Key Takeaways
- The number of corporate defaults rose to 153 in 2023, up 80% from 2022 (85 defaults).
- There was a shift in the regions and sectors seeing more defaults: The U.S. accounted for 63% of defaults and consumer-facing sectors accounted for 42%.
- Distressed exchanges were the largest driver of defaults in 2023, accounting for over 40% of defaults for the third straight year.
- We expect consumer-facing sectors to lead defaults again in 2024. Because of higher interest rates, we also expect mounting pressure on issuers with higher debt burdens.
S&P Global Ratings' 2023 global corporate default tally reached 153 following 12 defaults in December:
- U.S.-based Matrix Holdings Inc.
- U.K.-based oil and gas exploration and production company Tullow Oil
- U.S.-based medical scribing services provider HealthChannels Intermediate HoldCo LLC
- U.S.-based online consumer platform LendingTree Inc.
- U.S.-based hospital operator Community Health Systems Inc.
- Luxembourg-based paper products manufacturer Lecta Ltd.
- U.S.-based youth sports products manufacturer Outerstuff LLC
- U.S.-based FR BR Holdings LLC
- U.S.-based component and control systems manufacturer Range Parent Inc.
- German elevator components manufacturer Wittur International Holding GmbH
- Austria-based property developer Signa Development Selection AG
- Switzerland-based pigment maker SK Neptune Husky Intermediate IV S.a.r.l.
The U.S. led defaults in 2023 with 96--63% of all defaults globally and 2.6 times the number of defaults in the U.S. in 2022. We attribute the high number of U.S. defaults, in part, to a higher number of issuers having been rated 'CCC+' or below for an extended period of time, with many firms seeing negative cash flows coupled with elevated leverage, high interest expenses, and weak liquidity.
There were fewer defaults in Europe in 2023 than in the U.S., but Europe still had an elevated number of defaults last year, with 30. That is nearly double the number of defaults in the region in 2022 and is its second-highest annual default tally since 2009 (see chart 1).
In 2024, we expect further credit deterioration globally, predominantly at the lower end of the rating scale (rated 'B-' or below), where close to 40% of issuers are at risk of downgrades. We expect financing costs to remain elevated despite the prospect of rate cuts. And while borrowers have reduced their 2024 maturities, a large share of speculative-grade debt is expected to mature in 2025 and 2026 (see "Global Credit Outlook 2024: New Risks, New Playbook," published Dec. 4, 2023).
We think slower economic growth and higher financing costs will contribute to increasing default rates. We expect the U.S. and European trailing-12-month speculative-grade corporate default rates to reach 5% and 3.75%, respectively, by September 2024 (see "Higher Rates For Even Longer Could Push The U.S. Speculative-Grade Corporate Default Rate To 5% By September 2024," published Nov. 16, 2023, and "Elevated Interest Rates Could Push The European Speculative-Grade Corporate Default Rate To 3.75% By September 2024," published Nov. 17, 2023).
Chart 1
Sector Default Trends That Emerged In 2023
The media and entertainment sector drove defaults last year, with 31--more than triple the previous year's tally and matching its highest annual tally since 2009 (see chart 2). Sectors exposed to consumer spending--such as media and entertainment, consumer products (19 defaults), and retail (14)--accounted for 42% of total defaults in 2023, and we think they will likely continue to lead defaults in 2024 given our expectation of slower global economic growth and the already elevated number of weakest links in those sectors (that is, issuers rated 'B-' or lower with a negative outlook or on CreditWatch with negative implications).
However, we also expect the pressures from higher interest rates to become more widespread, straining cash flows--particularly for issuers with higher debt burdens. The health care sector emerged in 2023 as a sector of note, posting the third-highest default tally of any sector, with 18 defaults--three times its 2022 tally and six times its 2021 tally. Specifically, the sector is dealing with increased debt burdens and increased strains from staffing shortages. The media and entertainment, consumer products, and health care sectors together account for more than 40% of all weakest links globally.
