/Stable | 501 to 750 | |||||||
3/16/2022 | SkillSoft Corp. | Software | B-/Stable | B-/Positive | 751 to 1,000 | |||||||
3/15/2022 | AppLovin Corp. | Software | BB-/Stable | B+/Positive | Top 250 | |||||||
3/15/2022 | Diamond Sports Group LLC | Media | SD/NM | CC/Negative | Top 250 | |||||||
3/15/2022 | Peabody Energy Corp. | Oil, gas, and consumable fuels | CCC+/Positive | CCC+/Negative | 1,001 to 1,250 | |||||||
3/14/2022 | Vertex Aerospace Services Corp. | Aerospace and defense | B/Watch positive | B/Stable | 751 to 1,000 | |||||||
3/14/2022 | Hyster-Yale Materials Handling Inc. | Machinery | B-/Negative | B/Watch negative | 751 to 1,000 | |||||||
3/11/2022 | Vyaire Medical Inc. | Health care equipment and supplies | CCC/Negative | CCC+/Negative | 1,251 to 1,500 | |||||||
3/11/2022 | Consolidated Communications Holdings Inc. | Diversified telecommunication services | B-/Stable | B/Stable | 251 to 500 | |||||||
3/11/2022 | Plantronics Inc. | Communications equipment | B+/Negative | B+/Stable | 251 to 500 | |||||||
3/10/2022 | Formula One | Entertainment | BB-/Stable | B+/Stable | Top 250 | |||||||
3/10/2022 | KC Culinarte Intermediate LLC | Food products | CCC+/Positive | CCC+/Negative | 1,251 to 1,500 | |||||||
3/9/2022 | Imprivata Inc | Health care technology | B-/Stable | B/Stable | 251 to 500 | |||||||
3/9/2022 | Gardner Denver Inc. | Building products | BB+/Positive | BB+/Stable | Top 250 | |||||||
3/9/2022 | Restaurant Technologies Inc. | Machinery | B/Negative | B/Stable | 501 to 750 | |||||||
3/8/2022 | Topgolf International, Inc. | Hotels, restaurants, and leisure | B/Stable | B-/Stable | 501 to 750 | |||||||
3/8/2022 | SK HoldCo LLC | Diversified consumer services | CCC-/Negative | CCC/Negative | 1,251 to 1,500 | |||||||
3/8/2022 | U.S. TelePacific Holdings Corp. | Diversified telecommunication services | CCC+/Negative | SD | 751 to 1,000 | |||||||
3/7/2022 | WW International Inc. | Diversified consumer services | B/Stable | B+/Stable | 251 to 500 | |||||||
3/7/2022 | Carrols Restaurant Group Inc. | Hotels, restaurants, and leisure | B-/Stable | B-/Positive | 1,001 to 1,250 | |||||||
3/7/2022 | Doosan Bobcat Inc. | Machinery | BB/Stable | BB/Negative | 251 to 500 | |||||||
3/4/2022 | Femur Buyer Inc. | Health care equipment and supplies | CCC+/Negative | CCC+/Watch negative | 751 to 1,000 | |||||||
3/4/2022 | Chefs' Warehouse Inc. (The) | Food and staples retailing | B-/Positive | B-/Negative | 1,001 to 1,250 | |||||||
3/4/2022 | Cumulus Media Inc. | Media | B-/Positive/ | B-/Stable | 501 to 750 | |||||||
3/4/2022 | Zinc-Polymer Parent Holdings LLC | Chemicals | B-/Stable | B-/Positive | 751 to 1,000 | |||||||
3/4/2022 | TransDigm Inc. | Aerospace and defense | B+/Stable | B+/Negative | Top 250 | |||||||
3/3/2022 | Covia Holdings LLC | Energy equipment and services | B/Stable | B-/Positive | 501 to 750 | |||||||
3/3/2022 | Covia Holdings LLC | Energy equipment and services | B/Stable | B-/Positive | 501 to 750 | |||||||
3/3/2022 | Vertiv Group Corp. | Machinery | BB-/Stable | BB-/Positive | Top 250 | |||||||
3/2/2022 | Centuri Group Inc. | Construction and engineering | B+/Watch developing | BB-/Stable | 251 to 500 | |||||||
3/2/2022 | KAR Auction Services Inc. | Commercial services and supplies | B/Watch positive | B/Stable | 501 to 750 | |||||||
3/1/2022 | Brazos Permian II LLC | Oil, gas, and consumable fuels | B/Positive | B-/Positive | 501 to 750 | |||||||
3/1/2022 | Level 3 Communications Inc. | Diversified telecommunication services | BB/Watch negative | BB/Stable | Top 250 | |||||||
