This Month In Credit: 2023 Data Companion

In This List

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Credit Trends: U.S. Corporate Bond Yields As Of Nov. 20, 2024

COMMENTS

Private Credit Could Bridge The Infrastructure Funding Gap

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The Opportunity Of Asset-Based Finance Draws In Private Credit

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Private Credit Casts A Wider Net To Encompass Asset-Based Finance And Infrastructure

COMMENTS
30 Jan, 2024 | 20:54
APAC, United States of America, Latin America, Canada, EMEA, APAC

Sector Credit Markets Research
Tags Americas Latin America APAC EMEA

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Table of Contents

This is a data companion to our publication "This Month In Credit." This contains exclusively tables and charts that provide more granular and historical data on the credit trends, indicators, and insights described in that publication, including rating actions, outlooks, fallen angels, rising stars, weakest links, and S&P Global Ratings' U.S. distress ratio. Data in this publication has been updated through Dec. 31, 2023.

Rating Actions And Outlooks

Chart 1

Chart 2

Chart 3

Chart 4

Weakest Links

Chart 5

Chart 6

Table 1

Weakest links by region
As of Dec. 31, 2023
	Weakest links (no.)	Five-year average (no.)	10-year average (no.)	Total speculative-grade issuer count (no.)	Proportion of weakest links to speculative grade (%)	Weakest links distribution by region (%)	Weakest links distribution by region, 12 months prior (%)
U.S.	228	206	162	1,366	0.2	0.7	0.7
Europe	48	50	36	537	0.1	0.2	0.2
Latin America	19	16	16	102	0.2	0.1	0.0
Asia-Pacific	0	8	7	54	0.0	0.0	0.0
Canada	8	10	9	82	0.1	0.0	0.0
EEMEA	6	8	12	86	0.1	0.0	0.0
Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative. EEMEA--Eastern Europe, the Middle East, and Africa. Source: S&P Global Ratings Credit Research & Insights.

S&P Global Ratings' U.S. Distress Ratio

Chart 7

Table 2

Distribution of S&P Global Ratings' U.S. distress ratio by industry
As of Dec. 31, 2023
Sector	Distress ratio (%)	Debt-based distress ratio (%)	Distressed issues (no.)	Distress ratio, previous month (%)	Distressed issues, previous month (no.)	Monthly change in distress ratio (%)	Monthly change in distressed issues (no.)
Telecommunications	27.2	18.8	25	29.3	27	(2.2)	(2)
Retail	11.3	9.2	14	10.5	13	0.8	1
Automotive	17.6	18.3	9	12.5	6	5.1	3
High technology	9.6	8.8	8	10.7	9	(1.1)	(1)
Media and entertainment	6.0	4.8	16	6.4	17	(0.4)	(1)
Health care	9.8	7.1	8	12.5	10	(2.7)	(2)
Home/RE	9.6	7.7	7	6.8	5	2.7	2
CP&ES	7.4	5.8	8	10.1	11	(2.7)	(3)
Insurance	5.4	2.2	2	5.7	2	(0.3)	0
Forest	1.5	0.0	1	6.0	4	(4.5)	(3)
Consumer products	1.4	1.0	2	3.5	5	(2.1)	(3)
Capital goods	3.1	1.7	2	3.1	2	0.0	0
Financial institutions	1.6	2.1	3	2.2	4	(0.6)	(1)
Utilities	0.0	0.0	0	0.0	0	0.0	0
Oil and gas	0.5	0.3	1	0.5	1	0.0	0
Metals, mining, and steel	1.9	1.8	1	1.9	1	0.0	0
Transportation	2.5	1.9	1	2.4	1	0.1	0
Total	5.9	5.4	108	6.5	118	(0.6)	(10)
Notes: S&P Global Ratings' U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues. The debt-based distress ratio is based on the amount associated with distressed issues in the U.S. distress ratio, divided by the total debt outstanding of speculative-grade issues. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Fallen Angels And Rising Stars