Chart 2
For The Third Year In A Row, Distressed Exchanges Represented More Than 40% Of Total Defaults
Distressed exchanges continued to be the primary reason for defaults in 2023, and they accounted for seven of the 12 defaults in December. There were 72 distressed exchanges last year, well above the five-year average of 51, as issuers became more likely to settle distress out of court (see chart 3). We expect this trend to continue into 2024 since companies may use distressed exchanges as a tool to manage looming maturity dates, especially as high interest rates keep refinancing out of reach for some lower-rated issuers.
Chart 3
Chart 4
Table 1
| Global corporate default summary | ||||||
|---|---|---|---|---|---|---|
| The U.S. default rate is estimated to go even higher | ||||||
| Trailing-12-month speculative-grade default rate (%) | Weakest links (no.) | |||||
| U.S. | 4.44* | 228 | ||||
| Emerging markets | 1.9 | 24 | ||||
| Europe | 3.47* | 49 | ||||
| Other developed | 4.4 | 8 | ||||
| Global | 3.5 | 309 | ||||
| Note: *Trailing-12-month speculative-grade default rates are for Dec. 31, 2023-Dec. 31, 2023, and are preliminary and subject to change. Trailing-12-month speculative-grade default rates are for Nov. 30, 2023-Nov. 30, 2023. Year-to-date data is as of Dec. 31, 2023. Weakest links data is as of Dec. 31, 2023. Other developed regions includes Australia, Canada, Japan, and New Zealand. Default counts may include confidentially rated issuers. Sources: S&P Global Market Intelligence’s CreditPro® and S&P Global Ratings Credit Research & Insights. | ||||||
Table 2
| The global corporate default tally ended 2023 at 153 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Parent company | Country/market | Subsector | To | From | Reason | ||||||||
| 01/03/23 |
Moran Foods LLC (A) |
U.S. | Retail and restaurants | SD | CCC+ | Distressed exchange | ||||||||
| 01/16/23 |
Americanas S.A. |
Brazil | Retail and restaurants | D | B | Missed principal and interest payments | ||||||||
| 01/19/23 |
Party City Holdings Inc. |
U.S. | Retail and restaurants | D | CCC | Bankruptcy | ||||||||
| 01/20/23 |
Mexarrend S.A.P.I. de C.V. |
Mexico | Financial institutions | D | CC | Missed principal and interest payments | ||||||||
| 01/24/23 |
Serta Simmons Bedding LLC |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
| 01/27/23 |
Bed Bath & Beyond Inc. (A) |
U.S. | Retail and restaurants | D | CC | Missed principal and interest payments | ||||||||
| 01/30/23 |
Cooper-Standard Holdings Inc. |
U.S. | Automotive | SD | CC | Distressed exchange | ||||||||
| 01/31/23 |
Missouri TopCo Ltd. |
U.K. | Consumer products | SD | CCC- | Distressed exchange | ||||||||
| 01/31/23 |
Invacare Corp. |
U.S. | Health care | D | NR | Bankruptcy | ||||||||
| 02/03/23 |
Oi S.A. |
Brazil | Telecommunications | D | CCC- | Missed principal and interest payments | ||||||||
| 02/09/23 |
KNB Holdings Corp. |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
| 02/10/23 |
Yak Access LLC |
U.S. | Capital goods | D | CCC | Distressed exchange | ||||||||
| 02/14/23 |
K&N Parent Inc. |
U.S. | Automotive | D | CCC- | Distressed exchange | ||||||||
| 02/15/23 |
99 cents only stores LLC |
U.S. | Retail and restaurants | SD | CCC+ | Missed payments | ||||||||
| 02/15/23 |
Avaya Holdings Corp. |
U.S. | High technology | D | CC | Bankruptcy | ||||||||
| 02/15/23 |
Diamond Sports Group LLC |
U.S. | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
| 02/16/23 |
Stanadyne Holdings Inc. |
U.S. | Capital goods | D | NR | Bankruptcy | ||||||||
| 02/16/23 | Confidential | Confidential | Media and entertainment | D | CC | Confidential | ||||||||
| 02/17/23 |