2/28/2022 | iHeartCommunications Inc. | Media | B+/Stable | B/Positive | Top 250 | |||||||
2/28/2022 | Marriott Vacations Worldwide Corp. | Hotels, restaurants, and leisure | BB-/Positive | B+/Positive | 501 to 750 | |||||||
2/25/2022 | 8th Avenue Food & Provisions Inc. | Food products | CCC+/Negative | B-/Negative | 501 to 750 | |||||||
2/24/2022 | Tenneco Inc. | Auto components | B+/Watch negative | B+/Stable | Top 250 | |||||||
2/23/2022 | Churchill Downs Inc. | Hotels, restaurants, and leisure | BB/Watch negative | BB/Negative | 751 to 1,000 | |||||||
2/23/2022 | CQP Holdco LP | Gas utilities | B+/Positive | B/Stable | Top 250 | |||||||
2/23/2022 | Houghton Mifflin Harcourt Co. | Media | B/Watch negative | B/Positive | 1,251 to 1,500 | |||||||
2/23/2022 | Screenvision LLC | Entertainment | B-/Stable | CCC+/Watch developing | 1,251 to 1,500 | |||||||
2/23/2022 | Spectrum Brands Holdings Inc. | Household durables | B/Stable | B/Watch positive | 751 to 1,000 | |||||||
2/23/2022 | Tronox Ltd. | Chemicals | B+/Positive | B/Stable | 251 to 500 | |||||||
2/22/2022 | BellRing Brands Inc. | Food and staples retailing | B/Positive | B/Stable | 751 to 1,000 | |||||||
2/22/2022 | CoreCivic Inc. | Commercial services and supplies | BB-/Stable | BB-/Negative | 1,251 to 1,500 | |||||||
2/22/2022 | Ryman Hospitality Properties Inc. | Equity real estate investment trusts (REITs) | B-/Positive | B-/Negative | 1,001 to 1,250 | |||||||
2/18/2022 | Weber-Stephen Products LLC | Household durables | B+/Developing | BB-/Stable | 251 to 500 | |||||||
2/17/2022 | Callaway Golf Co. | Leisure products | B+/Stable | B/Stable | 501 to 750 | |||||||
2/17/2022 | U.S. TelePacific Holdings Corp. | Diversified telecommunication services | SD | CCC-/Negative | 751 to 1,000 | |||||||
2/17/2022 | Hilton Worldwide Holdings Inc. | Hotels, restaurants, and leisure | BB/Positive | BB/Negative | 251 to 500 | |||||||
2/16/2022 | Connect Bidco Ltd. | Wireless telecommunication services | B+/Watch positive | B+/Stable | Top 250 | |||||||
2/15/2022 | Granite Generation LLC | Independent power and renewable electricity producers | B+/Watch negative | B+/Stable | 251 to 500 | |||||||
2/15/2022 | Journey Personal Care Holdings Ltd. | Health care equipment and supplies | B-/Stable | B/Stable | 751 to 1,000 | |||||||
2/14/2022 | PointClickCare Technologies Inc. | Health care technology | B/Stable | B+/Watch negative | 501 to 750 | |||||||
2/11/2022 | INW Manufacturing, LLC | Personal products | CCC+/Negative | B-/Stable | N/A | |||||||
2/11/2022 | Adient PLC | Auto components | BB-/Positive | B+/Watch positive | 251 to 500 | |||||||
2/11/2022 | Syniverse Technologies Corporation | IT services | B-/Watch negative | B-/Positive | 251 to 500 | |||||||
2/10/2022 | US Ecology Inc. | Commercial services and supplies | BB-/Watch positve | BB-/Negative | 1,001 to 1,250 | |||||||
2/10/2022 | Viasat Inc. | Communications equipment | BB-/Stable | BB-/Watch negative | 1,500+ | |||||||
2/10/2022 | Hexion Inc. | Chemicals | B/Negative | B/Stable | 251 to 500 | |||||||
2/10/2022 | Azalea TopCo Inc. | Capital markets | B-/Stable | B/Watch negative | 251 to 500 | |||||||
2/9/2022 | Lannett Co. Inc. | Food products | CCC+/Negative | B-/Negative | N/A | |||||||
2/8/2022 | Academy Ltd. | Specialty retail | BB-/Stable | B+/Positive | 751 to 1,000 | |||||||
2/8/2022 | New Academy Holding Co. LLC | Specialty retail | NR | BB-/Stable | 751 to 1,000 | |||||||
2/8/2022 | Boyd Gaming Corp. | Hotels, restaurants, and leisure | BB-/Positive | B+/Stable | 1,001 to 1,250 | |||||||