Chart 8

Chart 9

Chart 10

Chart 11

Appendix: Issuer Lists

Table 3

Weakest links
As of Dec. 31, 2023
Sector/subsector	Issuer	Rating	CreditWatch negative/negative outlook	New to the list this month	Country/market	Region	Debt amount (mil. US$)
Aerospace and defense	API Holdings III Corp.	CCC+	Negative		U.S.	U.S.	265
Aerospace and defense	Cobham Ultra SunCo S.a.r.l.	B-	Negative		Luxembourg	Europe	1,623
Aerospace and defense	Forming Machining Industries Holdings LLC	CCC	Negative		U.S.	U.S.	320
Aerospace and defense	HDT HoldCo Inc.	CCC	Negative		U.S.	U.S.	280
Aerospace and defense	New Constellis Borrower LLC (New Constellis Holdings Inc.)	CCC+	Negative		U.S.	U.S.	260
Aerospace and defense	WP CPP Holdings LLC	CCC+	Negative		U.S.	U.S.	1,606
Automotive	American Auto Auction Group LLC	B-	Negative		U.S.	U.S.	750
Automotive	American Tire Distributors Inc.	B-	Negative	New	U.S.	U.S.	1,000
Automotive	Bright Bidco B.V.	CCC+	Negative		Netherlands	Europe	300
Automotive	Burgess Point Purchaser Corp.	B-	Negative	New	U.S.	U.S.	1,225
Automotive	Carvana Co.	CCC+	Negative		U.S.	U.S.	9,919
Automotive	Cooper-Standard Holdings Inc.	CCC+	Negative		U.S.	U.S.	1,337
Automotive	IXS Holdings Inc.	CCC+	Negative		U.S.	U.S.	620
Automotive	K&N Parent Inc.	CCC+	Negative		U.S.	U.S.	173
Automotive	McLaren Group Ltd.	CCC	Negative		U.K.	Europe	620
Automotive	New SK HoldCo Inc. (Carnelian Point Holdings L.P.)	CCC+	Negative		U.S.	U.S.	803
Automotive	Superior Industries International Inc.	B-	Negative	New	U.S.	U.S.	676
Automotive	Wheel Pros Inc.	CCC+	Negative		U.S.	U.S.	3,062
Capital goods	Artera Services LLC	CCC+	Negative		U.S.	U.S.	3,952
Capital goods	Arvos LuxCo S.a.r.l.	CCC	Negative		Luxembourg	Europe	0
Capital goods	ASP Unifrax Holdings Inc.	CCC+	Negative		U.S.	U.S.	2,693
Capital goods	CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.	CCC-	Negative		Argentina	Latin America	335
Capital goods	Electro Rent Corp.	B-	Watch Neg		U.S.	U.S.	695
Capital goods	Form Technologies LLC	CCC+	Negative	New	U.S.	U.S.	815
Capital goods	Great Lakes Dredge & Dock Corp.	CCC+	Negative		U.S.	U.S.	325
Capital goods	Husky Technologies Ltd.	B-	Negative		Canada	Canada	3,200
Capital goods	LTI Holdings Inc.	B-	Negative		U.S.	U.S.	2,140
Capital goods	Mangrove Luxco III	CCC+	Negative		Luxembourg	Europe	604
Capital goods	Novafives	B-	Negative		France	Europe	790
Capital goods	OT Merger Corp.	CCC+	Negative		U.S.	U.S.	1,150
Capital goods	Peacock Intermediate Holding II L.P.	B-	Negative		U.S.	U.S.	525
Capital goods	Sensience Inc.	CCC	Negative		U.S.	U.S.	470
Capital goods	Tutor Perini Corp.	B-	Negative		U.S.	U.S.	925
Capital goods	Victory Buyer LLC	CCC+	Negative		U.S.	U.S.	525
Capital goods	Wastequip LLC (Patriot Container Corp.)	CCC+	Negative		U.S.	U.S.	0
Consumer products	Amphora Intermediate II Ltd.	CCC+	Negative		U.K.	Europe	767
Consumer products	Anastasia Holdings LLC	CCC+	Negative		U.S.	U.S.	650
Consumer products	Arterra Wines Canada Inc. (Constellation Brands Canada Inc.)	B-	Negative		Canada	Canada	544
Consumer products	Astro Intermediate Holding II Corp.	CCC	Negative		U.S.	U.S.	0
Consumer products	Atlas CC Holding LLC	B-	Negative		U.S.	U.S.	0
Consumer products	BCPE North Star Holdings L.P.	CCC+	Negative		U.S.	U.S.	1,173
Consumer products	City Brewing Co. LLC (Blue Ribbon Holdings LLC)	CCC	Negative		U.S.	U.S.	850
Consumer products	Cobra Holdings Inc. (Mandolin Technology Holdings Inc.)	B-	Negative		U.S.	U.S.	755
Consumer products	Conair Holdings LLC	B-	Negative		U.S.	U.S.	1,270
Consumer products	CoolSys Inc.	CCC+	Negative		U.S.	U.S.	440
Consumer products	Dodge Construction Network LLC	B-	Negative		U.S.	U.S.	585
Consumer products	Elevate Textiles Holding Corp.	B-	Negative		U.S.	U.S.	354
Consumer products	EP Global Production Solutions LLC	B-	Watch Neg		U.S.	U.S.	1,200
Consumer products	FFP Holdings Group Inc.	B-	Negative		U.S.	U.S.	0
Consumer products	H-Food Holdings LLC	CCC	Negative		U.S.	U.S.	3,979
Consumer products	Hunkemoller International B.V. (Shero Holdco B.V.)	CCC+	Negative		Netherlands	Europe	301
Consumer products	INW Manufacturing LLC	CCC	Negative		U.S.	U.S.	440
Consumer products	KAMC Holdings Inc.	CCC+	Negative		U.S.	U.S.	445
Consumer products	KCIBT Holdings L.P.	CCC-	Negative		U.S.	U.S.	1,124
Consumer products	Kernel Holding S.A.	CC	Negative		Ukraine	Eastern Europe/Middle East/Africa	600
Consumer products	KNS Holdco LLC	B-	Watch Neg	New	U.S.	U.S.	587
Consumer products	La Financiere Atalian SAS	CCC	Negative		France	Europe	1,364
Consumer products	Mad Engine Global LLC	CCC+	Negative		U.S.	U.S.	310
Consumer products	Never Slip Topco Inc.	CCC-	Negative		U.S.	U.S.	283
Consumer products	New Trojan Parent Inc.	CCC-	Negative		U.S.	U.S.	715
Consumer products	Olaplex	B-	Negative		U.S.	U.S.	675
Consumer products	Oriflame Investment Holding PLC	CCC+	Negative		Jersey	Europe	826
Consumer products	P&L Development Holdings LLC	CCC+	Negative		U.S.	U.S.	465
Consumer products	Packers Holdings LLC	CCC	Negative		U.S.	U.S.	1,240
Consumer products	PDC Wellness & Personal Care Co.	B-	Negative		U.S.	U.S.	655
Consumer products	pH Beauty Holdings I Inc.	CCC	Negative		U.S.	U.S.	340
Consumer products	Platform Bidco	B-	Negative		Ireland	Europe	1,195
Consumer products	Premier Brands Group Holdings LLC	CCC	Negative		U.S.	U.S.	325
Consumer products	Rodan & Fields LLC	CCC	Negative		U.S.	U.S.	550
Consumer products	S.A. Usina Coruripe Acucar e Alcool	B-	Negative		Brazil	Latin America	0
Consumer products	Saga PLC	B-	Negative		U.K.	Europe	892
Consumer products	Sierra Enterprises LLC	CCC+	Negative		U.S.	U.S.	277
Consumer products	Signal Parent Inc.	B-	Negative		U.S.	U.S.	1,080
Consumer products	SIRVA Inc.	B-	Negative		U.S.	U.S.	550
Consumer products	Spin Holdco Inc.	CCC+	Negative	New	U.S.	U.S.	4,000
Consumer products	Stitch Acquisition Corp.	CCC	Negative		U.S.	U.S.	370
Consumer products	SWF Holdings I Corp.	CCC+	Negative		U.S.	U.S.	2,250
Consumer products	TKC Holdings Inc. (TKC Midco 1 LLC)	B-	Negative		U.S.	U.S.	1,625
Consumer products	TMK Hawk Parent Corp.	CC	Negative		U.S.	U.S.	936
Consumer products	Weber LLC	CCC+	Negative		U.S.	U.S.	1,500
Consumer products	Whole Earth Brands Inc.	B-	Negative		U.S.	U.S.	375
Consumer products	Woof Intermediate Inc.	CCC+	Negative		U.S.	U.S.	1,124
Consumer products	YS Garments LLC	CCC	Negative		U.S.	U.S.	330
CP&ES	Advancion Holdings LLC	B-	Negative		U.S.	U.S.	1,507
CP&ES	Anchor Glass Container Corp.	CCC+	Negative		U.S.	U.S.	793
CP&ES	DCG Acquisition Corp.	B-	Negative		U.S.	U.S.	865
CP&ES	FXI Holdings Inc.	CCC+	Negative		U.S.	U.S.	2,020
CP&ES	GPD Cos. Parent Inc.	B-	Negative		U.S.	U.S.	0
CP&ES	Hexion Inc.	B-	Negative	New	U.S.	U.S.	1,825
CP&ES	Innovative Chemical Products Group	CCC+	Negative		U.S.	U.S.	1,250
CP&ES	Kronos Worldwide Inc.	CCC+	Negative		U.S.	U.S.	442
CP&ES	LTR Intermediate Holdings Inc.	B-	Negative		U.S.	U.S.	560
CP&ES	Nitrogenmuvek Zrt.	CCC+	Watch Neg	New	Hungary	Eastern Europe/Middle East/Africa	221
CP&ES	PECF USS Intermediate Holding III Corp.	CCC	Negative		U.S.	U.S.	2,550
CP&ES	PMHC II Inc.	B-	Negative		U.S.	U.S.	3,701
CP&ES	Rohm HoldCo II GmbH	B-	Negative	New	Germany	Europe	1,691
CP&ES	SK Mohawk Holdings S.a.r.l.	CCC	Negative		Germany	Europe	3,550
CP&ES	Tosca Services LLC	CCC+	Negative		U.S.	U.S.	627
CP&ES	Transcendia Holdings Inc.	CCC-	Negative		U.S.	U.S.	405
CP&ES	Trident TPI Holdings Inc.	B-	Negative		U.S.	U.S.	4,435
CP&ES	Trinseo PLC	CCC+	Negative		Ireland	Europe	5,870
CP&ES	WIN Waste Innovations Holdings Inc.	CCC+	Negative		U.S.	U.S.	1,000
Financial institutions	AFE S.A.	CC	Negative		U.K.	Europe	359
Financial institutions	Arab Tunisian Bank (Arab Bank Group)	CCC	Negative		Tunisia	Eastern Europe/Middle East/Africa	15
Financial institutions	Avison Young (Canada) Inc.	CCC	Negative		Canada	Canada	443
Financial institutions	Banco De Galicia Y Buenos Aires S.A.U.	CCC-	Negative		Argentina	Latin America	250
Financial institutions	Banco Mercantil Santa Cruz S.A.	CCC+	Negative		Bolivia	Latin America	0
Financial institutions	Banco Patagonia S.A. (Banco do Brasil S.A.)	CCC-	Negative		Argentina	Latin America	0
Financial institutions	Banque de Tunisie et des Emirats	CCC	Negative		Tunisia	Eastern Europe/Middle East/Africa	0
Financial institutions	Cooperativa de Ahorro y Credito Fucerep	CCC+	Negative		Uruguay	Latin America	0
Financial institutions	Curo Group Holdings Corp.	CCC+	Negative		U.S.	U.S.	1,000
Financial institutions	Ecobank Nigeria Ltd. (Ecobank Transnational Inc.)	B-	Negative	New	Nigeria	Eastern Europe/Middle East/Africa	600
Financial institutions	Freedom Holding Corp.	B-	Negative		U.S.	U.S.	0
Financial institutions	LD Holdings Group LLC	B-	Negative		U.S.	U.S.	1,100
Financial institutions	Obra Capital Inc.	CCC	Negative		U.S.	U.S.	275
Financial institutions	Operadora de Servicios Mega S.A. de C.V. SOFOM E.R.	CCC+	Negative		Mexico	Latin America	500
Financial institutions	Resolute Investment Managers Inc. (American Beacon Advisors Inc.)	CC	Negative		U.S.	U.S.	641
Financial institutions	World Acceptance Corp.	B-	Negative		U.S.	U.S.	300
Forest	ACProducts Inc. (Victors Intermediate Holding II Corp.)	CCC+	Negative		U.S.	U.S.	1,100
Forest	Apex Tool Group LLC	CCC+	Negative		U.S.	U.S.	1,205
Forest	Compact Bidco B.V.	CCC+	Negative		Netherlands	Europe	332
Forest	PHM Netherlands Midco B.V.	CCC+	Negative		Netherlands	Europe	2,147
Forest	Pixelle Specialty Solutions LLC (Spectrum Group Buyer Inc.)	B-	Negative		U.S.	U.S.	0
Forest	Plaskolite PPC Intermediate II LLC (Plaskolite PPC Intermediate I LLC)	CCC+	Negative		U.S.	U.S.	767
Forest	Pro.Gest SpA	CCC	Negative	New	Italy	Europe	553
Forest	Werner FinCo L.P. (New Werner Holding Co. Inc.)	B-	Negative		U.S.	U.S.	1,290
Health care	Alvogen Pharma US Inc. (Alvogen Lux Holdings S.a.r.l.)	B-	Negative		U.S.	U.S.	1,793
Health care	AMT TopCo LLC	CCC	Negative		U.S.	U.S.	280
Health care	ASP NAPA Intermediate Holdings LLC (ASP NAPA Holdings LLC)	B-	Negative		U.S.	U.S.	610
Health care	Athenahealth Group Inc.	B-	Negative		U.S.	U.S.	9,250
Health care	Athletico Holdings LLC	B-	Negative		U.S.	U.S.	1,750
Health care	Bausch Health Cos. Inc.	CCC	Negative		Canada	Canada	45,650
Health care	Bayou Topco Inc.	B-	Negative		U.S.	U.S.	375
Health care	BVI Holdings Mayfair Ltd.	CCC+	Negative		U.K.	Europe	669
Health care	BW Homecare Holdings LLC	CCC+	Negative		U.S.	U.S.	2,392
Health care	Cano Health Inc.	CCC-	Negative		U.S.	U.S.	1,274
Health care	Carestream Dental Technology Parent Ltd.	CCC	Negative		U.K.	Europe	1,360
Health care	Carestream Health Inc.	B-	Negative		U.S.	U.S.	541
Health care	Community Health Systems Inc.	CCC+	Negative		U.S.	U.S.	12,850
Health care	Covenant Surgical Partners Inc.	CCC+	Negative		U.S.	U.S.	430
Health care	Covis Finco S.a.r.l.	CCC-	Negative		Switzerland	Europe	824
Health care	Curia Global Inc.	CCC+	Negative		U.S.	U.S.	1,190
Health care	DMG Practice Management Solutions LLC	B-	Negative		U.S.	U.S.	1,119
Health care	Elevate PFS Parent Holdings Inc.	CCC+	Negative		U.S.	U.S.	0
Health care	Emergent BioSolutions Inc.	B-	Negative		U.S.	U.S.	450
Health care	European Medco Development 3 S.a.r.l.	B-	Negative		Germany	Europe	0
Health care	Exactech Inc.	CCC	Negative		U.S.	U.S.	270
Health care	EyeCare Partners LLC	CCC	Negative		U.S.	U.S.	2,200
Health care	Femur Buyer Inc.	CCC+	Negative		U.S.	U.S.	485
Health care	FinThrive Software Intermediate Holdings Inc.	CCC	Negative		U.S.	U.S.	1,900
Health care	Gainwell Holding Corp.	B-	Negative		U.S.	U.S.	4,227
Health care	Global Medical Response Inc. (Air Medical Holdings LLC)	CCC+	Negative		U.S.	U.S.	4,474
Health care	HealthChannels Intermediate HoldCo LLC (HealthChannels LLC)	CCC	Negative		U.S.	U.S.	385
