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COMMENTS

Default, Transition, and Recovery: Weakest Links Are Expected To Continue Rising In 2023

COMMENTS

CreditWeek: How Will 2024's Ratings Performance Shape The Year Ahead?

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Dec. 11, 2024

COMMENTS

Default, Transition, and Recovery: Global Speculative-Grade Corporate Default Rate To Decline To 3.5% By September 2025

COMMENTS

Default, Transition, and Recovery: Defaults On Track To Close The Year Below 2023 Levels


Default, Transition, and Recovery: Weakest Links Are Expected To Continue Rising In 2023

The global weakest links tally increased to 263 as of Nov. 25, from 239 as of Oct. 17, as downgrades to 'B-' continue to increase. Although the percentage of weakest links in both the U.S. and Europe have risen steadily over the last two quarters, percentages remain less than half of their 2020 peaks (see chart 1). The slow and steady deterioration of credit is expected to continue into 2023 as financing costs rise and operating performance is strained. Corporate borrowers find it more difficult to pass through higher input costs to consumers struggling with rising prices and a possible recession in some of the world's largest economies. We forecast speculative-grade corporate default rates in the U.S. and Europe to double to 3.75% and 3.25%, respectively, by September 2022 (see "Global Credit Outlook 2023: No Easy Way Out", Dec. 1, 2022).

Chart 1

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Region and Sector Divergences Headed Into 2023

Historically, the number of rated issuers in the 'B' rating category has been significantly higher in the U.S. than in Europe, with 38% of speculative-grade issuers rated in the 'B' rating category, compared with only 16% in Europe (see chart 2). However, the percentage of speculative-grade issuers in the 'B' rating category in Europe has been rising compared with the U.S., contributing to a higher level of weakest links in the region. Europe is the only region with a higher weakest links tally compared with its long-term average. So far, in 2022, defaults in Europe have surpassed 2021, and we expect this trend to continue in the first half of 2023. The net outlook bias--positive bias minus negative bias--has been falling in recent months, indicating that credit is deteriorating and weakest links in these regions will likely continue to climb.

Chart 2

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Table 1

Weakest Links By Region
Weakest links, 'B-' and below Neg/Negative)
Five-year average (No.) 10-year average (No.) Total rated speculative issuers Weakest links to total region wise speculative rated issuers Current distribution by region (%) Distribution By region 12-months prior (%)
U.S. 181 191.87 147.56 1,469 0.12 0.69 0.63
Europe 52 43 33 578 0.09 0.20 0.23
Latin America 12 14 16 115 0.10 0.05 0.03
EEMEA 8 9 11 75 0.11 0.03 0.02
Canada 5 10 9 87 0.06 0.02 0.04
Asia/Pacific 5 9 8 60 0.08 0.02 0.06
Data as of Nov. 25, 2022. Source: S&P Global Ratings Research. EEMEA--Eastern Europe/Middle East/Africa

Chart 3

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By sector, consumer products lead with 47 weakest links, including three additions since the last report as consumers' budget-conscious behavior, price inflation, and supply chain constraints are affecting some lower rated issuers in the sector. In addition, as a percentage of their speculative-grade issuer populations--high technology, financial institutions, and homebuilders and real estate sectors lead with the largest percentage point increases in weakest links in 2022--increasing by 7%-8% over the last year (see chart 3).

