Key Takeaways
- We expect global weakest links to continue rising in 2023, amid growing credit pressures for lower rated issuers, which is leading to more downgrades into the 'B-'and below rating category.
- The percentage of lower rated speculative grade issuers in the 'B' rating category in Europe has been rising. Europe is the only region with a higher weakest links tally compared with its long-term average.
- The consumer products sector leads with the highest total number of weakest links, but the high technology, financial institutions, and homebuilders and real estate sectors lead with the largest percentage point increases in weakest links in 2022, so far.
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
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
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
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
Chart 5
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:
- The European Speculative-Grade Corporate Default Rate Could Rise To 3.25% By September 2023 As Downside Risks Rise, Nov. 17, 2022
- The U.S. Speculative-Grade Corporate Default Rate Could Reach 3.75% By September 2023, Nov. 21, 2022
- The U.S. Distress Ratio Jumps Back Above Its Five-Year Average, Nov. 4, 2022
- SLIDES: Downside Risks Will Endure For Asia-Pacific Financial Institutions In 2023, Nov. 15, 2022
- Global Refinancing--Rising Rates And Slowing Issuance Drag On Corporate Funding Conditions, Aug. 1, 2022
- Credit Conditions North America Q3 2022:Credit Headwinds Turn Stormy, June 28, 2022
- Recession Risk And Ratings: What Recession Could Mean For European Speculative Grade Nonfinancial Corporates, June 23, 2022
- Which Emerging Markets Are Most At Risk From Slower-Than-Expected Growth In China?, April 26, 2022
- For U.S., Ripple Effects Of Russia-Ukraine Are More Concerning Than Direct Exposure, March 18, 2022
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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