Health care	Knight Health Holdings LLC	B-	Negative	New	U.S.	U.S.	450
Health care	LifeScan Global Corp.	CCC+	Negative		U.S.	U.S.	3,034
Health care	Medical Depot Holdings Inc.	CCC+	Negative		U.S.	U.S.	689
Health care	Mercury Parent LLC	B-	Negative		U.S.	U.S.	330
Health care	ModivCare Inc.	B-	Negative		U.S.	U.S.	1,000
Health care	National Mentor Holdings Inc. (Civitas Solutions Inc.)	B-	Negative		U.S.	U.S.	2,095
Health care	Pathway Vet Alliance LLC	B-	Negative		U.S.	U.S.	1,560
Health care	Pluto Acquisition I Inc.	B-	Watch Neg		U.S.	U.S.	873
Health care	Premier Dental Services Inc.	CCC	Negative		U.S.	U.S.	540
Health care	Quincy Health LLC	CCC-	Negative	New	U.S.	U.S.	732
Health care	Radiology Partners Holdings LLC	CCC+	Watch Neg		U.S.	U.S.	3,435
Health care	Sound Inpatient Physicians Inc. (Sound Inpatient Physicians Holdings LLC)	CCC	Negative		U.S.	U.S.	975
Health care	Symplr Software Intermediate Holdings Inc.	CCC+	Negative		U.S.	U.S.	0
Health care	Team Health Holdings Inc.	CCC	Negative		U.S.	U.S.	9,849
Health care	Thrive Merger Sub LLC	B-	Negative		U.S.	U.S.	430
Health care	Vyaire Medical Inc.	CCC	Negative		U.S.	U.S.	360
Health care	WellPath Holdings Inc.	CCC+	Negative		U.S.	U.S.	610
Health care	YI Group Holdings LLC	CCC	Negative		U.S.	U.S.	338
High technology	4L Topco Corp.	CCC	Negative		U.S.	U.S.	80
High technology	Astra Acquisition Corp.	CCC	Negative		U.S.	U.S.	1,300
High technology	Cascade Parent Ltd.	B-	Negative		U.K.	Europe	585
High technology	CommScope Holding Co. Inc.	CCC	Negative		U.S.	U.S.	7,650
High technology	Cornerstone OnDemand Inc.	B-	Negative		U.S.	U.S.	2,888
High technology	Creation Technologies Inc.	B-	Negative		U.S.	U.S.	455
High technology	Dedalus Healthcare Systems Group SpA	B-	Negative		Italy	Europe	1,282
High technology	East West Manufacturing LLC	B-	Negative		U.S.	U.S.	315
High technology	Electronics for Imaging Inc.	CCC+	Negative		U.S.	U.S.	875
High technology	Emerald Technologies (U.S.) AcquisitionCo Inc.	B-	Negative		U.S.	U.S.	265
High technology	Ensono Intermediate HoldCo Inc.	B-	Negative		U.S.	U.S.	1,123
High technology	Foundational Education Group Inc.	B-	Negative		U.S.	U.S.	435
High technology	Franklin Ireland Topco Ltd.	B-	Negative		Ireland	Europe	480
High technology	GoTo Group Inc.	B-	Negative		U.S.	U.S.	3,000
High technology	Mitel Networks (International) Ltd.	CCC	Negative		U.K.	Europe	2,237
High technology	Optiv Inc.	B-	Negative		U.S.	U.S.	910
High technology	QBS Parent Inc. (Project Quarterback Parent LLC)	B-	Negative		U.S.	U.S.	420
High technology	Rackspace Technology Global Inc.	CCC+	Negative		U.S.	U.S.	3,300
High technology	Redstone Buyer LLC	B-	Negative		U.S.	U.S.	2,000
High technology	SuperMoose Newco Inc.	CCC+	Negative		U.S.	U.S.	1,335
High technology	Tegra118 Wealth Solutions Inc. (InvestCloud Holdings LLC)	CCC+	Negative		U.S.	U.S.	315
High technology	UKG Inc.	B-	Negative		U.S.	U.S.	8,613
High technology	Veritas Holdings Ltd.	CCC+	Negative		Bermuda	U.S.	7,366
Home/RE	Adler Group S.A. (ADO Group Ltd.)	CCC+	Negative		Luxembourg	Europe	5,447
Home/RE	Five Point Holdings LLC	CCC+	Negative		U.S.	U.S.	1,200
Home/RE	Forest City Realty Trust Inc. (Brookfield Corp.)	B-	Negative		U.S.	U.S.	1,241
Home/RE	Marera Investment Group Ltd.	B-	Negative		Cyprus	Europe	0
Home/RE	Office Properties Income Trust	CCC+	Watch Neg	New	U.S.	U.S.	2,500
Home/RE	Samhallsbyggnadsbolaget i Norden AB (publ)	CCC+	Negative		Sweden	Europe	5,968
Media and entertainment	All Day AcquisitionCo LLC	CCC-	Negative		U.S.	U.S.	200
Media and entertainment	Beasley Broadcast Group Inc.	CCC+	Negative		U.S.	U.S.	300
Media and entertainment	CareerBuilder LLC	CCC-	Negative		U.S.	U.S.	415
Media and entertainment	Castle Intermediate Holding V Ltd.	CCC+	Negative		U.K.	Europe	2,348
Media and entertainment	CD&R Vialto UK Intermediate 3 Ltd.	CCC+	Negative		U.K.	Europe	969
Media and entertainment	Centerfield Media Parent Inc. (Millennium Top1 Corp.)	CCC+	Negative		U.S.	U.S.	785
Media and entertainment	CoreLogic Inc.	B-	Negative		U.S.	U.S.	5,250
Media and entertainment	CWT Group LLC	CCC+	Negative	New	U.S.	U.S.	190
Media and entertainment	Digital Media Solutions Inc.	CCC	Negative		U.S.	U.S.	225
Media and entertainment	Duff & Phelps Holdings Corp.	B-	Negative		U.S.	U.S.	3,202
Media and entertainment	EagleView Technology Corp.	B-	Negative		U.S.	U.S.	810
Media and entertainment	EmployBridge Holding Co.	B-	Negative		U.S.	U.S.	2,329
Media and entertainment	Enjoy S.A.	CCC-	Negative		Chile	Latin America	211
Media and entertainment	Equinox Holdings Inc.	CCC-	Negative		U.S.	U.S.	1,285
Media and entertainment	Exela Technologies Inc.	CCC	Negative		U.S.	U.S.	4,129
Media and entertainment	Hornblower HoldCo LLC	CCC	Negative		U.S.	U.S.	655
Media and entertainment	Hubbard Radio LLC	CCC+	Negative		U.S.	U.S.	480
Media and entertainment	Hurtigruten Group AS (Silk Holdings S.a.r.l.)	CC	Negative		Norway	Europe	1,149
Media and entertainment	iQor Holdings Inc.	CCC	Negative		U.S.	U.S.	395
Media and entertainment	LendingTree Inc.	CCC+	Negative	New	U.S.	U.S.	250
Media and entertainment	Lereta LLC	B-	Negative		U.S.	U.S.	250
Media and entertainment	Maverick Gaming LLC	CCC	Negative		U.S.	U.S.	300
Media and entertainment	National Amusements Inc.	CCC+	Negative		U.S.	U.S.	300
Media and entertainment	New Insight Holdings Inc.	CCC-	Negative		U.S.	U.S.	3,675
Media and entertainment	Peak Jersey Holdco	B-	Watch Neg		Jersey	Europe	800
Media and entertainment	Photo Holdings LLC	CCC+	Negative		U.S.	U.S.	1,841
Media and entertainment	PlayPower Holdings Inc.	CCC+	Negative		U.S.	U.S.	410
Media and entertainment	Safari Beteiligungs GmbH (Dice Holdings S.a.r.l.)	CCC+	Negative		Germany	Europe	285
Media and entertainment	Salem Media Group Inc.	CCC-	Negative		U.S.	U.S.	115
Media and entertainment	Screenvision LLC	CCC+	Negative		U.S.	U.S.	350
Media and entertainment	Skillz Inc.	CCC+	Negative		U.S.	U.S.	300
Media and entertainment	SP PF Buyer LLC	CCC	Negative		U.S.	U.S.	744
Media and entertainment	Spanish Broadcasting System Inc.	CCC+	Watch Neg		U.S.	U.S.	310
Media and entertainment	Sprint HoldCo B.V.	CCC+	Negative		Netherlands	Europe	779
Media and entertainment	Stan Holding SAS	B-	Negative		France	Europe	0
Media and entertainment	Staples Inc.	B-	Negative		U.S.	U.S.	5,300
Media and entertainment	Tribe Buyer LLC	CCC-	Negative		U.S.	U.S.	400
Media and entertainment	United PF Holdings LLC	CCC+	Negative		U.S.	U.S.	706
Media and entertainment	Vericast Corp.	CCC	Negative		U.S.	U.S.	2,743
Media and entertainment	WildBrain Ltd.	B-	Negative		Canada	Canada	285
Metals, mining, and steel	Coeur Mining Inc.	B-	Negative		U.S.	U.S.	375
Metals, mining, and steel	Ferrexpo PLC	CCC	Negative	New	U.K.	Europe	0
Metals, mining, and steel	Gopher Resource LLC (ECP Gopher Holdings L.P.)	CCC+	Negative		U.S.	U.S.	510
Metals, mining, and steel	Kymera International LLC	B-	Negative		U.S.	U.S.	425
Metals, mining, and steel	Metinvest B.V.	CCC+	Negative		Netherlands	Europe	1,812
Metals, mining, and steel	Mountain Province Diamonds Inc.	CCC+	Negative	New	Canada	Canada	195
Metals, mining, and steel	Vedanta Resources Ltd.	CC	Watch Neg		U.K.	Europe	3,800
Oil and gas	Compania General de Combustibles S.A.	CCC-	Negative		Argentina	Latin America	285
Oil and gas	Tullow Oil	B-	Negative		U.K.	Europe	2,600
Oil and gas	YPF S.A.	CCC-	Negative		Argentina	Latin America	2,900
Retail	99 cents only stores LLC	CCC	Negative		U.S.	U.S.	350
Retail	At Home Group Inc.	CCC	Negative		U.S.	U.S.	2,013
Retail	Belk Inc.	CCC-	Negative		U.S.	U.S.	1,223
Retail	Burger BossCo Intermediate Inc.	CCC+	Negative		U.S.	U.S.	218
Retail	Cooper's Hawk Intermediate Holding LLC	CCC+	Negative		U.S.	U.S.	276
Retail	Empire Today LLC	CCC+	Negative		U.S.	U.S.	595
Retail	Farfetch Ltd.	CC	Negative		U.K.	Europe	600
Retail	Fossil Group Inc.	CCC+	Negative		U.S.	U.S.	150
Retail	Franchise Group Inc.	B-	Negative		U.S.	U.S.	1,425
Retail	GPS Hospitality Holding Co. LLC	CCC+	Negative		U.S.	U.S.	400
Retail	Guitar Center Inc. (Guitar Center Holdings Inc.)	CCC+	Negative		U.S.	U.S.	550
Retail	JOANN Inc.	CCC	Negative		U.S.	U.S.	675
Retail	Moran Foods LLC (SAL Acquisition Corp.)	CCC+	Negative	New	U.S.	U.S.	479
Retail	Mountaineer Merger Corp.	CCC+	Negative		U.S.	U.S.	200
Retail	PAI Holdco Inc.	B-	Negative		U.S.	U.S.	850
Retail	Qurate Retail Inc.	CCC+	Negative		U.S.	U.S.	5,302
Retail	Rising Tide Holdings Inc.	CCC+	Negative		U.S.	U.S.	0
Retail	Runner Buyer Inc.	CCC+	Negative		U.S.	U.S.	500
Retail	The Michaels Cos. Inc.	CCC+	Negative		U.S.	U.S.	4,100
Retail	Wheel Bidco Ltd.	B-	Negative	New	U.K.	Europe	427
Retail	Wok Holdings Inc.	CCC+	Negative		U.S.	U.S.	430
Telecommunications	Aventiv Technologies LLC	CC	Negative		U.S.	U.S.	1,665
Telecommunications	Connect Holding II LLC	B-	Negative		U.S.	U.S.	4,485
Telecommunications	Conterra Ultra Broadband Holdings Inc.	B-	Negative		U.S.	U.S.	370
Telecommunications	Dawn Acquisitions LLC (Infra Colodata Holdings LLC)	CCC	Negative		U.S.	U.S.	550
Telecommunications	DISH Network Corp.	CCC+	Negative		U.S.	U.S.	22,500
Telecommunications	Eolo S.p.A.	B-	Negative		Italy	Europe	414
Telecommunications	Logix Intermediate Holding Corp.	CCC	Negative		U.S.	U.S.	250
Telecommunications	Lumen Technologies Inc.	CCC+	Watch Neg		U.S.	U.S.	27,572
Telecommunications	Mavenir Private Holdings II Ltd.	CCC	Negative		U.K.	Europe	585
Telecommunications	ORBCOMM Inc.	B-	Negative		U.S.	U.S.	360
Telecommunications	Radiate Holdco LLC	CCC+	Negative		U.S.	U.S.	9,940
Telecommunications	Syniverse Corp.	CCC+	Negative		U.S.	U.S.	1,025
Telecommunications	Telecom Argentina S.A.	CCC-	Negative		Argentina	Latin America	400
Telecommunications	Telesat Canada (Telesat Holdings Inc.)	CCC+	Negative		Canada	Canada	3,359
Telecommunications	Tosca IoM Ltd.	B-	Watch Neg		U.K.	Europe	873
Telecommunications	U.S. TelePacific Holdings Corp.	CCC	Negative		U.S.	U.S.	365
Telecommunications	Xplore Inc.	CCC+	Negative		Canada	Canada	1,195
Telecommunications	Zayo Group Holdings Inc. (Front Range Bidco Inc.)	B-	Negative		U.S.	U.S.	10,154
Transportation	Aeropuertos Argentina 2000 S.A.	CCC-	Negative		Argentina	Latin America	750
Transportation	ENC Parent Corp.	B-	Negative		U.S.	U.S.	680
Transportation	Gol Linhas Aereas Inteligentes S.A.	CCC-	Negative	New	Brazil	Latin America	0
Transportation	Investimentos e Participacoes em Infraestrutura S.A. - Invepar	CCC+	Negative		Brazil	Latin America	0
Transportation	Neovia Logistics L.P. (Neovia Logistics Intermediate Holdings L.P.)	CCC+	Negative		U.S.	U.S.	248
Transportation	Reception Purchaser LLC	B-	Negative	New	U.S.	U.S.	795
Transportation	Rinchem Co. LLC	CCC+	Negative		U.S.	U.S.	300
Transportation	Toro Private Holdings I Ltd.	CC	Negative		U.K.	Europe	3,715
Transportation	Ukrainian Railways JSC	CCC+	Negative		Ukraine	Eastern Europe/Middle East/Africa	0
Utilities	AES Argentina Generacion S.A. (The AES Corp.)	CCC-	Negative		Argentina	Latin America	300
Utilities	CAPEX S.A.	CCC-	Negative		Argentina	Latin America	300
Utilities	DTEK Renewables B.V.	CCC-	Negative		Netherlands	Europe	0
Utilities	Empresa Distribuidora Y Comercializadora Norte S.A.	CCC-	Negative		Argentina	Latin America	0
Utilities	Enviva Inc.	CCC-	Negative		U.S.	U.S.	1,500
Utilities	Freeport LNG Investments LLLP	B-	Negative		U.S.	U.S.	2,331
Utilities	FTAI Infrastructure Inc.	B-	Negative		U.S.	U.S.	600
Utilities	Hawaiian Electric Industries Inc.	B-	Watch Neg		U.S.	U.S.	0
Utilities	Pampa Energia S.A.	CCC-	Negative		Argentina	Latin America	1,050
Utilities	Southeast Supply Header LLC	CCC+	Negative		U.S.	U.S.	400
Utilities	Transportadora de Gas del Sur S.A. (TGS) (Compania De Inversiones de Energia S.A.)	CCC-	Negative		Argentina	Latin America	500
Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 4