Chart 4

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Chart 5

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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 (US$ Mil) Country Region
B- CreditWatch Negative Consumer products Keter Group B.V. Yes 3,387 Netherlands Europe
B- CreditWatch Negative Consumer products Ulker Biskuvi Sanayi A.S. 650 Turkey Eastern Europe/Middle East/Africa
B- CreditWatch Negative Financial institutions Compound Prime, LLC 500 U.S. U.S.
B- CreditWatch Negative Telecommunications Cyxtera Technologies Inc., 915 U.S. U.S.
B- CreditWatch Negative Telecommunications ORBCOMM Inc. Yes 360 U.S. U.S.
B- Outlook Negative Aerospace and defense Dynasty Acquisition Co. Inc., 2,340 U.S. U.S.
B- Outlook Negative Automotive Adler Pelzer Holding GmbH 441 Germany Europe
B- Outlook Negative Automotive American Auto Auction Group, LLC 750 U.S. U.S.
B- Outlook Negative Automotive Bright Bidco B.V. Yes 1,683 Netherlands Europe
B- Outlook Negative Automotive Holley Inc. Yes 657 U.S. U.S.
B- Outlook Negative Automotive Superior Industries International Inc., Yes 644 U.S. U.S.
B- Outlook Negative Capital goods ASP Unifrax Holdings Inc., 2,672 U.S. U.S.
B- Outlook Negative Capital goods CIRCOR International Inc., 530 U.S. U.S.
B- Outlook Negative Capital goods Electro Rent Corp. Yes 710 U.S. U.S.
B- Outlook Negative Capital goods Hyster-Yale Materials Handling Inc. 225 U.S. U.S.
B- Outlook Negative Capital goods Norican Global A/S 353 Denmark Europe
B- Outlook Negative Capital goods OT Merger Corp. 1,150 U.S. U.S.
B- Outlook Negative Capital goods Peacock Intermediate Holding II, L.P. 1,025 U.S. U.S.
B- Outlook Negative Capital goods SPX FLOW Inc., Yes 2,110 U.S. U.S.
B- Outlook Negative Capital goods Wittur International Holding GmbH 679 Germany Europe
B- Outlook Negative Chemicals, packaging, and environmental services Ignition Topco BV Yes - Netherlands Europe
B- Outlook Negative Chemicals, packaging, and environmental services Innovative Chemical Products Group 1,330 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Schoeller Packaging B.V. 259 Netherlands Europe
B- Outlook Negative Chemicals, packaging, and environmental services SK Neptune Husky Intermediate IV S.a r.l. Yes - Switzerland Europe
B- Outlook Negative Chemicals, packaging, and environmental services Tosca Services LLC Yes 627 U.S. U.S.
B- Outlook Negative Consumer products Armorica Lux S.a r.l. 348 Luxembourg Europe
B- Outlook Negative Consumer products Badger Finance, LLC Badger Intermediate Holdings LLC Yes 1,180 U.S. U.S.
B- Outlook Negative Consumer products Boparan Holdings Ltd. 573 U.K. Europe
B- Outlook Negative Consumer products City Brewing Co., LLC Blue Ribbon Holdings LLC 850 U.S. U.S.
B- Outlook Negative Consumer products Edward Don & Co. Holdings, LLC 210 U.S. U.S.
B- Outlook Negative Consumer products H-Food Holdings LLC 3,979 U.S. U.S.
B- Outlook Negative Consumer products Inmar Inc. 1,340 U.S. U.S.
B- Outlook Negative Consumer products Instant Brands Holdings Inc. 450 U.S. U.S.
B- Outlook Negative Consumer products New Trojan Parent Inc., 715 U.S. U.S.
B- Outlook Negative Consumer products Stitch Acquisition Corp. 370 U.S. U.S.
B- Outlook Negative Consumer products SWF Holdings I Corp. 2,250 U.S. U.S.
B- Outlook Negative Financial institutions Albaraka Turk Katilim Bankasi AS Al Baraka Group B.S.C. 500 Turkey Eastern Europe/Middle East/Africa
B- Outlook Negative Financial institutions Banco Agricola S.A Bancolombia, S. A. y Companias Subordinadas - El Salvador Latin America
