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Default, Transition, and Recovery: Environmental, Social, And Governance Factors Influence 17% Of Weakest Links

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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--fell to 199 as of Jan. 31, 2022, from 207 as of Dec. 31, 2021, its lowest level since February 2019. The drop can be attributed to a decrease in lower rated issuers with a negative bias, which fell to a historic low of 22% in January 2022, from 52% in December 2020, as earnings continued to recover and issuers tapped into accommodative financing conditions. The number of weakest links has now fallen below its five-year and 10-year averages of 280 and 219, respectively (see chart 1).

Chart 1

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ESG-Influenced Weakest Links Have Fallen By Almost Half Since Last Year

Of the issuers that make up the current weakest links tally, 17% were added due to an ESG-influenced rating. Although this percentage has increased from 14% in the previous year, the absolute number of ESG-influenced rating actions has fallen by nearly half during the same period. Many of these removals were from the media and entertainment sector (mostly travel and leisure companies) as some issuers benefitted from stronger-than-expected recovery from the COVID-19 pandemic. However, the sector still holds the largest shares of ESG-related weakest links with 26 (see chart 2).

Health care was the only sector to experience an increase in ESG-related weakest links--increasing by one-third since January 2021. Although credit ratings in the sector remain largely stable, S&P Global Ratings expects negative rating actions may outpace positive ones in 2022 amid the COVID-19 variant uncertainty, labor and supply chain difficulties, scrutiny of pricing and access, and the return of mergers and acquisitions (M&A) within the industry (see "Industry Top Trends 2022: Healthcare," Jan. 25, 2022).

When we look at the breakdown of ESG factors, social remains the most important contributing factor to current weakest links tally--largely influenced by health and safety considerations as a result of the pandemic. Social has driven 95% of current ESG-related weakest links, the same as a year prior (see table 1).

Chart 2

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Table 1

ESG-Related Issuers By ESG Factor
ESG factors Jan. 2021 Jan. 2022
Environment 2 0
Governance 1 1
Social 60 31
Social and governance 1 1
Social and environment 0 0
Environment and governance 0 0
Data as of Jan. 31, 2022. Source: S&P Global Ratings Research.

Table 2

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 Financial Institutions Credito Real, S.A.B. de C.V., SOFOM, E.N.R. Futu Iem, S.A.P.I. de C.V. Yes 1928 Mexico Latin America
B- CreditWatch Negative Homebuilders/Real Estate Co.

Diok Real Estate AG

Yes 279 Germany Europe
B- CreditWatch Negative Media & Entertainment

PlayPower Holdings Inc.

400 U.S. U.S.
B- CreditWatch Negative Transportation Transportes Aereos Portugueses, SGPS, S.A. 419 Portugal Europe
B- Outlook Negative Aerospace and defense Dynasty Acquisition Co. Inc., 2340 U.S. U.S.
B- Outlook Negative Aerospace and defense

F-Brasile S.p.A

1010 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., 620 U.S. U.S.
B- Outlook Negative Automotive

Standard Profil Automotive GmbH

307 Germany Europe
B- Outlook Negative Automotive

TPro Acquisition Corp.

300 U.S. U.S.
B- Outlook Negative Automotive

UC Holdings Inc.

Chassix Holdings Inc., 225 U.S. U.S.
B- Outlook Negative Capital goods Brand Industrial Services Inc., 3825 U.S. U.S.
B- Outlook Negative Capital goods

QualTek LLC

380 U.S. U.S.
B- Outlook Negative Capital goods Wastequip, LLC Patriot Container Corp. Yes 0 U.S. U.S.
B- Outlook Negative Consumer Products 8th Avenue Food & Provisions Inc., 750 U.S. U.S.
B- Outlook Negative Consumer Products

Boparan Holdings Ltd.