AMC Entertainment Holdings Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| 02/17/23 |
Premier Brands Group Holdings LLC |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
| 02/22/23 |
Altisource Portfolio Solutions S.A. |
Luxembourg | Financial institutions | SD | CC | Distressed exchange | ||||||||
| 02/22/23 |
Foodco Bondco SAU |
Spain | Retail and restaurants | SD | CCC- | Missed interest payments | ||||||||
| 02/24/23 |
Bausch Health Cos. Inc. |
Canada | Health care | SD | CCC+ | Distressed exchange | ||||||||
| 02/28/23 |
Equinox Holdings Inc. |
U.S. | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
| 02/28/23 |
Rising Tide Holdings Inc. (A) |
U.S. | Retail and restaurants | SD | CC | Distressed exchange | ||||||||
| 03/01/23 |
Akorn Operating Co. LLC |
U.S. | Health care | D | CCC+ | Bankruptcy | ||||||||
| 03/02/23 |
Community Health Systems Inc. |
U.S. | Health care | SD | B- | Distressed exchange | ||||||||
| 03/06/23 |
LendingTree Inc. |
U.S. | Media and entertainment | SD | B- | Distressed exchange | ||||||||
| 03/10/23 |
Loyalty Ventures Inc. |
U.S. | Media and entertainment | D | CCC+ | Bankruptcy | ||||||||
| 03/10/23 |
Silicon Valley Bank |
U.S. | Financial institutions | D | BBB | Regulatory | ||||||||
| 03/14/23 |
Bioplan USA Inc. |
U.S. | Media and entertainment | D | CCC | Out-of-court restructuring | ||||||||
| 03/14/23 |
Gol Linhas Aereas Inteligentes S.A. |
Brazil | Transportation | SD | CC | Distressed exchange | ||||||||
| 03/14/23 |
Technicolor Creative Studios |
France | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
| 03/16/23 |
Mallinckrodt PLC |
Ireland | Health care | SD | B- | Distressed exchange | ||||||||
| 03/17/23 |
National CineMedia Inc. |
U.S. | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
| 03/17/23 |
SVB Financial Group |
U.S. | Financial institutions | D | NR | Regulatory | ||||||||
| 03/20/23 |
TV Azteca S.A. de C.V. |
Mexico | Media and entertainment | D | NR | Bankruptcy | ||||||||
| 03/23/23 |
Flint HoldCo S.a.r.l. |
Luxembourg | Chemicals, packaging, and environmental services | SD | CCC | Missed principal payments | ||||||||
| 03/31/23 |
Toro Private Holdings I Ltd. |
U.K. | Transportation | SD | CCC+ | Distressed exchange | ||||||||
| 03/31/23 |
Wahoo Fitness Acquisition LLC |
U.S. | Consumer products | D | CCC- | Missed principal and interest payments | ||||||||
| 04/05/23 |
FQM (Akubra) Inc. |
Canada | Metals, mining, and steel | D | NR | Bankruptcy | ||||||||
| 04/06/23 |
Lannett Co. Inc. |
U.S. | Health care | SD | CCC+ | Missed interest payments | ||||||||
| 04/06/23 |
Rodan & Fields LLC |
U.S. | Consumer products | D | CCC- | Out-of-court restructuring | ||||||||
| 04/06/23 |
Covis Finco S.a.r.l. |
Switzerland | Health care | SD | CCC+ | Distressed exchange | ||||||||
| 04/06/23 | Confidential | Confidential | Capital goods | D | CCC- | Confidential | ||||||||
| 04/10/23 |
QualTek LLC |
U.S. | Capital goods | SD | CCC+ | Missed interest payments | ||||||||
| 04/10/23 | Confidential | Confidential | Media and entertainment | D | CC | Confidential | ||||||||
| 04/12/23 | Confidential | Confidential | Utilities | D | CCC- | Confidential | ||||||||
| 04/12/23 |
Guacolda Energia S.A. (A) |
Chile | Utilities | D | CC | Distressed exchange | ||||||||
| 04/17/23 |
Adler Group S.A. |
Luxembourg | Homebuilders and real estate companies | SD | CC | Distressed exchange | ||||||||
| 04/17/23 |
David's Bridal Inc. |
U.S. | Consumer products | D | NR | Bankruptcy | ||||||||
| 04/19/23 |
Skillz Inc. |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
| 04/24/23 |
Bed Bath & Beyond Inc. (B) |
U.S. | Retail and restaurants | D | CCC- | Bankruptcy | ||||||||
| 04/27/23 |
Burger BossCo Intermediate Inc. |
