(Editor's Note: With the end of the year just around the corner, we've shortened and combined our two monthly series "Weakest Links" and "Distressed Debt Monitor." Comprehensive reports detailing the complete year-end 2019 and long-term trends will be released in January.)
Key Takeaways
- The number of weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications) grew to 272 in November from 266 in October. Historically, this is the highest tally since September 2009--and significant, because weakest links typically default at a rate eight times that of standard-bearer speculative-grade issuers.
- Regionally, Latin America has seen the greatest percent increase in weakest links, to 29 issuers from 12 in November 2018, demonstrating likely higher default rates in 2020 from its current 22-month low of 1.2%.
- The consumer products sector leads the tally with 49 weakest links (18% of the total). However, this month the media and leisure sector has the most additions with four issuers.
- The U.S. distress ratio (defined as the proportion of speculative-grade issues with option-adjusted composite spreads of more than 1,000 basis points, or bps, relative to U.S. Treasuries) has widened to 8.9% in November from 8.5% in October with spreads at the 'CCC' rating categories persistently wider than 1,000 bps (since May) after tapering for much of the second quarter of 2019.
- The oil and gas sector remains a strong contributor to this ratio (as it did in 2016 when oil price shocks pushed the sector's default rate well into double-digits). The sector's distressed ratio, at 36.4%, is the highest among all sectors (see table 1).
Chart 1
Table 1
Oil And Gas, Telecommunication, And Health Care Has 62% Of The Total Affected Debt | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Distressed ratio * (%) | Debt-based distressed ratio (%) | Number of distressed issues | Total debt affected (mil. $) | % change of distressed credits by sector | ||||||||
Aerospace and defense | N/A | N/A | 0 | 0 | N/A | |||||||
Automotive | 2.5 | 1.7 | 1 | 375 | ||||||||
Banks and brokers | N/A | N/A | 0 | 0 | N/A | |||||||
Capital goods | 8.5 | 7.6 | 5 | 2,190 | 0.0 | |||||||
Chemicals, packaging, and environmental services | 1 | 1.4 | 1 | 775 | 100.0 | |||||||
Consumer products | 4.6 | 4.3 | 6 | 3,107 | (25.0) | |||||||
Financial institutions | 3.6 | 4.3 | 5 | 1,503 | 25.0 | |||||||
Forest products and building materials | 8.2 | 6.3 | 5 | 1,521 | 0.0 | |||||||
Health care | 8.6 | 11.9 | 8 | 9,326 | 14.3 | |||||||
High technology | 2.8 | 1.7 | 3 | 1,167 | 50.0 | |||||||
Homebuilders/real estate co. | N/A | N/A | 0 | 0 | N/A | |||||||
Insurance | 6.1 | 3.5 | 2 | 528 | 0.0 | |||||||
Media and entertainment | 4.1 | 3.6 | 10 | 5,602 | 100.0 | |||||||
Metals, mining, and steel | 3.6 | 2.4 | 2 | 689 | 0.0 | |||||||
Oil and gas | 36.4 | 32.8 | 55 | 22,468 | 22.2 | |||||||
Retail/restaurants | 21.5 | 16 | 17 | 6,437 | 6.3 | |||||||
Telecommunications | 16.4 | 12 | 23 | 14,951 | 4.5 | |||||||
Transportation | 4.4 | 4 | 2 | 970 | 100.0 | |||||||
Utility | 5.5 | 3.9 | 9 | 3,239 | 28.6 | |||||||
Total | 8.87 | 7.68 | 154 | 74,848 | 7.36 | |||||||
N/A--Not applicable. *S&P Global distress ratio is defined as the number of speculative-grade issues with option-adjusted spreads above 1,000 basis points to the total number of speculative-grade issues. Data as of Nov. 18, 2019. Source: S&P Global Ratings Research. Distribution of distressed credits is defined as the distribution, by sector, within all speculative-grade issues with option-adjusted spreads above 1,000 basis points. **Outstanding debt amount associated with distressed issues divided by the total debt outstanding of speculative-grade issues. The distress ratio indicates the level of risk the market has priced into bonds. A rising distress ratio reflects an increased need for capital and often precedes increased defaults when accompanied by a severe and sustained market disruption. |