2/8/2022 | Cast & Crew LLC | Software | B/Stable | B-/Stable | 251 to 500 | |||||||
2/8/2022 | Team Health Holdings Inc. | Health care providers and services | B-/Stable | B-/Negative | top 250 | |||||||
2/7/2022 | INNIO Group Holding GmbH | Machinery | B/Stable | B-/Stable | 501 to 750 | |||||||
2/7/2022 | Azalea TopCo Inc. | Capital markets | B/Watch negative | B/Negative | 251 to 500 | |||||||
2/7/2022 | Data Axle Inc. | Software | CCC/Negative | B-/Negative | 1,251 to 1,500 | |||||||
2/7/2022 | ASP NAPA Intermediate Holdings Inc. | Health care providers and services | NR | CCC+/Stable | 751 to 1,000 | |||||||
2/4/2022 | Apex Tool Group LLC | Machinery | B-/Stable | CCC/Watch positive | 751 to 1,000 | |||||||
2/4/2022 | Playa Hotels & Resorts N.V. | Hotels, restaurants, and leisure | B-/Positive | CCC+/Positive | 751 to 1,000 | |||||||
2/4/2022 | NexTier Oilfield Solutions Inc. | Energy equipment and services | B/Positive | B/Negative | 751 to 1,000 | |||||||
2/4/2022 | Outfront Media Inc. | Media | B+/Positive | B+/Negative | 751 to 1,000 | |||||||
2/4/2022 | Pluto Acquisition I Inc. | Health care providers and services | B-/Stable | B-/Positive | 501 to 750 | |||||||
2/3/2022 | Spencer Spirit IH LLC | Food and staples retailing | BB-/Stable | B+/Stable | 1,001 to 1,250 | |||||||
2/3/2022 | Momentive Performance Materials Inc. | Chemicals | B+/Positive | B+/Stable | 251 to 500 | |||||||
2/2/2022 | BCP Renaissance Parent LLC | Capital markets | B+/Stable | B/Positive | Top 250 | |||||||
2/2/2022 | Gopher Resource LLC | Commercial services and supplies | B/Negative | B/Watch negative | 751 to 1,000 | |||||||
2/2/2022 | Navex Acquisition LLC | Software | B/Stable | B-/Stable | 501 to 750 | |||||||
2/2/2022 | PointClickCare Technologies Inc. | Health care technology | B+/Watch negative | B+/Stable | 501 to 750 | |||||||
2/2/2022 | MillerKnoll Inc. | Commercial services and supplies | BB+/Negative | BB+/Stable | 1,001 to 1,250 | |||||||
2/1/2022 | Triton Solar US Acquisition Co | Technology hardware, storage, and peripherals | B-/Positive | B-/Stable | 1,001 to 1,250 | |||||||
2/1/2022 | Univision Communications Inc. | Media | B+/Stable | B/Watch positive | Top 250 | |||||||
1/31/2022 | HALO Buyer Inc. | Media | CCC+/Negative | B-/Negative | 1,251 to 1,500 | |||||||
1/31/2022 | Maverick Purchaser Sub LLC | Construction and engineering | B/Stable | B/Negative | Top 250 | |||||||
1/28/2022 | AP Gaming Holdings LLC | Hotels, restaurants, and leisure | B/Stable | B/Negative | 501 to 750 | |||||||
1/28/2022 | Live Nation Entertainment Inc. | Entertainment | B/Positive | B/Stable | 501 to 750 | |||||||
1/28/2022 | Main Event Entertainment Inc. | Hotels, restaurants, and leisure | B-/Positive | B-/Stable | N/A | |||||||
1/27/2022 | Greenrock Finance Inc. | Professional services | B-/Watch Pos | B-/Stable | 501 to 750 | |||||||
1/27/2022 | Apex Tool Group LLC | Machinery | CCC/Watch positive | CCC/Negative | 751 to 1,000 | |||||||
1/26/2022 | Chesapeake Energy Corp. | Oil, gas, and consumable fuels | BB-/Positive | BB-/Stable | 1,001 to 1,250 | |||||||
1/26/2022 | Avis Budget Car Rental LLC | Road and rail | BB/Stable | B+/Stable | 501 to 750 | |||||||
1/26/2022 | GEO Group Inc. (The) | Equity real estate investment trusts (REITs) | CCC/Negative | CCC+/Negative | 751 to 1,000 | |||||||
1/25/2022 | Symplr Software Intermediate Holdings Inc. | Health care technology | B-/Stable | B-/Negative | 251 to 500 | |||||||
1/24/2022 | Fusion Connect Inc. | IT services | SD | CC/Negative | 1,500+ | |||||||
1/24/2022 | Jacobs Entertainment Inc. | Hotels, restaurants, and leisure | B/Stable | B-/Positive | 1251 to 1500 | |||||||