List of distressed credits by issuers
As of Dec. 31, 2023
Sector	Company	Issuer ratings are for a related entity	Issue count (no.)	Outstanding amount (mil. US$)	Rating	Outlook/CreditWatch
Automotive	Wheel Pros Inc.		1	365	CCC+	Negative
Media and entertainment	Spanish Broadcasting System Inc.		1	310	CCC+	Watch Neg
Media and entertainment	Staples Inc.		1	1,000	B-	Negative
CP&ES	FXI Holdings Inc.		2	1,232	CCC+	Negative
Health care	Cano Health LLC	Cano Health Inc.	1	300	CCC-	Negative
Health care	Radiology Partners Inc.	Radiology Partners Holdings LLC	2	1,510	CCC+	Watch Neg
Retail	GPS Hospitality Holding Co. LLC		1	400	CCC+	Negative
Consumer products	P&L Development LLC	P&L Development Holdings LLC	1	465	CCC+	Negative
Telecommunications	Qwest Corp.	Lumen Technologies Inc.	4	1,522	CCC+	Watch Neg
Telecommunications	DISH DBS Corp.		3	4,499	CCC+	Negative
High technology	CommScope Technologies LLC	CommScope Holding Co. Inc.	2	2,043	CCC	Negative
Automotive	Cooper-Standard Automotive Inc.	Cooper-Standard Holdings Inc.	1	357	CCC+	Negative
High technology	GoTo Group Inc.		1	750	B-	Negative
Capital goods	OT Merger Corp.		1	300	CCC+	Negative
Forest	Werner FinCo L.P.		1	14	B-	Negative
CP&ES	Advancion Sciences Inc.	Advancion Holdings LLC	1	200	B-	Negative
Retail	99 cents only stores LLC		1	350	CCC	Negative
Retail	Fossil Group Inc.		1	140	CCC+	Negative
Automotive	Carvana Co.		7	4,299	CCC+	Negative
Health care	Global Medical Response Inc.		1	600	CCC+	Negative
Media and entertainment	AMC Entertainment Holdings Inc.		4	2,562	CCC+	Stable
High technology	Pitney Bowes Inc.		1	375	B+	Stable
Insurance	Assurant Inc.		1	250	BBB	Stable
Media and entertainment	AMC Entertainment Inc.	AMC Entertainment Holdings Inc.	1	98	CCC+	Stable
Telecommunications	Radiate Holdco LLC		1	1,000	CCC+	Negative
Media and entertainment	CDK Global II LLC		1	34	B+	Stable
Media and entertainment	Skillz Inc.		1	130	CCC+	Negative
Retail	The Michaels Cos. Inc.		1	1,300	CCC+	Negative
Retail	At Home Group Inc.		3	802	CCC	Negative
Media and entertainment	Allen Media LLC		1	640	B-	Stable
Media and entertainment	Castle US Holding Corp.	Castle Intermediate Holding V Ltd.	1	300	CCC+	Negative
Telecommunications	CSC Holdings LLC		2	3,296	B	Negative
Home/RE	Diversified Healthcare Trust		2	600	CCC-	Watch Pos
Metals, mining, and steel	GrafTech Global Enterprise Inc.	GrafTech International Ltd.	1	450	B+	Negative
Capital goods	ASP Unifrax Holdings Inc.		1	400	CCC+	Negative
Media and entertainment	CMG Media Corp.		1	1,015	B	Negative
Media and entertainment	Beasley Mezzanine Holdings LLC		1	287	CCC+	Negative
Telecommunications	Hughes Satellite Systems Corp.		1	750	BB	Watch Neg
Financial institutions	Navient Corp.		1	300	BB-	Stable
Insurance	Unum Group		1	300	BBB	Stable
High technology	CommScope Inc.		2	1,650	CCC	Negative
Telecommunications	Embarq Corp.	Connect Holding II LLC	1	1,437	B-	Negative
Financial institutions	Innovate Corp.		1	330	CCC+	Stable
Media and entertainment	iHeartCommunications Inc.		1	1,100	B	Negative
Transportation	XO Management Holding Inc.		1	500	B+	Stable
Health care	U.S. Acute Care Solutions LLC	U.S. Acute Care Solutions Inc.	1	725	B-	Stable
Media and entertainment	Centerfield Media Parent Inc.		1	785	CCC+	Negative
Health care	Emergent BioSolutions Inc.		1	450	B-	Negative
CP&ES	PECF USS Intermediate Holding III Corp.		1	550	CCC	Negative
Media and entertainment	Cumulus Media New Holdings Inc.	Cumulus Media Inc.	1	346	B-	Stable
Health care	Bausch Health Americas Inc.	Bausch Health Cos. Inc.	1	643	CCC	Negative
CP&ES	Schenectady International Group Inc.	SK Mohawk Holdings S.a.r.l.	1	300	CCC	Negative
CP&ES	Trinseo Materials Finance Inc.	Trinseo PLC	2	562	CCC+	Negative
Financial institutions	Curo Group Holdings Corp.		1	682	CCC+	Negative
Retail	Liberty Interactive LLC		4	1,253	CCC+	Negative
Consumer products	H-Food Holdings LLC		1	350	CCC	Negative
High technology	Rackspace Technology Global Inc.		2	935	CCC+	Negative
Health care	Team Health Holdings Inc.		1	714	CCC	Negative
Telecommunications	Lumen Technologies Inc.		9	3,412	CCC+	Watch Neg
Telecommunications	Zayo Group Holdings Inc.		1	1,080	B-	Negative
CP&ES	PMHC II Inc.		1	756	B-	Negative
Home/RE	Office Properties Income Trust		5	1,850	CCC+	Watch Neg
Telecommunications	United States Cellular Corp.		3	1,500	BB	Watch Dev
Retail	Guitar Center Inc.		1	550	CCC+	Negative
Oil and gas	Nine Energy Service Inc.		1	300	CCC+	Stable
Retail	QVC Inc.		2	660	CCC+	Negative
Note: S&P Global Ratings' U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 5

