Key Takeaways
- Eleven defaults in September--down from 16 the prior month--brought the global corporate default total to 118 this year, nearly two times the 2022 total, and well above the year-to-date five-year average of 101 defaults.
- Defaults were spread across sectors as the leading sectors, automotive and capital goods, accounted for only two each.
- Distressed exchanges led in September, accounting for 55% of the defaults, and adding to the highest year-to-date tally of distressed exchanges since 2009.
S&P Global Ratings' 2023 global corporate default tally has reached 118 following 11 defaults in September:
- U.S. based online used-car retailer Carvana Co..
- U.S. based intermediate chemicals producer Cornerstone Chemical Co.
- U.S. based college sports marketer Learfield Communications LLC
- Luxembourg based (Belgium headquartered) bathroom product manufacturer and distributor Ideal Standard International S.A.
- Florida-based marine aftermarket retailer Rising Tide Holdings Inc.
- U.S. based custom wheel producer Wheel Pros Inc.
- Cayman Island based (China incorporated) residential and commercial property developer Sunac China Holdings Ltd.
- Spain based real estate company Haya Holdco 2 PLC
- And three confidential issuers.
Defaults in September reached 11, a 31% decrease from the previous month. Although down month over month, both U.S. and European defaults have increased by 185% and 91%, respectively, from 2022 totals. Persistent core inflation, a drawn-out period of high rates, and slower growth is expected to continue to drag on lower-rated corporate issuers. S&P Global Ratings expects the European trailing-12-month speculative-grade corporate default rate to rise to 3.75% by June 2024, from 3.3% as of August 2023 (see "The European Speculative-Grade Corporate Default Rate Could Rise To 3.75% By June 2024", Aug. 18, 2023 ) and the U.S. trailing-12-month speculative-grade corporate default rate to rise 4.5% by June 2024, from 3.7% as of August 2023 ( see "The U.S. Speculative-Grade Corporate Default Rate Could Rise To 4.5% By June 2024", Aug. 17, 2023).
With an additional two defaults this month, the year-to-date European default tally is the second highest since 2008 (see chart 2). We should expect defaults in Europe to continue, given the elevated number of weakest links--issuers rated 'B-' and below, with either a negative outlook or CreditWatch placement compared with their long-term averages (both five-year and 10 year). Many of the weakest issuers come from consumer facing sectors likes consumer products and media and entertainment. Both sectors rely on resilient consumer spending--which is under pressure due to inflation and high interest rates--and will likely contribute to the future increase in European defaults (see "Credit Conditions Europe Q4 2023", Sept. 26, 2023).
Chart 1
Chart 2
Distressed Exchanges Continue To Drive Defaults
In September, 55% of the defaults were a result of distressed exchanges. With six additions, the total count of distressed exchanges increased to 52, its highest year-to-date tally since 2009 (see chart 3). These types of defaults are continuing to appeal to some distressed issuers that view out-of-court restructuring more favorably than other options like traditional bankruptcy. Asset value preservation as a going concern, in addition to both time and money saved, are big incentives for lenders and issuers to opt to restructure out of bankruptcy court.
Chart 3
Increasing Default Trends From Capital Goods Sector
While media and entertainment and consumer products still lead year to date, capital goods and autos led defaults in September, with two each. Capital goods have had eight defaults so far in 2023, up from only two defaults in full year 2022, as lower rated issuers in the capital goods sector are dealing with higher financing costs and rely on stronger earnings and cash flow in 2023 to refinance 2024 and 2025 maturities (see "Industry Top Trends: Capital Goods", July 18, 2023).
In the autos sector, all four defaults this year have been distressed exchanges from the U.S. However, the U.S. speculative grade negative bias for the autos sector is currently sitting at 25%-- lower than its negative bias at the begginning of 2023, as well as its five-year average at 26.3% and 31.8%, respectively.