Table 2
Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only*) | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|
(%) | Oct. 31, 2019 | Sept. 30, 2019 | Six months ago | 12 months ago | ||||||
Financial | ||||||||||
Financial institutions | 5.00 | 5.05 | 4.21 | 2.13 | ||||||
Insurance | 1.54 | 1.56 | 1.67 | 1.59 | ||||||
Nonfinancial | ||||||||||
Aerospace/automotive/capital goods/metal | 0.79 | 0.78 | 1.22 | 0.85 | ||||||
Consumer/service sector | 4.50 | 4.23 | 3.36 | 5.15 | ||||||
Energy and natural resources | 9.18 | 9.31 | 6.19 | 8.00 | ||||||
Forest and building products/homebuilders | 0.00 | 0.00 | 0.00 | 2.11 | ||||||
Health care/chemicals | 0.87 | 0.44 | 1.37 | 1.98 | ||||||
High technology/computers/office equipment | 2.58 | 2.55 | 2.06 | 0.55 | ||||||
Leisure time/media | 2.64 | 2.17 | 1.80 | 1.79 | ||||||
Real estate | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Telecommunications | 2.82 | 2.82 | 2.70 | 2.74 | ||||||
Transportation | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
Utilities | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of Oct. 31, 2019. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. |
Table 3
List Of Distressed Credits By Issuers | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Sector/company | Issuer ratings are for a related entity | Issue count | Outstanding amount (mil. $) | Rating | Outlook/ CreditWatch | |||||||
Automotive | ||||||||||||
Midas Intermediate Holdco II LLC |
Yes | 1 | 375.0 | B- | Negative | |||||||
Capital goods | ||||||||||||
Ahern Rentals Inc. |
1 | 550.0 | B | Stable | ||||||||
Aptim Corp. |
1 | 515.0 | CCC+ | Stable | ||||||||
Optimas OE Solutions Inc. |
Yes | 1 | 225.0 | CCC+ | Negative | |||||||
Titan International Inc. |
1 | 399.7 | CCC+ | Negative | ||||||||
Vertiv Intermediate Holding Corp. |
Yes | 1 | 500.0 | B | Negative | |||||||
Chemicals, packaging and environmental services | ||||||||||||
Foxtrot Escrow Issuer, LLC |
Yes | 1 | 775.0 | B- | Negative | |||||||
Consumer products | ||||||||||||
American Greetings Corp. |
1 | 282.0 | B | Stable | ||||||||
H-Food Holdings LLC |
1 | 350.0 | B- | Stable | ||||||||
Kronos Acquisition Holdings Inc. |
1 | 890.0 | CCC+ | Stable | ||||||||
Pyxus International Inc. |
1 | 635.4 | CCC+ | Negative | ||||||||
Revlon Consumer Products Corp. |
2 | 950.0 | CCC+ | Negative | ||||||||
Financial institutions | ||||||||||||
CCF Holdings LLC |
1 | 276.0 | CCC+ | Negative | ||||||||
CNG Holdings Inc. |
1 | 310.0 | B | Stable | ||||||||
Navient Corp. |
1 | 300.0 | BB- | Stable | ||||||||
PHH Mortgage Corp. |
1 | 301.5 | B- | Negative | ||||||||
Populus Financial Group Inc. |
1 | 315.0 | B | Stable | ||||||||
Forest products and building materials | ||||||||||||
Apex Tool Group LLC |
1 | 325.0 | B- | Stable | ||||||||
Northwest Hardwoods Inc. |
2 | 435.0 | CCC | Negative | ||||||||
Rayonier A.M. Products Inc. |
Yes | 1 | 495.6 | B- | Stable | |||||||
Werner FinCo LP |
1 | 265.0 | B | Negative | ||||||||
Health care | ||||||||||||
Air Methods Corp. |
1 | 500.0 | B- | Stable | ||||||||
CHS/Community Health Systems Inc. |
Yes | 3 | 5755.9 | CC | Negative | |||||||
Polaris Intermediate Corp. (d/b/a Multiplan) |
1 | 1300.0 | B+ | Stable | ||||||||
Quorum Health Corp. |
1 | 400.0 | CCC- | Negative | ||||||||
Tennessee Merger Sub Inc. |
Yes | 1 | 865.0 | B | Negative | |||||||
U.S. Renal Care Inc. |
1 | 505.0 | B | Stable | ||||||||
High technology | ||||||||||||
Diebold Nixdorf Inc. |
1 | 400.0 | B- | Stable | ||||||||
Pitney Bowes Inc. |
1 | 375.0 | BB+ | Stable | ||||||||
Riverbed Technology Inc. |
1 | 392.4 | CCC+ | Negative | ||||||||
Insurance | ||||||||||||
One Call Corp. |
1 | 228.0 | B- | Stable | ||||||||
Unum Group |
1 | 300.0 | BBB | Stable | ||||||||