Fallen angels in 2023
Date	Issuer	To	From	Sector/subsector	Country/market	Rated debt affected (mil. US$)
March 7, 2023	Nissan Motor Co. Ltd.	BB+	BBB-	Automotive	Japan	14,769
March 10, 2023	SVB Financial Group	CC	BBB-	Financial institutions	U.S.	6,000
March 15, 2023	First Republic Bank	BB+	A-	Financial institutions	U.S.	5,150
March 20, 2023	Newell Brands Inc.	BB+	BBB-	Consumer products	U.S.	6,560
March 22, 2023	Globalworth Real Estate Investments Ltd.	BB+	BBB-	Home/RE	Guernsey	429
March 31, 2023	Office Properties Income Trust	BB	BBB-	Home/RE	U.S.	2,500
March 31, 2023	Crane Holdings Co.	BB+	BBB	High technology	U.S.	1,200
April 3, 2023	Fluor Corp.	BB+	BBB-	Capital goods	U.S.	1,100
May 1, 2023	CI Financial Corp.	BB+	BBB-	Financial institutions	Canada	2,634
May 8, 2023	Samhallsbyggnadsbolaget i Norden AB (publ)	BB+	BBB-	Home/RE	Sweden	5,943
May 17, 2023	One Rail Australia Holdings Ltd.	BB	BBB-	Transportation	Australia	409
June 6, 2023	System Energy Resources Inc. (Entergy Corp.)	BB	BBB+	Utilities	U.S.	525
June 28, 2023	Brandywine Realty Trust	BB+	BBB-	Home/RE	U.S.	1,500
Sept. 12, 2023	Advance Auto Parts Inc.	BB+	BBB-	Retail	U.S.	1,800
Oct. 9, 2023	Eutelsat Communications S.A.	B+	BBB-	Telecommunications	France	2,740
Oct. 20, 2023	Alstria Office REIT-AG	BB+	BBB-	Home/RE	Germany	1,159
Nov. 21, 2023	Falabella S.A.	BB+	BBB-	Retail	Chile	1,450
Dec. 15, 2023	Vornado Realty Trust	BB+	BBB-	Home/RE	U.S.	2,250
Dec. 21, 2023	Brookfield Property Partners L.P. (Brookfield Corp.)	BB	BBB-	Home/RE	Bermuda	11,999
Data as of Dec. 31, 2023. Notes: Fallen angels are defined as investment-grade issuers that have been downgraded to speculative grade (that is, from 'BBB-' or above to 'BB+' or below) with valid debt outstanding at the time of the rating action. Valid debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs, and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a fallen angel, only the parent is counted. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 6