Chart 4
Chart 5
Table 1
Global corporate default summary--U.S. estimated default rate elevated | ||||||
---|---|---|---|---|---|---|
Region | 12-month trailing speculative-grade default rate (%) | Weakest links | ||||
U.S. | *4.07 | 228 | ||||
Emerging market | 1.8 | 30 | ||||
Europe | *3.09 | 54 | ||||
Other developed | 3.6 | 10 | ||||
Global | 3.2 | 322 | ||||
Note: *Trailing-12-month speculative grade default rates for from Sep. 30, 2023- Sep. 30, 2023 are preliminary and subject to change. Trailing-12-month speculative grade default rates for from Aug. 31, 2023- Aug. 31, 2023. Year-to-date data as of Sep. 30, 2023. Weakest link data is as of Aug. 31, 2023. Other developed region includes Australia, Canada, Japan, and New Zealand. Default counts may include confidentially-rated issuers. Sources: S&P Global Ratings Credit Research and S&P Global Market Intelligence’s CreditPro®. |
Table 2
Global corporate defaults, So far in 2023 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Date | Parent company | Country/Market | Subsector | To | From | Reason | ||||||||
1/3/2023 |
Moran Foods, LLC (SAL Acquisition Corp.) |
U.S. | Retail/Restaurants | SD | CCC+ | Distressed exchange | ||||||||
1/16/2023 |
Americanas S.A. (Lojas Americanas S.A.) |
Brazil | Retail/Restaurants | D | B | Missed principal and interest payments | ||||||||
1/19/2023 |
Party City Holdings, Inc. (PC Nextco Holdings LLC) |
U.S. | Retail/Restaurants | D | CCC | Bankruptcy | ||||||||
1/20/2023 |
Mexarrend, S.A.P.I. de C.V. |
Mexico | Financial Institutions | D | CC | Missed principal and interest payments | ||||||||
1/24/2023 |
Serta Simmons Bedding LLC |
U.S. | Consumer Products | D | CCC- | Bankruptcy | ||||||||
1/27/2023 |
Bed Bath & Beyond Inc.(A) |
U.S. | Retail/Restaurants | D | CC | Missed principal and interest payments | ||||||||
1/30/2023 |
Cooper-Standard Holdings, Inc. |
U.S. | Automotive | SD | CC | Distressed exchange | ||||||||
1/31/2023 |
Missouri TopCo Ltd. |
U.K. | Consumer Products | SD | CCC- | Distressed exchange | ||||||||
1/31/2023 |
Invacare Corp. |
U.S. | Health care | D | NR | Bankruptcy | ||||||||
2/3/2023 |
Oi S.A. |
Brazil | Telecommunications | D | CCC- | Missed principal and interest payments | ||||||||
2/9/2023 |
KNB Holdings Corp. |
U.S. | Consumer Products | D | CCC- | Bankruptcy | ||||||||
2/10/2023 |
Yak Access, LLC |
U.S. | Capital goods | D | CCC | Distressed exchange | ||||||||
2/14/2023 |
K&N Parent, Inc. |
U.S. | Automotive | D | CCC- | Distressed exchange | ||||||||
2/15/2023 |
99 cents only stores LLC |
U.S. | Retail/Restaurants | SD | CCC+ | Missed payments | ||||||||
2/15/2023 |
Avaya Holdings Corp. |
U.S. | High Technology | D | CC | Bankruptcy | ||||||||
2/15/2023 |
Diamond Sports Group LLC |
U.S. | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
2/16/2023 | Confidential | Confidential | Media and entertainment | D | CC | Confidential | ||||||||
2/16/2023 |
Stanadyne Holdings, Inc. |
U.S. | Capital goods | D | NR | Bankruptcy | ||||||||
2/17/2023 |
AMC Entertainment Holdings Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
2/17/2023 |
Premier Brands Group Holdings LLC |
U.S. | Consumer Products | SD | CCC | Distressed exchange | ||||||||
2/22/2023 |
Altisource Portfolio Solutions S.A. |
Luxembourg | Financial Institutions | SD | CC | Distressed exchange | ||||||||
2/22/2023 |