B- Outlook Negative Financial institutions Curo Group Holdings Corp. Yes 1,000 U.S. U.S.
B- Outlook Negative Financial institutions LD Holdings Group LLC 1,100 U.S. U.S.
B- Outlook Negative Financial institutions TMX Finance LLC 900 U.S. U.S.
B- Outlook Negative Financial institutions World Acceptance Corp. Yes 300 U.S. U.S.
B- Outlook Negative Forest products and building materials Compact Bidco B.V. 311 Netherlands Europe
B- Outlook Negative Health care Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. 1,793 U.S. U.S.
B- Outlook Negative Health care Cano Health Inc., Yes 1,124 U.S. U.S.
B- Outlook Negative Health care Carestream Health Inc. 541 U.S. U.S.
B- Outlook Negative Health care Greenway Health, LLC 530 U.S. U.S.
B- Outlook Negative Health care Lima Corporate S.p.a. 285 Italy Europe
B- Outlook Negative Health care National Mentor Holdings Inc. Civitas Solutions Inc., 2,095 U.S. U.S.
B- Outlook Negative Health care Radiology Partners Holdings, LLC 3,435 U.S. U.S.
B- Outlook Negative Health care Symplr Software Intermediate Holdings Inc., - U.S. U.S.
B- Outlook Negative High technology Cardinal Parent Inc., Yes 687 U.S. U.S.
B- Outlook Negative High technology Creation Technologies Inc. 455 U.S. U.S.
B- Outlook Negative High technology East West Manufacturing, LLC 365 U.S. U.S.
B- Outlook Negative High technology Electronics for Imaging Inc., 875 U.S. U.S.
B- Outlook Negative High technology Geophysical Substrata Ltd. 266 British Virgin Islands Europe
B- Outlook Negative High technology Imperva Inc., 1,197 U.S. U.S.
B- Outlook Negative High technology Intermedia Holdings Inc. 269 U.S. U.S.
B- Outlook Negative High technology MYOB Group Co. Pty Ltd. Yes 654 Australia Asia/Pacific
B- Outlook Negative High technology Quest Software US Holdings Inc. 3,575 U.S. U.S.
B- Outlook Negative High technology Red IntermediateCo, LLC Yes 740 U.S. U.S.
B- Outlook Negative High technology Tegra118 Wealth Solutions Inc. InvestCloud Holdings LLC 315 U.S. U.S.
B- Outlook Negative High technology Veritas Holdings Ltd. 7,291 Bermuda U.S.
B- Outlook Negative Homebuilders/real estate companies ESPG AG 259 Germany Europe
B- Outlook Negative Homebuilders/real estate companies Greenland Hong Kong Holdings Ltd. Greenland Holding Group Co. Ltd. Yes - Cayman Islands U.S.
B- Outlook Negative Homebuilders/real estate companies Marera Investment Group Ltd. - Cyprus Europe
B- Outlook Negative Media and entertainment ConvergeOne Holdings Inc. 1,385 U.S. U.S.
B- Outlook Negative Media and entertainment Digital Media Solutions Inc., 225 U.S. U.S.
B- Outlook Negative Media and entertainment EagleView Technology Corp. 800 U.S. U.S.
B- Outlook Negative Media and entertainment International Park Holdings B.V. 643 Spain Europe
B- Outlook Negative Media and entertainment Lereta, LLC 250 U.S. U.S.
B- Outlook Negative Media and entertainment Lindblad Expeditions Holdings Inc. 760 U.S. U.S.
B- Outlook Negative Media and entertainment Peak Jersey Holdco Ltd. 800 Jersey Europe
B- Outlook Negative Media and entertainment Piolin Bidco S.A.U. 1,006 Spain Europe
B- Outlook Negative Media and entertainment Red Planet Intermediate LLC 1,400 U.S. U.S.
B- Outlook Negative Media and entertainment Screenvision, LLC 350 U.S. U.S.
B- Outlook Negative Media and entertainment Zephyr Midco 2 Ltd. 2,145 U.K. Europe
B- Outlook Negative Metals, mining, and steel Tacora Resources Inc. 225 Canada Canada
B- Outlook Negative Midstream Southeast Supply Header, LLC 400 U.S. U.S.
B- Outlook Negative Oil and gas Tullow Oil PLC 2,600 U.K. Europe