637 U.K. Europe
B- Outlook Negative Consumer Products CB Poly Investments, LLC 4020 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 Isagenix Worldwide Inc., 0 U.S. U.S.
B- Outlook Negative Consumer Products

JHW Alphia Holdings Inc.

285 U.S. U.S.
B- Outlook Negative Consumer Products KAMC Holdings Inc., 445 U.S. U.S.
B- Outlook Negative Consumer Products

Kiwi VFS SUB I S.ar.l

1893 Luxembourg Europe
B- Outlook Negative Consumer Products Knowlton Development Corp. Inc., Knowlton Development HoldCo, Inc 1555 Canada Canada
B- Outlook Negative Consumer Products

Kronos Acquisition Holdings Inc.

2070 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

Vincent Topco BV (NL)

480 Netherlands Europe
B- Outlook Negative Financial Institutions Banco Agricola S.A Bancolombia, S. A. y Companias Subordinadas 0 El Salvador Latin America
B- Outlook Negative Financial Institutions Ravnaq-bank Private Open Joint-Stock Commercial Bank 0 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. 1098 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., 1135 U.S. U.S.
B- Outlook Negative Health Care Team Health Holdings Inc., 7230 U.S. U.S.
B- Outlook Negative Health Care TecoStar Holdings Inc., 950 U.S. U.S.
B- Outlook Negative High Technology

Franklin Ireland Topco Ltd.

0 Ireland Europe
B- Outlook Negative High Technology MYOB Invest Co Pty Ltd. 661 Australia Asia/Pacific
B- Outlook Negative Homebuilders/Real Estate Co.

Jiangsu Zhongnan Construction Group Co. Ltd.

560 China Asia/Pacific
B- Outlook Negative Media & Entertainment

Awaze Ltd.

1102 U.K. Europe
B- Outlook Negative Media & Entertainment CareerBuilder, LLC 415 U.S. U.S.
B- Outlook Negative Media & Entertainment

ConvergeOne Holdings Inc.

1385 U.S. U.S.
B- Outlook Negative Media & Entertainment

Data Axle Inc.

250 U.S. U.S.
B- Outlook Negative Media & Entertainment

EagleView Technology Corp.

800 U.S. U.S.
B- Outlook Negative Media & Entertainment GBT JerseyCo Ltd. 850 U.K. Europe
B- Outlook Negative Media & Entertainment

Global University Systems Holding BV

1116 Netherlands Europe
B- Outlook Negative Media & Entertainment

Hanjin International Corp.

Korean Air Lines Co. Ltd. 344 Korea, Republic of Asia/Pacific
B- Outlook Negative Media & Entertainment

Lindblad Expeditions Holdings Inc.

740 U.S. U.S.
B- Outlook Negative Media & Entertainment

Monitronics International Inc.

3123 U.S. U.S.
B- Outlook Negative Media & Entertainment Peak Jersey Holdco Ltd. 934 Jersey Europe
B- Outlook Negative Media & Entertainment

Piolin Bidco S.A.U.

1083 Spain Europe
B- Outlook Negative Media & Entertainment Ryman Hospitality Properties Inc., 3800 U.S. U.S.
B- Outlook Negative Media & Entertainment

Sugarhouse HSP Gaming Prop. Mezz. L.P.

600 U.S. U.S.
B- Outlook Negative Media & Entertainment TEG Pty Ltd. 770 Australia Asia/Pacific
B- Outlook Negative Metals, Mining & Steel

Ferrexpo PLC

0 U.K. Europe
B- Outlook Negative Metals, Mining & Steel

Mongolian Mining Corp.

880 Cayman Islands U.S.
B- Outlook Negative Metals, Mining & Steel

Petra Diamonds Ltd.

0 Bermuda U.S.
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

3645 Germany Europe
B- Outlook Negative Retail/Restaurants Moran Foods, LLC SAL Acquisition Corp. 334 U.S. U.S.
B- Outlook Negative Telecommunications

Intrado Corp.