U.S. | Retail and restaurants | D | CCC- | Missed principal and interest payments | ||||||||
| 04/27/23 |
Grupo IDESA S.A. de C.V. |
Mexico | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
| 05/01/23 |
FXI Holdings Inc. |
U.S. | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
| 05/02/23 | Confidential | Confidential | Consumer products | D | CCC- | Confidential | ||||||||
| 05/02/23 |
WeWork Cos. LLC (A) |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| 05/05/23 |
Frigoglass SAIC |
Greece | Consumer products | SD | CC | Distressed exchange | ||||||||
| 05/08/23 |
CatLuxe S.a.r.l. |
Luxembourg | Consumer products | D | CC | Out-of-court restructuring | ||||||||
| 05/10/23 |
Range Parent Inc. |
U.S. | Capital goods | SD | CCC | Distressed exchange | ||||||||
| 05/15/23 |
Telesat Canada |
Canada | Telecommunications | SD | CCC+ | Distressed exchange | ||||||||
| 05/16/23 |
Envision Healthcare Corp. |
U.S. | Health care | D | CCC | Bankruptcy | ||||||||
| 05/16/23 |
Monitronics International Inc. |
U.S. | Media and entertainment | D | CCC | Bankruptcy | ||||||||
| 05/17/23 |
At Home Group Inc. |
U.S. | Retail and restaurants | SD | CCC+ | Distressed exchange | ||||||||
| 05/17/23 |
CareerBuilder LLC |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
| 05/18/23 |
Curo Group Holdings Corp. |
U.S. | Financial institutions | SD | B- | Distressed exchange | ||||||||
| 05/18/23 |
Venator Materials PLC |
U.K. | Chemicals, packaging, and environmental services | D | CCC- | Bankruptcy | ||||||||
| 05/22/23 |
LifeScan Global Corp. |
U.S. | Health care | SD | CC | Distressed exchange | ||||||||
| 05/24/23 | Confidential | Confidential | Media and entertainment | D | CCC | Confidential | ||||||||
| 05/29/23 | Confidential | Confidential | Forest products and building materials | SD | CCC- | Confidential | ||||||||
| 06/01/23 |
Genesis Care Pty Ltd. |
Australia | Health care | D | CCC- | Bankruptcy | ||||||||
| 06/01/23 |
Lucky Bucks LLC |
U.S. | Media and entertainment | D | CCC- | Missed principal and interest payments | ||||||||
| 06/02/23 |
Diebold Nixdorf Inc. |
U.S. | High technology | D | CC | Bankruptcy | ||||||||
| 06/04/23 |
PGX Holdings Inc. |
U.S. | Media and entertainment | D | NR | Bankruptcy | ||||||||
| 06/05/23 |
KCIBT Holdings L.P. |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
| 06/06/23 |
Cyxtera Technologies Inc. |
U.S. | Telecommunications | D | CCC- | Bankruptcy | ||||||||
| 06/07/23 |
U.S. TelePacific Holdings Corp. |
U.S. | Telecommunications | SD | CCC- | Distressed exchange | ||||||||
| 06/09/23 |
Tacora Resources Inc. |
Canada | Metals, mining, and steel | D | CCC- | Missed interest payments | ||||||||
| 06/12/23 |
InterCement Brasil S.A. |
Brazil | Forest products and building materials | SD | CC | Missed principal and interest payments | ||||||||
| 06/13/23 |
Instant Brands Holdings Inc. |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
| 06/21/23 |
Photo Holdings LLC |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| 06/23/23 |
URS Holdco Inc. |
U.S. | Transportation | SD | CCC+ | Distressed exchange | ||||||||
| 06/30/23 | Confidential | Confidential | Aerospace and defense | D | CCC- | Confidential | ||||||||
| 07/14/23 |
Azul S.A. |
Brazil | Transportation | SD | CC | Distressed exchange | ||||||||
| 07/14/23 |
NSA International LLC |
U.S. | Consumer products | D | CCC- | Distressed exchange | ||||||||
| 07/18/23 |
MVK Intermediate Holdings LLC |
U.S. | Consumer products | SD | CCC- | Missed interest payments | ||||||||
| 07/18/23 |
Mallinckrodt PLC |
Ireland | Health care | SD | CCC | Missed interest payments | ||||||||
| 07/20/23 |
Anchor Glass Container Corp. |