B- Outlook Negative Retail/restaurants At Home Group Inc. 1,400 U.S. U.S.
B- Outlook Negative Retail/restaurants BDF Acquisition Corp. 415 U.S. U.S.
B- Outlook Negative Retail/restaurants Empire Today LLC 595 U.S. U.S.
B- Outlook Negative Retail/restaurants GPS Hospitality Holding Co. LLC 400 U.S. U.S.
B- Outlook Negative Retail/restaurants JOANN Inc. 675 U.S. U.S.
B- Outlook Negative Retail/restaurants Kirk Beauty 2 Beteiligungs GmbH and Co. KG 3,465 Germany Europe
B- Outlook Negative Retail/restaurants Michaels Cos. Inc., (The) 4,100 U.S. U.S.
B- Outlook Negative Telecommunications Connect Holding II LLC 4,485 U.S. U.S.
B- Outlook Negative Telecommunications DISH Network Corp. Yes 22,500 U.S. U.S.
B- Outlook Negative Telecommunications Mavenir Private Holdings II Ltd. 585 U.K. Europe
B- Outlook Negative Telecommunications Tele Columbus AG Yes 479 Germany Europe
B- Outlook Negative Transportation eHi Car Services Ltd. Yes 750 Cayman Islands U.S.
B- Outlook Negative Transportation ENC Parent Corp. 680 U.S. U.S.
B- Outlook Negative Transportation IBC Capital Ltd. 765 Cayman Islands U.S.
B- Outlook Negative Transportation LaserShip Inc., 880 U.S. U.S.
B- Outlook Negative Utilities Freeport LNG Investments, LP 2,331 U.S. U.S.
B- Outlook Negative Utilities Guacolda Energia S.A 500 Chile Latin America
B- Outlook Negative Utilities Pakistan Water and Power Development Authority 500 Pakistan Asia/Pacific
CCC+ CreditWatch Negative Consumer products Weber Inc. 1,500 U.S. U.S.
CCC+ CreditWatch Negative Financial institutions Mexarrend, S.A.P.I. de C.V. 300 Mexico Latin America
CCC+ CreditWatch Negative High technology Casa Systems Inc., Yes 300 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense F-Brasile S.p.A 1,010 Italy Europe
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. 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 Carvana Co. Yes 5,725 U.S. U.S.
CCC+ Outlook Negative Automotive IXS Holdings Inc., 620 U.S. U.S.
CCC+ Outlook Negative Automotive McLaren Group Ltd. 620 U.K. Europe
CCC+ Outlook Negative Automotive New SK HoldCo Inc., Carnelian Point Holdings, L. P. 803 U.S. U.S.
CCC+ Outlook Negative Automotive Power Stop LLC 395 U.S. U.S.
CCC+ Outlook Negative Automotive Standard Profil Automotive GmbH 285 Germany Europe
CCC+ Outlook Negative Automotive Wheel Pros Inc., 1,540 U.S. U.S.
CCC+ Outlook Negative Capital goods Brand Industrial Services Inc., 3,825 U.S. U.S.
CCC+ Outlook Negative Capital goods Mangrove Luxco III Sarl 639 Luxembourg Europe
CCC+ Outlook Negative Capital goods Praesidiad Group Ltd. 331 U.K. Europe
CCC+ Outlook Negative Capital goods QualTek LLC 380 U.S. U.S.
CCC+ Outlook Negative Capital goods Victory Buyer, LLC Yes 525 U.S. U.S.
CCC+ Outlook Negative Capital goods Wastequip, LLC Patriot Container Corp. - U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Grupo IDESA, S.A. de C.V. 300 Mexico Latin America
CCC+ Outlook Negative Chemicals, packaging, and environmental services Transcendia Holdings Inc., 405 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Venator Materials PLC 2,624 U.K. Europe
CCC+ Outlook Negative Chemicals, packaging, and environmental services Zep Inc. 725 U.S. U.S.
CCC+ Outlook Negative Consumer products 8th Avenue Food & Provisions Inc., 750 U.S. U.S.
CCC+ Outlook Negative Consumer products Amphora Intermediate II Ltd. 726 U.K. Europe
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 Biscuit Holding S.A.S. 835 France Europe
CCC+ Outlook Negative Consumer products Blue Ribbon LLC, Blue Ribbon Intermediate Holdings LLC 368 U.S. U.S.