Foodco Bondco SAU |
Spain | Retail/Restaurants | SD | CCC- | Missed interest payments | ||||||||
2/24/2023 |
Bausch Health Cos. Inc. |
Canada | Health care | SD | CCC+ | Distressed exchange | ||||||||
2/28/2023 |
Equinox Holdings Inc. |
U.S. | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
2/28/2023 |
Rising Tide Holdings, Inc. |
U.S. | Retail/Restaurants | SD | CC | Distressed exchange | ||||||||
3/1/2023 |
Akorn Operating Company LLC |
U.S. | Health Care | D | CCC+ | Bankruptcy | ||||||||
3/2/2023 |
Community Health Systems Inc. |
U.S. | Health Care | SD | B- | Distressed exchange | ||||||||
3/6/2023 |
LendingTree, Inc. |
U.S. | Media and entertainment | SD | B- | Distressed exchange | ||||||||
3/10/2023 |
Loyalty Ventures Inc. |
U.S. | Media and entertainment | D | CCC+ | Bankruptcy | ||||||||
3/10/2023 |
Silicon Valley Bank |
U.S. | Financial institutions | D | BBB | Regulatory | ||||||||
3/14/2023 |
Bioplan USA, Inc. |
U.S. | Media and entertainment | D | CCC | Out-Of-Court Restructuring | ||||||||
3/14/2023 |
Gol Linhas Aereas Inteligentes S.A. |
Brazil | Transportation | SD | CC | Distressed exchange | ||||||||
3/14/2023 |
Technicolor Creative Studios |
France | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
3/16/2023 |
Mallinckrodt plc |
Ireland | Health Care | SD | B- | Distressed exchange | ||||||||
3/17/2023 |
National CineMedia Inc. |
U.S. | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
3/17/2023 |
SVB Financial Group |
U.S. | Financial institutions | D | NR | Regulatory | ||||||||
3/20/2023 |
TV Azteca, S.A.B de C.V. |
Mexico | Media and entertainment | D | NR | Bankruptcy | ||||||||
3/23/2023 |
Flint HoldCo S.a r.l. |
Luxembourg | Chemicals, packaging, and environmental services | SD | CCC | Missed principal payments | ||||||||
3/31/2023 |
Toro Private Holdings I, Ltd |
U.K. | Transportation | SD | CCC+ | Distressed exchange | ||||||||
3/31/2023 |
Wahoo Fitness Acquisition LLC |
U.S. | Consumer products | D | CCC- | Missed principal and interest payments | ||||||||
4/5/2023 |
FQM (Akubra) Inc. |
Canada | Metals, mining, and steel | D | NR | Bankruptcy | ||||||||
4/6/2023 |
Lannett Company, Inc. |
U.S. | Health Care | SD | CCC+ | Missed interest payments | ||||||||
4/6/2023 |
Rodan & Fields, LLC |
U.S. | Consumer products | D | CCC- | Out-Of-Court Restructuring | ||||||||
4/6/2023 |
Covis Finco S.a r.l |
Switzerland | Health Care | SD | CCC+ | Distressed exchange | ||||||||
4/6/2023 | Confidential | Confidential | Capital goods | D | CCC- | Confidential | ||||||||
4/10/2023 |
QualTek LLC |
U.S. | Capital goods | SD | CCC+ | Missed interest payments | ||||||||
4/10/2023 | Confidential | Confidential | Media and entertainment | D | CC | Confidential | ||||||||
4/12/2023 | Confidential | Confidential | Utlities | D | CCC- | Confidential | ||||||||
4/12/2023 |
Guacolda Energia S.A (A) |
Chile | Utlities | D | CC | Distressed exchange | ||||||||
4/17/2023 |
David's Bridal, LLC |
U.S. | Consumer Products | D | NR | Bankruptcy | ||||||||
4/17/2023 |
Adler Group S.A. (ADO Group Ltd.) |
Luxembourg | Homebuilders/real estate companies | SD | CC | Distressed exchange | ||||||||
4/19/2023 |
Skillz Inc. |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
4/24/2023 |
Bed Bath & Beyond Inc.(B) |
U.S. | Retail/Restaurants | D | CCC- | Bankruptcy | ||||||||
4/27/2023 |
Burger BossCo Intermediate, Inc. |