5407 U.S. U.S.
B- Outlook Negative Transportation

WestJet Airlines Ltd.

1955 Canada Canada
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 New Constellis Borrower, LLC New Constellis Holdings Inc. 260 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense

Triumph Group Inc.

1725 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense

Wesco Aircraft Holdings Inc.

Wolverine Intermediate Holding Corp. 2075 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense

WP CPP Holdings LLC

1606 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. 0 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 688 Luxembourg Europe
CCC+ Outlook Negative Capital goods Neenah Enterprises Inc., 0 U.S. U.S.
CCC+ Outlook Negative Capital goods

Praesidiad Group Ltd.

354 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 & Environmental Services

Anchor Glass Container Corp.

857 U.S. U.S.
CCC+ Outlook Negative Chemicals, Packaging & Environmental Services

Cornerstone Chemical Co.

450 U.S. U.S.
CCC+ Outlook Negative Chemicals, Packaging & Environmental Services Transcendia Holdings Inc., 405 U.S. U.S.
CCC+ Outlook Negative Chemicals, Packaging & Environmental Services

Zep Inc.

725 U.S. U.S.
CCC+ Outlook Negative Consumer Products Alert 360 Opco Inc., 200 U.S. U.S.
CCC+ Outlook Negative Consumer Products Anastasia Holdings, LLC 650 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 Halo Buyer Inc. 440 U.S. U.S.
CCC+ Outlook Negative Consumer Products

KC Culinarte Holdings LP

313 U.S. U.S.
CCC+ Outlook Negative Consumer Products

Missouri TopCo Ltd.

610 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

Turkiston Bank

0 Uzbekistan Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Forest Products & Building Materials

PT Sawit Sumbermas Sarana Tbk

0 Indonesia Asia/Pacific
CCC+ Outlook Negative Health Care

Alcami Corp.

1425 U.S. U.S.
CCC+ Outlook Negative Health Care

BVI Holdings Mayfair Ltd.

676 U.K. Europe
CCC+ Outlook Negative Health Care

Endo International PLC

31558 Ireland Europe
CCC+ Outlook Negative Health Care

Envision Healthcare Corp.

Envision Healthcare Holdings Inc. 7070 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 Northpole Newco S.a.r.l. Triangle Holdings S.A. 113 Luxembourg Europe
CCC+ Outlook Negative Homebuilders/Real Estate Co.

IRSA Propiedades Comerciales S.A.

Cresud S.A.C.I.F. y A. 360 Argentina Latin America
CCC+ Outlook Negative Media & Entertainment Bioplan USA Inc., 1040 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment

Casper Topco

1083 France Europe
CCC+ Outlook Negative Media & Entertainment ClubCorp Holdings Inc., 1600 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment

Codere Luxembourg 2 S.a.r.l

Codere New TopCo S.A. 767 Luxembourg Europe
CCC+ Outlook Negative Media & Entertainment

Comet Bidco Ltd.

843 U.K. Europe
CCC+ Outlook Negative Media & Entertainment CWT Travel Group Inc., 715 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment

Enjoy S.A.

211 Chile Latin America
CCC+ Outlook Negative Media & Entertainment Fitness International, LLC 1275 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment

HNVR Midco Ltd.

2696 U.K. Europe
CCC+ Outlook Negative Media & Entertainment

International Park Holdings B.V.

748 Spain Europe
CCC+ Outlook Negative Media & Entertainment

iQor Holdings Inc.

395 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment Lakeland Holdings, LLC 435 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment Learfield Communications, LLC 1089 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment

Promotora de Informaciones S.A.

0 Spain Europe
CCC+ Outlook Negative Media & Entertainment

Spectacle Bidco Holdings Inc.

1232 Canada Canada
CCC+ Outlook Negative Media & Entertainment Thame and London Ltd. 1462 U.K. Europe
CCC+ Outlook Negative Media & Entertainment

Tribe Buyer LLC

400 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment United PF Holdings, LLC 706 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment

Universal Entertainment Corp.