CCC+ Outlook Negative Consumer products CoolSys Inc., 440 U.S. U.S.
CCC+ Outlook Negative Consumer products Halo Buyer Inc. 440 U.S. U.S.
CCC+ Outlook Negative Consumer products INW Manufacturing LLC 440 U.S. U.S.
CCC+ Outlook Negative Consumer products Journey Personal Care Holdings Ltd. 650 U.K. Europe
CCC+ Outlook Negative Consumer products KAMC Holdings Inc., 445 U.S. U.S.
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 Output Services Group Inc., 343 U.S. U.S.
CCC+ Outlook Negative Consumer products P&L Development Holdings, LLC 465 U.S. U.S.
CCC+ Outlook Negative Consumer products Sierra Enterprises LLC 282 U.S. U.S.
CCC+ Outlook Negative Consumer products Traeger Inc., 510 U.S. U.S.
CCC+ Outlook Negative Financial institutions Altisource Portfolio Solutions S.A. 412 Luxembourg Europe
CCC+ Outlook Negative Financial institutions Banco De Galicia Y Buenos Aires S.A.U. Yes 250 Argentina Latin America
CCC+ Outlook Negative Financial institutions Banco Patagonia S.A. Banco do Brasil S.A. Yes - Argentina Latin America
CCC+ Outlook Negative Financial institutions Credivalores - Crediservicios SAS Yes 300 Colombia Latin America
CCC+ Outlook Negative Financial institutions TortoiseEcofin Parent Holdco LLC Yes 318 U.S. U.S.
CCC+ Outlook Negative Forest products and building materials Glatfelter Corp. Yes 500 U.S. U.S.
CCC+ Outlook Negative Health care BVI Holdings Mayfair Ltd. 628 U.K. Europe
CCC+ Outlook Negative Health care Femur Buyer Inc., 485 U.S. U.S.
CCC+ Outlook Negative Health care Lannett Co. Inc., 350 U.S. U.S.
CCC+ Outlook Negative Health care Medical Depot Holdings Inc., 689 U.S. U.S.
CCC+ Outlook Negative Health care Team Health Holdings Inc., Yes 9,849 U.S. U.S.
CCC+ Outlook Negative Health care TecoStar Holdings Inc., 950 U.S. U.S.
CCC+ Outlook Negative High technology Finastra Ltd. 34,813 Cayman Islands U.S.
CCC+ Outlook Negative High technology SuperMoose Newco Inc., 1,335 U.S. U.S.
CCC+ Outlook Negative Homebuilders/real estate companies Five Point Holdings, LLC 1,200 U.S. U.S.
CCC+ Outlook Negative Homebuilders/real estate companies IRSA Inversiones y Representaciones S.A. Cresud S.A.C.I.F. y A. 360 Argentina Latin America
CCC+ Outlook Negative Media and entertainment Audacy Inc. 1,780 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Beasley Broadcast Group Inc. 300 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Comet Bidco Ltd. 800 U.K. Europe
CCC+ Outlook Negative Media and entertainment CWT Travel Group Inc., 715 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Dice Acquico Dice Holdings S.a r.l. 268 Germany Europe
CCC+ Outlook Negative Media and entertainment Enjoy S.A. 211 Chile Latin America
CCC+ Outlook Negative Media and entertainment Hurtigruten Group AS Silk Holdings Sarl 1,079 Norway Europe
CCC+ Outlook Negative Media and entertainment iQor Holdings Inc. 395 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Lakeland Holdings, LLC 200 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 Loyalty Ventures Inc. 500 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Monitronics International Inc. 823 U.S. U.S.
CCC+ Outlook Negative Media and entertainment PlayPower Holdings Inc. 410 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Richmond UK Holdco Ltd. Yes 1,629 U.K. Europe
CCC+ Outlook Negative Media and entertainment Spanish Broadcasting System Inc. Yes 310 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Technicolor Creative Studios SA Yes 645 France Europe