U.S. | Retail/Restaurants | D | CCC- | Missed principal and interest payments | ||||||||
4/27/2023 |
Grupo IDESA, S.A. de C.V. |
Mexico | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
5/1/2023 |
FXI Holdings, Inc. |
U.S. | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
5/2/2023 | Confidential | Confidential | Consumer products | D | CCC- | Confidential | ||||||||
5/2/2023 |
WeWork Companies LLC |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
5/5/2023 |
Frigoglass SAIC |
Greece | Consumer products | SD | CC | Distressed exchange | ||||||||
5/8/2023 |
CatLuxe Sarl (CatLuxe Acquistion Sarl) |
Luxembourg | Consumer products | D | CC | Out-Of-Court Restructuring | ||||||||
5/10/2023 |
Range Parent Inc. |
U.S. | Capital goods | SD | CCC | Distressed exchange | ||||||||
5/15/2023 |
Telesat Canada (Telesat Holdings Inc.) |
Canada | Telecommunications | SD | CCC+ | Distressed exchange | ||||||||
5/16/2023 |
Envision Healthcare Corp. (Envision Healthcare Holdings Inc.) |
U.S. | Health Care | D | CCC | Bankruptcy | ||||||||
5/16/2023 |
Monitronics International Inc. |
U.S. | Media and entertainment | D | CCC | Bankruptcy | ||||||||
5/17/2023 |
At Home Group Inc. |
U.S. | Retail/Restaurants | SD | CCC+ | Distressed exchange | ||||||||
5/17/2023 |
CareerBuilder, LLC |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
5/18/2023 |
Curo Group Holdings Corp. |
U.S. | Financial institutions | SD | B- | Distressed exchange | ||||||||
5/18/2023 |
Venator Materials PLC |
U.K. | Chemicals, packaging, and environmental services | D | CCC- | Bankruptcy | ||||||||
5/22/2023 |
LifeScan Global Corp. |
U.S. | Health Care | SD | CC | Distressed exchange | ||||||||
5/24/2023 | Confidential | Confidential | Media and entertainment | D | CCC | Confidential | ||||||||
5/29/2023 | Confidential | Confidential | Forest products and building materials | SD | CCC- | Confidential | ||||||||
6/1/2023 |
Genesis Care Pty Ltd. |
Australia | Health care | D | CCC- | Bankruptcy | ||||||||
6/1/2023 |
Lucky Bucks, LLC |
U.S. | Media and entertainment | D | CCC- | Missed principal and interest payments | ||||||||
6/2/2023 |
Diebold Nixdorf Inc. |
U.S. | High Technology | D | CC | Bankruptcy | ||||||||
6/4/2023 |
PGX Holdings Inc. |
U.S. | Media and entertainment | D | NR | Bankruptcy | ||||||||
6/5/2023 |
KCIBT Holdings LP |
U.S. | Consumer Products | SD | CCC | Distressed exchange | ||||||||
6/6/2023 |
Cyxtera Technologies, Inc. |
U.S. | Telecommunications | D | CCC- | Bankruptcy | ||||||||
6/7/2023 |
U.S. TelePacific Holdings Corp. |
U.S. | Telecommunications | SD | CCC- | Distressed exchange | ||||||||
6/12/2023 |
Tacora Resources Inc. |
Canada | Metals, mining, and steel | D | CCC- | Missed Interest Payments | ||||||||
6/12/2023 |
InterCement Brasil S.A. (InterCement Participacoes S.A.) |
Brazil | Forest products and building materials | SD | CC | Missed principal and interest payments | ||||||||
6/13/2023 |
Instant Brands Holdings Inc. |
U.S. | Consumer Products | D | CCC- | Bankruptcy | ||||||||
6/21/2023 |
Photo Holdings, LLC |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
6/23/2023 |
URS Holdco, Inc. |
U.S. | Transportation | SD | CCC+ | Distressed exchange | ||||||||
6/30/2023 | Confidential | Confidential | Aerospace and defense | D | CCC- | Confidential | ||||||||
7/14/2023 |
Azul S.A. |