Rising stars in 2023
Date	Issuer	To	From	Sector/subsector	Country/market	Rated debt affected (mil. US$)
Jan. 17, 2023	Booz Allen Hamilton Inc.	BBB-	BB+	Aerospace and defense	U.S.	3,368
Feb. 7, 2023	Nokia Corp.	BBB-	BB+	High technology	Finland	3,712
Feb. 23, 2023	MSCI Inc.	BBB-	BB+	Media and entertainment	U.S.	4,550
March 9, 2023	Pilot Travel Centers LLC	BBB+	BB+	Retail	U.S.	8,000
March 13, 2023	Seminole Hard Rock Entertainment Inc. (Seminole Tribe of Florida)	BBB-	B+	Media and entertainment	U.S.	1,140
March 13, 2023	Seminole Hard Rock International LLC (Seminole Tribe of Florida)	BBB-	B+	Media and entertainment	U.S.	1,140
March 21, 2023	Ingersoll Rand Inc.	BBB-	BB+	Capital goods	U.S.	5,768
April 3, 2023	Belron Group S.A.	BBB-	BB+	Media and entertainment	Luxembourg	4,540
April 3, 2023	The Weir Group PLC	BBB-	BB+	Capital goods	U.K.	800
April 5, 2023	LPL Holdings Inc.	BBB-	BB+	Financial institutions	U.S.	3,670
April 26, 2023	Teollisuuden Voima Oyj	BBB-	BB+	Utilities	Finland	3,464
April 27, 2023	Mattel Inc.	BBB-	BB+	Media and entertainment	U.S.	2,350
May 4, 2023	Host Hotels & Resorts Inc.	BBB-	BB+	Media and entertainment	U.S.	4,150
May 5, 2023	Verallia S.A. (Horizon Parent Holdings S.a.r.l.)	BBB-	BB+	CP&ES	France	1,106
May 17, 2023	Aristocrat Leisure Ltd.	BBB-	BB+	Media and entertainment	Australia	3,800
June 5, 2023	K+S AG	BBB-	BB+	CP&ES	Germany	644
July 18, 2023	Gartner Inc.	BBB-	BB+	Media and entertainment	U.S.	2,100
July 26, 2023	Las Vegas Sands Corp.	BBB-	BB+	Media and entertainment	U.S.	11,150
July 27, 2023	Toll Brothers Inc.	BBB-	BB+	Home/RE	U.S.	1,600
July 27, 2023	Meritage Homes Corp.	BBB-	BB+	Home/RE	U.S.	950
Aug. 4, 2023	Leonardo SpA	BBB-	BB+	Aerospace and defense	Italy	1,748
Aug. 8, 2023	PDC Energy Inc.	AA-	BB	Oil and gas	U.S.	1,700
Sept. 1, 2023	Patterson-UTI Energy Inc.	BBB-	BB+	Oil and gas	U.S.	875
Sept. 6, 2023	Black Knight Inc.	A-	BB	High technology	U.S.	750
Sept. 12, 2023	Accor S.A.	BBB-	BB+	Media and entertainment	France	4,608
Sept. 12, 2023	Banco Comercial Portugues S.A.	BBB-	BB+	Financial institutions	Portugal	1,265
Oct. 4, 2023	International Consolidated Airlines Group S.A.	BBB-	BB+	Transportation	Spain	1,784
Oct. 4, 2023	British Airways PLC	BBB-	BB+	Transportation	U.K.	806
Oct. 4, 2023	Sagicor Financial Co. Ltd.	BBB	BB+	Financial institutions	Bermuda	400
Oct. 12, 2023	ICON PLC	BBB-	BB+	Consumer products	Ireland	6,015
Oct. 20, 2023	Greece	BBB-	BB+	Sovereign	Greece	155,935
Oct. 30, 2023	Ford Motor Co.	BBB-	BB+	Automotive	U.S.	113,328
Nov. 3, 2023	Crestwood Equity Partners L.P. (Crestwood Holdings LLC)	BBB	BB	Utilities	U.S.	5,662
Nov. 16, 2023	Elis S.A.	BBB-	BB+	Consumer products	France	2,004
Nov. 21, 2023	Marks & Spencer PLC (Marks & Spencer Group PLC)	BBB-	BB+	Retail	U.K.	1,854
Dec. 1, 2023	Holly Energy Partners L.P. (HF Sinclair Corp.)	BBB-	BB+	Utilities	U.S.	2,800
Dec. 4, 2023	Deutsche Lufthansa AG	BBB-	BB+	Transportation	Germany	5,962
Dec. 15, 2023	Howmet Aerospace Inc.	BBB-	BB+	Aerospace and defense	U.S.	6,005
Dec. 20, 2023	Ultrapar Participacoes S.A.	BBB-	BB+	Oil and gas	Brazil	1,600
Data as of Dec. 31, 2023. Notes: Rising stars are defined as speculative-grade issuers that have been upgraded to investment grade (that is, from 'BB+' or below to 'BBB-' or above) with valid debt outstanding at the time of the rating action. Valid debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs, and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a rising star, only the parent is counted. CP&ES--Chemicals, packaging, and environmental services. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 7