CCC+ Outlook Negative Media and entertainment Tribe Buyer LLC 400 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Universal Entertainment Corp. 760 Japan Asia/Pacific
CCC+ Outlook Negative Media and entertainment WeWork Cos. LLC 702 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel IAMGOLD Corp. 450 Canada Canada
CCC+ Outlook Negative Midstream NGL Energy Partners LP 7,300 U.S. U.S.
CCC+ Outlook Negative Oil and gas Ensign Energy Services Inc. 700 Canada Canada
CCC+ Outlook Negative Oil and gas W&T Offshore Inc. Yes 625 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants 99 cents only stores LLC 350 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Belk Inc., 1,223 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Carrols Restaurant Group Inc., 800 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Foodco Bondco SAU 695 Spain Europe
CCC+ Outlook Negative Retail/restaurants Moran Foods, LLC SAL Acquisition Corp. 334 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 AES Argentina Generacion S.A AES Corp. (The) 300 Argentina Latin America
CCC+ Outlook Negative Utilities Empresa Distribuidora Y Comercializadora Norte S.A. Yes - Argentina Latin America
CCC+ Outlook Negative Utilities Epic Crude Services, LP 1,175 U.S. U.S.
CCC Outlook Negative Automotive Accuride Corp. 363 U.S. U.S.
CCC Outlook Negative Capital goods Arvos LuxCo S.a.r.l. - Luxembourg Europe
CCC Outlook Negative Capital goods Range Parent Inc. 620 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 Flint HoldCo S.a r.l. Yes 2,579 Luxembourg Europe
CCC Outlook Negative Chemicals, packaging, and environmental services Hoffmaster Group Inc. 547 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services Strategic Materials Holding Corp. 315 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 223 Luxembourg Europe
CCC Outlook Negative Consumer products China Dili Group Yes - Cayman Islands U.S.
CCC Outlook Negative Consumer products KCIBT Holdings LP 1,124 U.S. U.S.
CCC Outlook Negative Consumer products NSA International, LLC 450 U.S. U.S.
CCC Outlook Negative Consumer products Outerstuff LLC 155 U.S. U.S.
CCC Outlook Negative Consumer products pH Beauty Holdings I Inc., 340 U.S. U.S.
CCC Outlook Negative Consumer products Premier Brands Group Holdings LLC 325 U.S. U.S.
CCC Outlook Negative Consumer products TMK Hawk Parent, Corp. 936 U.S. U.S.
CCC Outlook Negative Consumer products Wahoo Fitness Acquisition LLC 225 U.S. U.S.
CCC Outlook Negative Financial institutions Arab Tunisian Bank Arab Bank Group 15 Tunisia Eastern Europe/Middle East/Africa
CCC Outlook Negative Financial institutions Banque de Tunisie et des Emirats - Tunisia Eastern Europe/Middle East/Africa
CCC Outlook Negative Health care Air Methods Corp. Yes 1,810 U.S. U.S.
CCC Outlook Negative Health care Envision Healthcare Corp. Envision Healthcare Holdings Inc. 13,547 U.S. U.S.
CCC Outlook Negative Health care Genesis Care Pty Ltd. Yes 1,537 Australia Asia/Pacific
CCC Outlook Negative Health care Quincy Health, LLC Yes 732 U.S. U.S.
CCC Outlook Negative Health care Vyaire Medical Inc., 360 U.S. U.S.
CCC Outlook Negative High technology 4L Topco Corp. 80 U.S. U.S.
CCC Outlook Negative Homebuilders/real estate companies Adler Group S.A. ADO Group Ltd. 4,461 Luxembourg Europe
CCC Outlook Negative Media and entertainment Bioplan USA Inc., 699 U.S. U.S.
CCC Outlook Negative Media and entertainment CareerBuilder, LLC 415 U.S. U.S.
CCC Outlook Negative Media and entertainment Codere Luxembourg 2 S.a.r.l Codere New TopCo S.A. - Luxembourg Europe