Brazil | Transportation | SD | CC | Distressed exchange | ||||||||
7/14/2023 |
NSA International, LLC |
U.S. | Consumer Products | D | CCC- | Distressed exchange | ||||||||
7/18/2023 |
MVK Intermediate Holdings, LLC |
U.S. | Consumer Products | SD | CCC- | Missed Interest Payments | ||||||||
7/18/2023 |
Mallinckrodt plc |
Ireland | Health care | SD | CCC | Missed Interest Payments | ||||||||
7/20/2023 |
Anchor Glass Container Corp. |
U.S. | Chemicals, packaging, and environmental services | SD | CCC | Missed Interest Payments | ||||||||
7/21/2023 |
Exela Technologies, Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
7/28/2023 |
U.S. Renal Care, Inc. |
U.S. | Health care | D | CCC+ | Distressed exchange | ||||||||
8/1/2023 | Confidential | Confidential | Homebuilders/real estate companies | SD | CCC- | Confidential | ||||||||
8/1/2023 | Confidential | Confidential | Capital Goods | D | CCC | Confidential | ||||||||
8/4/2023 | Confidential | Confidential | Media and entertainment | SD | CC | Confidential | ||||||||
8/7/2023 |
Western Global Airlines Inc. |
U.S. | Transportation | D | NR | Bankruptcy | ||||||||
8/8/2023 |
Takko Fashion S.a.r.l. |
Luxembourg | Consumer products | D | CC | Distressed exchange | ||||||||
8/8/2023 |
Yellow Corp. |
U.S. | Transportation | D | CC | Bankruptcy | ||||||||
8/9/2023 | Confidential | Confidential | Homebuilders/real estate companies | SD | CCC | Confidential | ||||||||
8/10/2023 |
Rackspace Technology Global, Inc. |
U.S. | High Technology | SD | CCC+ | Distressed exchange | ||||||||
8/16/2023 |
CNG Holdings, Inc. |
U.S. | Financial Institutions | SD | CC | Distressed exchange | ||||||||
8/16/2023 |
Guacolda Energia S.A (B) |
Chile | Utlities | D | CC | Distressed exchange | ||||||||
8/16/2023 |
Strategic Materials Holding Corp. |
U.S. | Chemicals, packaging, and environmental services | D | CC | Missed principal and interest payments | ||||||||
8/21/2023 |
Pure Fishing, Inc. |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
8/22/2023 |
Dawn Acquisitions LLC |
U.S. | Telecommunications | SD | CCC | Distressed exchange | ||||||||
8/25/2023 |
Maverick Gaming LLC |
U.S. | Media and entertainment | SD | B- | Distressed exchange | ||||||||
8/28/2023 |
Digital Media Solutions, Inc. |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
8/31/2023 |
Casino Guichard - Perrachon S.A. |
France | Retail/Restaurants | D | CC | Missed Interest Payments | ||||||||
9/1/2023 |
Carvana Co. |
U.S. | Automotive | D | CC | Distressed exchange | ||||||||
9/7/2023 |
Cornerstone Chemical Co. |
U.S. | Chemicals, packaging, and environmental services | D | CC | Missed Interest Payments | ||||||||
9/11/2023 |
Haya Holdco 2 PLC |
Spain | Consumer Products | D | CC | Distressed exchange | ||||||||
9/13/2023 |
Learfield Communications, LLC |
U.S. | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
9/15/2023 | Confidential | Confidential | Transportation | SD | CC | Confidential | ||||||||
9/19/2023 |
Sunac China Holdings Ltd. |
Cayman Island | Homebuilders/real estate companies | D | NR | Bankruptcy | ||||||||
9/21/2023 |
Ideal Standard International S.A. |
Luxembourg | Forest products and building materials | D | CC | Distressed exchange | ||||||||
9/21/2023 | Confidential | Confidential | Capital goods | SD | CCC+ | Confidential | ||||||||
9/21/2023 |
Rising Tide Holdings, Inc. |