U.S. | Chemicals, packaging, and environmental services | SD | CCC | Missed interest payments | ||||||||
| 07/21/23 |
Exela Technologies Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| 07/28/23 |
U.S. Renal Care Inc. |
U.S. | Health care | D | CCC+ | Distressed exchange | ||||||||
| 08/01/23 | Confidential | Confidential | Homebuilders and real estate companies | SD | CCC- | Confidential | ||||||||
| 08/01/23 | Confidential | Confidential | Capital goods | D | CCC | Confidential | ||||||||
| 08/04/23 | Confidential | Confidential | Media and entertainment | SD | CC | Confidential | ||||||||
| 08/07/23 |
Western Global Airlines Inc. |
U.S. | Transportation | D | NR | Bankruptcy | ||||||||
| 08/08/23 |
Takko Fashion S.a.r.l. |
Luxembourg | Consumer products | D | CC | Distressed exchange | ||||||||
| 08/08/23 |
Yellow Corp. |
U.S. | Transportation | D | CC | Bankruptcy | ||||||||
| 08/09/23 | Confidential | Confidential | Homebuilders and real estate companies | SD | CCC | Confidential | ||||||||
| 08/10/23 |
Rackspace Technology Global Inc. |
U.S. | High technology | SD | CCC+ | Distressed exchange | ||||||||
| 08/16/23 |
CNG Holdings Inc. |
U.S. | Financial institutions | SD | CC | Distressed exchange | ||||||||
| 08/16/23 |
Guacolda Energia S.A. (B) |
Chile | Utilities | D | CC | Distressed exchange | ||||||||
| 08/16/23 |
Strategic Materials Holding Corp. |
U.S. | Chemicals, packaging, and environmental services | D | CC | Missed principal and interest payments | ||||||||
| 08/21/23 |
Pure Fishing Inc. |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
| 08/22/23 |
Dawn Acquisitions LLC |
U.S. | Telecommunications | SD | CCC | Distressed exchange | ||||||||
| 08/25/23 |
Maverick Gaming LLC |
U.S. | Media and entertainment | SD | B- | Distressed exchange | ||||||||
| 08/28/23 |
Digital Media Solutions Inc. |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
| 08/31/23 |
Casino Guichard - Perrachon S.A. |
France | Retail and restaurants | D | CC | Missed interest payments | ||||||||
| 09/01/23 |
Carvana Co. |
U.S. | Automotive | D | CC | Distressed exchange | ||||||||
| 09/07/23 |
Cornerstone Chemical Co. |
U.S. | Chemicals, packaging, and environmental services | D | CC | Missed interest payments | ||||||||
| 09/11/23 |
Haya Holdco 2 PLC |
Spain | Consumer products | D | CC | Distressed exchange | ||||||||
| 09/13/23 |
Learfield Communications LLC |
U.S. | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
| 09/15/23 | Confidential | Confidential | Transportation | SD | CC | Confidential | ||||||||
| 09/19/23 |
Sunac China Holdings Ltd. |
Cayman Islands | Homebuilders and real estate companies | D | NR | Bankruptcy | ||||||||
| 09/21/23 |
Ideal Standard International S.A. |
Luxembourg | Forest products and building materials | D | CC | Distressed exchange | ||||||||
| 09/21/23 | Confidential | Confidential | Capital goods | SD | CCC+ | Confidential | ||||||||
| 09/21/23 |
Rising Tide Holdings Inc. (B) |
U.S. | Retail and restaurants | SD | CCC | Distressed exchange | ||||||||
| 09/21/23 |
Wheel Pros Inc. |
U.S. | Automotive | SD | CCC | Distressed exchange | ||||||||
| 09/25/23 | Confidential | Confidential | Capital goods | SD | CC | Confidential | ||||||||
| 10/04/23 |
Poseidon Investment Intermediate L.P. |
U.S. | Chemicals, packaging, and environmental services | SD | CCC+ | Distressed exchange | ||||||||
| 10/04/23 | Confidential | Confidential | Consumer products | SD | CCC+ | Confidential | ||||||||
| 10/13/23 |
Ensign Energy Services Inc. |
Canada | Oil and gas | SD | CCC | Distressed exchange | ||||||||
| 10/16/23 |
Rite Aid Corp. |
U.S. | Retail and restaurants | D | CCC- | Bankruptcy | ||||||||