CCC Outlook Negative Media and entertainment Equinox Holdings Inc. 1,285 U.S. U.S.
CCC Outlook Negative Media and entertainment Hornblower HoldCo, LLC 655 U.S. U.S.
CCC Outlook Negative Media and entertainment Lucky Bucks, LLC 555 U.S. U.S.
CCC Outlook Negative Media and entertainment National CineMedia Inc. 1,220 U.S. U.S.
CCC Outlook Negative Media and entertainment Photo Holdings, LLC 3,290 U.S. U.S.
CCC Outlook Negative Media and entertainment Vericast Corp. 3,115 U.S. U.S.
CCC Outlook Negative Metals, mining, and steel Conuma Resources Ltd. 200 Canada Canada
CCC Outlook Negative Oil and gas Nine Energy Service Inc., 400 U.S. U.S.
CCC Outlook Negative Oil and gas Transocean Ltd. 8,892 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 Retail/restaurants Party City Holdings Inc., PC Nextco Holdings LLC 1,712 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- CreditWatch Negative Homebuilders/real estate companies Central China Real Estate Ltd. Yes - Cayman Islands U.S.
CCC- CreditWatch Negative Media and entertainment Data Axle Inc. Yes 250 U.S. U.S.
CCC- CreditWatch Negative Oil and gas DTEK Renewables B.V. - Netherlands Europe
CCC- Outlook Negative Automotive K&N Parent Inc., Yes 345 U.S. U.S.
CCC- Outlook Negative Capital goods Ahern Rentals Inc. 550 U.S. U.S.
CCC- Outlook Negative Consumer products KNB Holdings Corp. 295 U.S. U.S.
CCC- Outlook Negative Consumer products Missouri TopCo Ltd. 519 U.K. Europe
CCC- Outlook Negative Consumer products Rodan & Fields, LLC 600 U.S. U.S.
CCC- Outlook Negative Consumer products Serta Simmons Bedding LLC 8,851 U.S. U.S.
CCC- Outlook Negative Consumer products Takko Fashion S.a.r.l. 529 Luxembourg Europe
CCC- Outlook Negative Financial institutions Ravnaq-bank Private Open Joint-Stock Commercial Bank - Uzbekistan Eastern Europe/Middle East/Africa
CCC- Outlook Negative Health care BW Homecare Holdings LLC 855 U.S. U.S.
CCC- Outlook Negative High technology Avaya Holdings Corp. 2,943 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 Diamond Sports Holdings LLC Sinclair Broadcast Group Inc. 8,722 U.S. U.S.
CCC- Outlook Negative Media and entertainment Exela Technologies Inc. 2,109 U.S. U.S.
CCC- Outlook Negative Metals, mining, and steel Mountain Province Diamonds Inc. 660 Canada Canada
CCC- Outlook Negative Telecommunications Oi S.A. Yes 2,534 Brazil Latin America
CCC- Outlook Negative Transportation Ukrainian Railways JSC - Ukraine Eastern Europe/Middle East/Africa
CC Outlook Negative Automotive Cooper-Standard Holdings Inc., 990 U.S. U.S.
CC Outlook Negative Consumer products Frigoglass SAIC 270 Greece Europe
CC Outlook Negative Financial institutions Belagroprombank JSC - Belarus Eastern Europe/Middle East/Africa
CC Outlook Negative Financial institutions CORESTATE Capital Holding S.A. 519 Luxembourg Europe
CC Outlook Negative Financial institutions JSC Savings Bank Belarusbank Republic of Belarus - Belarus Eastern Europe/Middle East/Africa
CC Outlook Negative High technology Diebold Nixdorf Inc. Yes 3,187 U.S. U.S.
CC Outlook Negative Homebuilders/real estate companies PT Kawasan Industri Jababeka Tbk. 300 Indonesia Asia/Pacific
CC Outlook Negative Metals, mining, and steel Mongolian Mining Corp. 880 Cayman Islands U.S.
CC Outlook Negative Retail/restaurants Rite Aid Corp. 2,169 U.S. U.S.

Related Research:

This report does not constitute a rating action.

Credit Research and Insights: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, Mumbai;
Nivritti.Mishra@spglobal.com

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