U.S. | Retail/Restaurants | SD | CCC | Distressed exchange | ||||||||
9/21/2023 |
Wheel Pros, Inc. |
U.S. | Automotive | SD | CCC | Distressed exchange | ||||||||
9/25/2023 | Confidential | Confidential | Capital goods | SD | CC | Confidential | ||||||||
Data as of Sep. 30, 2023. NR--Not rated. SD--Selective default. Sources: S&P Global Ratings Credit Research & Insights and S&P Global Market Intelligence's CreditPro®. |
Related Research
- Rising Selective Defaults Are A Slippery Slope, July 10, 2023
- The European Speculative-Grade Corporate Default Rate Could Rise To 3.75% By June 2024, Aug. 18, 2023
- The U.S. Speculative-Grade Corporate Default Rate Could Rise To 4.5% By June 2024, Aug. 17, 2023
- Carvana Co. Downgraded To ‘D’ From ‘CC’ On Completion Of Distressed Exchange; Senior Notes Rating Lowered To ‘D’, Sept. 2, 2023
- Cornerstone Chemical Co. Downgraded To ‘D’ From ‘CC’ On Missed Interest Payment, Sept. 8, 2023
- Learfield Communications LLC Downgraded To ‘SD’ On Debt-For-Equity Exchange, Debt Ratings Lowered To ‘D’, Sept. 14, 2023
- Ideal Standard International S.A. Ratings Lowered To ‘D’ From ‘CC’ On Distressed Exchange, Sept. 21, 2023
- Rising Tide Holdings Inc. Downgraded To ‘SD’ After Distressed Exchange; Debt Ratings Lowered To ‘D’, Sept. 22, 2023
- Wheel Pros Inc. Downgraded To ‘SD’ From ‘CCC’ Following Distressed Transaction, Sept. 22, 2023
- Haya Holdco 2 Downgraded To ‘D’ And Debt Rating Lowered To ‘D’ From ‘CC’ On Distressed Exchange; Ratings Withdrawn, Sept. 11, 2023
- This Month In Credit, Sept. 27, 2023
- Industry Top Trends: Capital Goods, July 18, 2023
Default Studies
More analysis and statistics are available in our annual default studies, published on RatingsDirect:
Corporate (financial and nonfinancial)
- 2021 Annual Global Financial Services Default And Rating Transition Study
- 2022 Annual Global Corporate Default And Rating Transition Study
- 2021 Annual U.S. Corporate Default And Rating Transition Study
- 2022 Annual European Corporate Default And Rating Transition Study
- 2022 Annual Japanese Corporate And Public Finance Default And Rating Transition Study
- 2021 Annual Asia Corporate Default And Rating Transition Study
- 2022 Annual Taiwan Ratings Corp. Corporate Default And Rating Transition Study
- 2022 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study
- 2021 Annual Greater China Corporate Default And Rating Transition Study
Structured finance
- 2022 Annual Japanese Structured Finance Default And Rating Transition Study
- 2021 Annual European Structured Finance Default And Rating Transition Study
- 2022 Annual Taiwan Ratings Corp. Structured Finance Default And Rating Transition Study
- 2021 Annual Mexican Structured Finance Default And Rating Transition Study
- 2022 Annual Global Leveraged Loan CLO Default And Rating Transition Study
Public finance
- 2022 Annual U.S. Public Finance Default And Rating Transition Study
- 2022 Annual International Public Finance Default And Rating Transition Study
- 2021 Annual Mexican National Scale Corporate And Public Finance Default And Rating Transition Study
Sovereign and international public finance
This report does not constitute a rating action.
Credit Research & 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: | Vaishali Singh, Pune; vaishali.singh2@spglobal.com |
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