1/24/2022 | McAfee LLC | Software | B-/Stable | BB/Watch negative | Top 250 | |||||||
1/21/2022 | Booz Allen Hamilton Inc. | Professional services | BB+/Positive | BB+/Stable | 1500+ | |||||||
1/20/2022 | Electronics for Imaging Inc. | Technology hardware, storage, and peripherals | B-/Stable | CCC+/Positive | 751 to 1,000 | |||||||
1/20/2022 | Hoya Midco LLC | Internet and catalog retail | B+/Stable | B/Positive | 751 to 1,000 | |||||||
1/20/2022 | Screenvision LLC | Entertainment | CCC+/Watch developing | CCC+/Watch positive | 1,251 to 1,500 | |||||||
1/19/2022 | Array Marketing Canada Inc. | Containers and packaging | NR | SD | 1,500+ | |||||||
1/19/2022 | Dunn Paper Holdings Inc. | Paper and forest products | CCC/Negative | CCC+/Negative | 1,001 to 1,250 | |||||||
1/19/2022 | Audacy Capital Corp. | Media | B/Stable | B/Negative | 501 to 750 | |||||||
1/19/2022 | PMHC II Inc. | Metals and mining | B-/Stable | B-/Watch developing | 751 to 1,000 | |||||||
1/18/2022 | Syniverse Holdings Inc. | IT services | B-/Positive | CCC+/Watch positive | 251 to 500 | |||||||
1/18/2022 | athenahealth Intermediate Holdings LLC | Health care technology | B-/Stable | B/Watch negative | Top 250 | |||||||
1/14/2022 | ABB/Con-Cise Optical Group LLC | Health care equipment and supplies | CCC/Negative | CCC+/Negative | 1,001 to 1,250 | |||||||
1/14/2022 | Diamond Sports Group LLC | Media | CC/Negative | CCC/Negative | Top 250 | |||||||
1/14/2022 | OCM System One Buyer CTB, LLC | Professional services | B/Stable | B-/Stable | 751 to 1,000 | |||||||
1/14/2022 | Blackstone Mortgage Trust Inc. | Mortgage real estate investment trusts (REITs) | B+/Positive | B+/Stable | Top 250 | |||||||
1/13/2022 | Wastequip LLC | Machinery | B-/Negative | B/Negative | 501 to 750 | |||||||
1/12/2022 | Navitas Midstream Midland Basin LLC | Oil, gas, and consumable fuels | B/Watch positive | B/Stable | 251 to 500 | |||||||
1/12/2022 | Sorenson Communications LLC | Communications equipment | B-/Stable | B/Stable | 1,001 to 1,250 | |||||||
1/12/2022 | National CineMedia LLC | Media | B-/Stable | CCC+/Watch positive | 751 to 1,000 | |||||||
1/11/2022 | City Brewing Co. LLC | Beverages | B/Stable | B+/Stable | 501 to 750 | |||||||
1/11/2022 | LTR Intermediate Holdings Inc. | Commercial services and supplies | B/Stable | B-/Stable | 751 to 1,000 | |||||||
1/10/2022 | Herens Midco Sarl | Chemicals | B/Negative | B/Stable | 251 to 500 | |||||||
1/7/2022 | Array Technologies Inc. | Electrical equipment | B+/Negative | B+/Stable | 751 to 1,000 | |||||||
1/7/2022 | CFS Brands LLC | Household durables | B-/Stable | B-/Negative | 1,001 to 1,250 | |||||||
1/6/2022 | Southwestern Energy Co. | Oil, gas, and consumable fuels | BB+/Stable | BB/Watch positive | N/A | |||||||
1/5/2022 | RV Retailer Intermediate Holdings LLC | Specialty retail | B+/Stable | B/Positive | 501 to 750 | |||||||
BSL CLO--Broadly syndicated loan collateralized loan obligation. SD--Selective default. NM--Not meaningful. NR--Not rated. N/A--Not applicable. |
This report does not constitute a rating action.
Primary Contacts: | Daniel Hu, FRM, New York + 1 (212) 438 2206; daniel.hu@spglobal.com |
Stephen A Anderberg, New York + (212) 438-8991; stephen.anderberg@spglobal.com | |
Research Contributors: | Tanmay Bhide, Pune; tanmay.bhide@spglobal.com |
Avisha Jambhale, Pune; avisha.jambhale@spglobal.com | |
Mrunalini Gorade, Pune; mrunalini.gorade@spglobal.com | |
Vijesh MV, Pune; Vijesh.MV@spglobal.com |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.