Key Takeaways
- The number of weakest links influenced by environmental, social, and governance (ESG) factors dropped by nearly half since January 2021 primarily because of positive credit quality trends, especially for travel, leisure, and retail and restaurant sectors.
- Of the current weakest links population, 17% was added due to an ESG-influenced rating.
- Social remains the key ESG factor influencing weakest links.
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
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
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. |
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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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