| 10/19/23 | Confidential | Confidential | Media and entertainment | SD | CCC | Confidential | ||||||||
| 10/24/23 |
Akumin Inc. |
Canada | Health care | D | CCC | Bankruptcy | ||||||||
| 10/25/23 |
Air Methods Corp. |
U.S. | Health care | D | CCC | Bankruptcy | ||||||||
| 10/25/23 |
Investimentos e Participacoes em Infraestrutura S.A. - Invepar |
Brazil | Transportation | D | CCC- | Distressed exchange | ||||||||
| 10/25/23 |
Muganbank OJSC |
Azerbaijan | Financial institutions | D | B- | Regulatory | ||||||||
| 11/01/23 |
ClubCorp Holdings Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| 11/01/23 |
TortoiseEcofin Parent Holdco LLC |
U.S. | Financial institutions | SD | CCC | Distressed exchange | ||||||||
| 11/01/23 |
WeWork Cos. LLC (B) |
U.S. | Media and entertainment | SD | CCC | Missed interest payments | ||||||||
| 11/02/23 |
Unigel Participacoes S.A. |
Brazil | Chemicals, packaging, and environmental services | D | CCC- | Missed interest payments | ||||||||
| 11/08/23 |
Audacy Inc. |
U.S. | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
| 11/09/23 |
CWT Travel Group Inc. |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
| 11/10/23 |
Telesat Canada (B) |
Canada | Telecommunications | SD | CCC+ | Distressed exchange | ||||||||
| 11/13/23 |
API Holdings III Corp. |
U.S. | Aerospace and defense | SD | CCC+ | Distressed exchange | ||||||||
| 11/13/23 |
Quincy Health LLC |
U.S. | Health care | SD | CCC | Distressed exchange | ||||||||
| 11/14/23 |
MHP SE |
Ukraine | Consumer products | SD | CC | Distressed exchange | ||||||||
| 11/15/23 |
Moran Foods LLC (B) |
U.S. | Retail and restaurants | SD | CCC+ | Distressed exchange | ||||||||
| 11/20/23 |
FinThrive Software Intermediate Holdings Inc. |
U.S. | Health care | SD | CCC+ | Distressed exchange | ||||||||
| 11/27/23 |
Tele Columbus AG |
Germany | Telecommunications | D | CCC | Missed interest payments | ||||||||
| 11/28/23 |
Praesidiad Group Ltd. |
U.K. | Capital goods | D | CCC- | Distressed exchange | ||||||||
| 12/05/23 |
Matrix Holdings Inc. |
U.S. | Telecommunications | SD | CCC | Missed interest payments | ||||||||
| 12/05/23 |
Tullow Oil |
U.K. | Oil and gas | SD | CC | Distressed exchange | ||||||||
| 12/06/23 |
HealthChannels Intermediate HoldCo LLC (HealthChannels LLC) |
U.S. | Health care | SD | CCC | Distressed exchange | ||||||||
| 12/07/23 |
LendingTree Inc. (B) |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
| 12/11/23 |
Community Health Systems Inc. (B) |
U.S. | Health care | SD | CCC+ | Distressed exchange | ||||||||
| 12/11/23 |
Lecta Ltd. |
Luxembourg | Forest products and building materials | SD | CC | Distressed exchange | ||||||||
| 12/13/23 |
Outerstuff LLC |
U.S. | Consumer products | SD | CCC- | Missed principal and interest payments | ||||||||
| 12/15/23 |
FR BR Holdings LLC |
U.S. | Utilities | D | CCC- | Missed principal and interest payments | ||||||||
| 12/19/23 |
Range Parent Inc. (B) |
U.S. | Capital goods | SD | CCC | Distressed exchange | ||||||||
| 12/21/23 |
Wittur International Holding GmbH |
Germany | Capital goods | D | CC | Distressed exchange | ||||||||
| 12/22/23 |
Signa Development Selection AG |
Austria | Homebuilders and real estate companies | D | CC | Bankruptcy | ||||||||
| 12/28/23 |
SK Neptune Husky Intermediate IV S.a r.l. |
Switzerland | Chemicals, packaging, and environmental services | D | CCC+ | Missed principal and interest payments | ||||||||
| SD--Selective default. NR--Not rated. Sources: S&P Global Market Intelligence's CreditPro and S&P Global Ratings Credit Research & Insights. | ||||||||||||||
We would like to thank our colleague Lyndon Fernandes with the CRISIL Global Analytical Center for his assistance with this report.