Potential fallen angels
As of Dec. 31, 2023
Sector/subsector	Issuer	CreditWatch negative/negative outlook	New to the list this month	Country/market	Debt amount (mil. US$)
Utilities	Adani Electricity Mumbai Ltd.	Negative		India	1,000
Transportation	Adani Ports and Special Economic Zone Ltd.	Negative		India	4,200
Home/RE	Altarea SCA	Negative		France	1,989
Financial institutions	AmFam Holdings Inc.	Negative		U.S.	1,000
Financial institutions	American Equity Investment Life Holding Co.	Watch Neg		U.S.	1,200
Home/RE	Argan S.A.	Negative		France	553
Financial institutions	Argo Group International Holdings Ltd.	Watch Neg		U.S.	275
Consumer products	Becle S.A.B. de C.V.	Negative		Mexico	1,300
CP&ES	Braskem S.A.	Negative		Brazil	6,200
Home/RE	CPI Property Group S.A.	Negative	New	Luxembourg	5,598
CP&ES	Celanese Corp.	Negative		U.S.	14,495
Financial institutions	China Bohai Bank Co. Ltd.	Negative		China	300
Media and entertainment	Choice Hotels International Inc.	Watch Neg		U.S.	850
Home/RE	D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH	Negative		Germany	387
Retail	ELO	Negative		France	6,166
CP&ES	FMC Corp.	Negative	New	U.S.	3,400
Health care	Fresenius Medical Care AG	Negative		Germany	7,379
Home/RE	Heimstaden Bostad AB	Negative	New	Sweden	10,748
CP&ES	Huntsman Corp.	Negative	New	U.S.	1,482
Financial institutions	Intercorp Financial Services Inc.	Negative		Peru	1,300
Consumer products	International Flavors & Fragrances Inc.	Negative		U.S.	9,087
Consumer products	JBS S.A.	Negative		Brazil	47,114
Media and entertainment	JCDecaux SE	Negative		France	2,542
Capital goods	KION Group AG	Negative		Germany	553
Metals, mining, and steel	Kinross Gold Corp.	Negative		Canada	1,250
Capital goods	MasTec Inc.	Negative		U.S.	1,200
Utilities	Nova Scotia Power Inc.	Negative		Canada	2,495
Home/RE	Piedmont Office Realty Trust Inc.	Negative		U.S.	1,600
Telecommunications	Rogers Communications Inc.	Negative		Canada	28,839
Home/RE	SITE Centers Corp.	Negative		U.S.	2,225
Utilities	South Staffordshire PLC	Negative		U.K.	292
Financial institutions	Tanner Servicios Financieros S.A.	Negative		Chile	149
Telecommunications	Telefonica Moviles Chile S.A.	Negative		Chile	500
Health care	Viatris Inc.	Negative		U.S.	21,337
Retail	Walgreens Boots Alliance Inc.	Negative		U.S.	9,711
Automotive	Zhejiang Geely Holding Group Co. Ltd.	Negative		China	2,721
Notes: Potential fallen angels are defined as issuers rated 'BBB-' with negative outlooks or on CreditWatch negative, and which currently have rated debt outstanding. Debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs, and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a potential fallen angel, only the parent is counted. CP&ES--Chemicals, packaging, and environmental services. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 8

