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First-Quarter 2022 U.S. Corporate Rating Actions Tracker

(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

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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

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