760 Japan Asia/Pacific
CCC+ Outlook Negative Media & Entertainment

Vericast Corp.

2832 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment

Viking Cruises Ltd.

Viking Holdings Ltd 3325 U.S. U.S.
CCC+ Outlook Negative Media & Entertainment

Vue International Bidco plc

795 U.K. Europe
CCC+ Outlook Negative Media & Entertainment WeWork Companies LLC 702 U.S. U.S.
CCC+ Outlook Negative Metals, Mining & Steel

Conuma Resources Ltd.

200 Canada Canada
CCC+ Outlook Negative Metals, Mining & Steel

Peabody Energy Corp.

724 U.S. U.S.
CCC+ Outlook Negative Midstream

Altera Infrastructure L.P.

Brookfield Asset Management Inc. 1000 Marshall Islands Asia/Pacific
CCC+ Outlook Negative Midstream Epic Crude Services, LP 1175 U.S. U.S.
CCC+ Outlook Negative Midstream Epic Y Grade Services, LP 950 U.S. U.S.
CCC+ Outlook Negative Oil & Gas

Ensign Drilling Inc.

Ensign Energy Services Inc. 700 Canada Canada
CCC+ Outlook Negative Oil & Gas

HGIM Corp.

350 U.S. U.S.
CCC+ Outlook Negative Oil & Gas

PGS ASA

0 Norway Europe
CCC+ Outlook Negative Retail/Restaurants

99 cents only stores LLC

350 U.S. U.S.
CCC+ Outlook Negative Retail/Restaurants Belk Inc., 1223 U.S. U.S.
CCC+ Outlook Negative Retail/Restaurants

Foodco Bondco SAU

748 Spain Europe
CCC+ Outlook Negative Retail/Restaurants

PAX Midco Spain

1172 Spain Europe
CCC+ Outlook Negative Retail/Restaurants Quidditch Acquisition Inc., 204 U.S. U.S.
CCC+ Outlook Negative Transportation Toro Private Holdings I, Ltd. 3680 U.K. Europe
CCC+ Outlook Negative Transportation URS Holdco Inc., 747 U.S. U.S.
CCC+ Outlook Negative Utility AES Argentina Generacion S.A AES Corp. (The) 300 Argentina Latin America
CCC+ Outlook Negative Utility

Ellaktor S.A.

748 Greece Europe
CCC+ Outlook Negative Utility

ESKOM Holdings SOC Ltd.

5112 South Africa Eastern Europe/Middle East/Africa
CCC CreditWatch Negative Homebuilders/Real Estate Co. Grupo GICSA S.A.B. de C.V 0 Mexico Latin America
CCC Outlook Negative Automotive

Bright Bidco B.V.

1683 Netherlands Europe
CCC Outlook Negative Automotive K&N Parent Inc., 345 U.S. U.S.
CCC Outlook Negative Automotive

SK HoldCo LLC

1525 U.S. U.S.
CCC Outlook Negative Capital goods

Arvos LuxCo S.a.r.l.

0 Luxembourg Europe
CCC Outlook Negative Chemicals, Packaging & Environmental Services

Dunn Paper Holdings Inc.

350 U.S. U.S.
CCC Outlook Negative Chemicals, Packaging & Environmental Services

Strategic Materials Holding Corp.

315 U.S. U.S.
CCC Outlook Negative Chemicals, Packaging & Environmental Services TPC Group Inc., TPC Group LLC 1083 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 Boardriders Inc., 861 U.S. U.S.
CCC Outlook Negative Consumer Products

CatLuxe Sarl

CatLuxe Acquistion Sarl 240 Luxembourg Europe
CCC Outlook Negative Consumer Products GEO Group (The) Inc. 2484 U.S. U.S.
CCC Outlook Negative Consumer Products KCIBT Holdings LP 1050 U.S. U.S.
CCC Outlook Negative Consumer Products

KNB Holdings Corp.