Potential rising stars
As of Dec. 31, 2023
Sector/subsector	Issuer	CreditWatch positive/positive outlook	New to the list this month	Country/market	Debt amount (mil. US$)
Retail	Albertsons Cos. Inc.	Watch Pos		U.S.	28,312
Metals, mining, and steel	Alcoa Corp.	Positive		U.S.	3,000
Capital goods	Ali Holding Srl	Positive		Italy	2,250
Oil and gas	Antero Resources Corp.	Positive		U.S.	8,300
Oil and gas	Apache Corp.	Positive		U.S.	9,430
Forest	Cemex S.A.B. de C.V.	Positive		Mexico	5,192
Telecommunications	Cellnex Telecom S.A.	Positive		Spain	11,431
Transportation	Delta Air Lines Inc.	Positive		U.S.	6,750
Utilities	Empresa Nacional del Petroleo	Positive		Chile	2,440
Oil and gas	Endeavor Energy Resources L.P.	Positive		U.S.	2,000
Utilities	Enlink Midstream LLC	Positive		U.S.	6,193
Metals, mining, and steel	Freeport-McMoRan Inc.	Positive		U.S.	7,462
Oil and gas	Hess Midstream Operations L.P.	Watch Pos		U.S.	2,900
Aerospace and defense	Hexcel Corp.	Positive		U.S.	700
Financial institutions	Iccrea Banca SpA	Positive		Italy	2,497
Forest	Louisiana-Pacific Corp.	Positive		U.S.	350
Financial institutions	MBH Investment Bank Co. Ltd.	Positive		Hungary	1,169
Media and entertainment	NASCAR Holdings LLC	Positive		U.S.	1,410
Capital goods	Nexans S.A.	Positive		France	663
Financial institutions	Nexi SpA	Positive		Italy	3,675
CP&ES	Olin Corp.	Positive		U.S.	2,150
Telecommunications	PPF Telecom Group B.V.	Watch Pos		Czech Republic	2,487
Aerospace and defense	Rolls-Royce PLC	Positive	New	U.K.	5,217
Oil and gas	Southwestern Energy Co.	Positive		U.S.	4,200
Automotive	Tata Motors Ltd.	Positive		India	6,054
Oil and gas	TechnipFMC PLC	Positive		U.K.	1,249
Telecommunications	Videotron Ltee	Positive		Canada	3,956
Notes: Potential rising stars are defined as issuers rated 'BB+' with positive outlooks or on CreditWatch positive, and which currently have debt outstanding. Debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs, and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a potential rising star, only the parent is counted. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Glossary And Abbreviations

Fallen angels

Issuers downgraded to speculative grade from investment grade.

Downgrade ratio

Percentage of downgrades to the total number of upgrades plus downgrades.

Investment grade

Issuers rated 'BBB-' or above.

Negative bias

Percentage of issuers with negative outlooks or ratings on CreditWatch negative.

Net outlook bias

Percentage of issuers with a positive bias minus those with a negative bias.

Positive bias

Percentage of issuers with positive outlooks or ratings on CreditWatch positive.

Potential downgrade

An issuer rated by S&P Global Ratings with a negative outlook or on CreditWatch negative.

Potential fallen angels

Issuers rated 'BBB-' with either negative outlooks or on CreditWatch negative.

Potential fallen angel ratio

The number of potential fallen angels divided by the population of issuers rated in the 'BBB' category.

Potential upgrade

An issuer rated by S&P Global Ratings with a positive outlook or on CreditWatch positive.

Rising stars

Issuers upgraded to investment grade from speculative grade.

Speculative grade

Issuers rated 'BB+' or below.

U.S. distress ratio

S&P Global U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues.

Weakest links

Financial and nonfinancial corporate issuers rated 'B-' and below with either negative outlooks or on CreditWatch negative.

Weakest links ratio

The number of weakest links divided by the total speculative-grade ratings population.

This report does not constitute a rating action.

Credit Research & Insights:	Evan M Gunter, Montgomery + 1 (212) 438 6412; evan.gunter@spglobal.com
	Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com
	Brenden J Kugle, Englewood + 1 (303) 721 4619; brenden.kugle@spglobal.com
	Patrick Drury Byrne, Dublin (00353) 1 568 0605; patrick.drurybyrne@spglobal.com
Research Contributors:	Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai
	Vaishali Singh, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Amol Nakashe, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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