Related Research
- Research Update: SK Neptune Husky Intermediate IV S.a.r.l. Downgraded To 'D' On Forbearance Agreement; Issue Ratings Lowered To 'D', Dec. 28, 2023
- Research Update: Signa Development Selection Downgraded To 'D' From 'CC' On Presumed Event Of Default On Its 2026 Senior Unsecured Bond, Dec. 22, 2023
- Research Update: Elevator Component Maker Wittur International Downgraded To 'D' (Default) On Unanimous Agreement To Restructure Debt, Dec. 21, 2023
- Research Update: Range Parent Inc. Downgraded To 'SD' From 'CCC' On Debt-Restructuring; Certain Issue Level Ratings Lowered To 'D', Dec. 19, 2023
- Research Update: FR BR Holdings LLC Downgraded To 'D' From 'CCC-' On Missed Interest and Principal Payments, Dec. 15, 2023
- Research Update: Outerstuff Issuer Credit Rating Lowered To 'SD', Debt Lowered To 'D', Dec. 13, 2023
- Research Update: Community Health Systems Downgraded To 'SD' From 'CCC+' On Distressed Exchange; Secured Notes Rated 'B-' (Recovery: '2'), Dec. 11, 2023
- Research Update: Lecta Ltd. Downgraded To 'SD' On Debt Restructuring; Ratings Withdrawn At Issuer's Request, Dec. 11, 2023
- Research Update: LendingTree Inc. Downgraded To ‘SD’ From 'CCC+' On Distressed Debt Repurchase, Dec. 7, 2023
- Research Update: HealthChannels Intermediate HoldCo LLC Downgraded To 'SD' On Subpar Debt Repurchases, Debt Rating Lowered To 'D', Dec. 6, 2023
- Research Update: Matrix Holdings Inc. Downgraded To 'SD' From 'CCC' On Missed Interest Payment, Dec. 5, 2023
- Research Update: Tullow Oil Downgraded To 'SD' On Distressed Debt Repurchase; Senior Secured Notes Downgraded To 'D', Dec. 5, 2023
- This Month In Credit: Rising Stars Reach A New High, Nov. 29, 2023
- Default, Transition, and Recovery: Elevated Interest Rates Could Push The European Speculative-Grade Corporate Default Rate To 3.75% By September 2024, Nov. 17, 2023
- Default, Transition, and Recovery: Higher Rates For Even Longer Could Push The U.S. Speculative-Grade Corporate Default Rate To 5% By September 2024, Nov. 16, 2023
Default studies
More analyses and statistics are available in our annual default studies, published on RatingsDirect.
Corporate (financial and nonfinancial):
- 2022 Annual Global Financial Services Default And Rating Transition Study
- 2022 Annual Global Corporate Default And Rating Transition Study
- 2022 Annual U.S. Corporate Default And Rating Transition Study
- 2022 United Kingdom 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
- 2022 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
- 2022 Annual Greater China Corporate Default And Rating Transition Study
Structured finance:
- 2022 Annual Global Structured Finance Default And Rating Transition Study
- 2022 Annual Japanese Structured Finance Default And Rating Transition Study
- 2022 Annual European Structured Finance Default And Rating Transition Study
- 2022 Annual Taiwan Ratings Corp. Structured Finance Default And Rating Transition Study
- 2022 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
- 2022 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: | Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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