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

10201 U.S. U.S.
CCC Outlook Negative Consumer Products TMK Hawk Parent, Corp. 1248 U.S. U.S.
CCC Outlook Negative Financial Institutions

Amigo Loans Ltd.

67 U.K. Europe
CCC Outlook Negative Health Care

BW Homecare Holdings LLC

855 U.S. U.S.
CCC Outlook Negative Homebuilders/Real Estate Co.

Ezdan Holding Group Q.S.C.

1000 Qatar Eastern Europe/Middle East/Africa
CCC Outlook Negative Media & Entertainment

AVSC Holding Corp.

2506 U.S. U.S.
CCC Outlook Negative Media & Entertainment

Cineworld Group PLC

5414 U.K. Europe
CCC Outlook Negative Media & Entertainment

Diamond Sports Holdings LLC

Sinclair Broadcast Group Inc. 8206 U.S. U.S.
CCC Outlook Negative Media & Entertainment

Equinox Holdings Inc.

1285 U.S. U.S.
CCC Outlook Negative Media & Entertainment Hornblower HoldCo, LLC 655 U.S. U.S.
CCC Outlook Negative Media & Entertainment Odyssey Europe Holdco S.a r.l. 223 Luxembourg Europe
CCC Outlook Negative Media & Entertainment

Owl Finance Ltd.

Hibu Group Ltd. 302 U.K. Europe
CCC Outlook Negative Media & Entertainment Travel Leaders Group, LLC 629 U.S. U.S.
CCC Outlook Negative Metals, Mining & Steel

PT Bumi Resources Tbk.

0 Indonesia Asia/Pacific
CCC Outlook Negative Oil & Gas Nine Energy Service Inc., 400 U.S. U.S.
CCC Outlook Negative Oil & Gas

Transocean Ltd.

8810 Switzerland Europe
CCC Outlook Negative Oil & 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

SAS AB

0 Sweden Europe
CCC- Outlook Negative Consumer Products

Haya Real Estate S.A.U

530 Spain Europe
CCC- Outlook Negative Consumer Products

Revlon Inc.

2750 U.S. U.S.
CCC- Outlook Negative Consumer Products

Takko Fashion S.a.r.l.

569 Luxembourg Europe
CCC- Outlook Negative Media & Entertainment All Day AcquisitionCo LLC 200 U.S. U.S.
CCC- Outlook Negative Media & Entertainment

Exela Technologies Inc.

2109 U.S. U.S.
CCC- Outlook Negative Media & Entertainment

PSS Industrial Group Corp.

300 U.S. U.S.
CCC- Outlook Negative Metals, Mining & Steel

Mountain Province Diamonds Inc.

660 Canada Canada
CCC- Outlook Negative Telecommunications

U.S. TelePacific Holdings Corp.

655 U.S. U.S.
CCC- Outlook Negative Utility

Empresa Distribuidora Y Comercializadora Norte S.A.

300 Argentina Latin America
CC CreditWatch Negative Financial Institutions

Mulhacen Pte. Ltd.

Yes 575 Singapore Asia/Pacific
CC Outlook Negative Homebuilders/Real Estate Co.

Guangzhou R&F Properties Co. Ltd.

0 China Asia/Pacific
CC Outlook Negative Media & Entertainment

Safari Beteiligungs Gmbh

391 Germany Europe
CC Outlook Negative Midstream

Ruby Pipeline LLC

825 U.S. U.S.
Data as of Jan. 31, 2022. Source: S&P Global Ratings Research.

Related Research

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, New York + 1 (212) 438 1396;
nicole.serino@spglobal.com
Patrick Drury Byrne, Dublin (00353) 1 568 0605;
patrick.drurybyrne@spglobal.com
Research Contributor:Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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