Media and entertainment | ||||||||||||
24 Hour Fitness Worldwide Inc. |
1 | 500.0 | B- | Negative | ||||||||
Buena Vista Gaming Authority |
1 | 205.0 | B- | Stable | ||||||||
Cengage Learning Inc. |
Yes | 1 | 620.0 | B- | Watch Positive | |||||||
Exela Intermediate Co. LLC |
Yes | 1 | 1000.0 | CCC+ | Negative | |||||||
Harland Clarke Holdings Corp. |
2 | 1515.0 | CCC+ | Negative | ||||||||
LSC Communications Inc. |
1 | 450.0 | CCC+ | Negative | ||||||||
McGraw-Hill Global Education Holdings LLC |
1 | 400.0 | B | Stable | ||||||||
Quad/Graphics Inc. |
1 | 243.5 | B+ | Negative | ||||||||
WeWork Cos. LLC |
1 | 669.0 | B- | Negative | ||||||||
Metals, mining, and steel | ||||||||||||
CONSOL Energy Inc. |
1 | 239.2 | B+ | Stable | ||||||||
Hi- Crush Inc. |
1 | 450.0 | B- | Negative | ||||||||
Oil and gas | ||||||||||||
AMID Finance Corp. |
Yes | 1 | 425.0 | B | Stable | |||||||
Antero Resources Corp. |
3 | 1950.0 | BB | Negative | ||||||||
Basic Energy Services Inc. |
1 | 300.0 | B- | Negative | ||||||||
Bruin E&P Partners, LLC |
1 | 600.0 | B- | Stable | ||||||||
Calfrac Holdings LP |
Yes | 1 | 650.0 | B- | Stable | |||||||
California Resources Corp. |
2 | 244.0 | CCC+ | Negative | ||||||||
Chaparral Energy Inc. |
1 | 300.0 | CCC+ | Negative | ||||||||
Comstock Resources Inc. |
1 | 850.0 | B | Stable | ||||||||
Denbury Resources Inc. |
7 | 1976.3 | CCC+ | Negative | ||||||||
Diamond Offshore Drilling Inc. |
1 | 500.0 | CCC+ | Stable | ||||||||
Ensco International Inc. |
1 | 112.1 | CCC+ | Negative | ||||||||
Extraction Oil & Gas Inc. |
2 | 950.0 | B | Negative | ||||||||
Forum Energy Technologies Inc. |
1 | 400.0 | B- | Negative | ||||||||
FTS International Inc. |
2 | 404.9 | B | Stable | ||||||||
Great Western Finance Corp. |
Yes | 1 | 300.0 | B- | Stable | |||||||
Gulfport Energy Corp. |
4 | 2050.0 | B+ | Stable | ||||||||
ION Geophysical Corp. |
2 | 127.1 | CCC+ | Stable | ||||||||
Jonah Energy LLC |
1 | 600.0 | CCC+ | Negative | ||||||||
KLX Energy Services Holdings Inc. |
1 | 250.0 | B- | Stable | ||||||||
Lonestar Resources America Inc. |
1 | 250.0 | B- | Stable | ||||||||
Montage Resources Corp. |
1 | 510.5 | B- | Stable | ||||||||
Moss Creek Resources Holdings Inc. |
2 | 1200.0 | B | Stable | ||||||||
Nine Energy Service Inc. |
1 | 400.0 | B- | Stable | ||||||||
Oasis Petroleum Inc. |
2 | 675.0 | B+ | Stable | ||||||||
Pioneer Energy Services Corp. |
1 | 300.0 | CCC+ | Negative | ||||||||
Pride International Inc. |
Yes | 1 | 300.0 | CCC+ | Negative | |||||||
Rowan Cos. Inc. |
5 | 1979.4 | CCC+ | Negative | ||||||||
Tapstone Energy LLC |
1 | 300.0 | CCC+ | Negative | ||||||||
Unit Corp. |
1 | 650.0 | CC | Negative | ||||||||
Vine Oil & Gas LP |
2 | 880.0 | CCC+ | Negative | ||||||||
W&T Offshore Inc. |
1 | 625.0 | B- | Stable | ||||||||
Whiting Petroleum Corp. |
2 | 1408.2 | BB- | Stable | ||||||||
Retail/restaurants | ||||||||||||
Beverages & More Inc. |
1 | 190.0 | CCC+ | Negative | ||||||||
Guitar Center Inc. |
2 | 946.0 | CCC+ | Negative | ||||||||
J.C. Penney Co. Inc. |
3 | 822.3 | CCC | Negative | ||||||||
J.C. Penney Corp. Inc. |
2 | 788.3 | CCC | Negative | ||||||||
Neiman Marcus Group LTD LLC |
5 | 1915.6 | CCC | Negative | ||||||||
Party City Holdings Inc. |
2 | 850.0 | B | Negative | ||||||||
The Fresh Market |
1 | 800.0 | CCC | Negative | ||||||||
The Neiman Marcus Group LLC |
1 | 125.0 | CCC | Negative | ||||||||
Telecommunications | ||||||||||||
Frontier Communications Corp. |
16 | 10670.9 | CCC- | Negative | ||||||||
GTT Communications Inc. |
1 | 575.0 | B- | Stable | ||||||||
HC2 Holdings Inc. |
1 | 470.0 | B- | Stable | ||||||||
United States Cellular Corp. |
2 | 575.0 | BB | Stable | ||||||||
Uniti Group Inc. |
2 | 1510.0 | CCC- | Negative | ||||||||
West Corp. |
1 | 1150.0 | B- | Stable | ||||||||
Transportation | ||||||||||||
Flexi-Van Leasing Inc. |
1 | 300.0 | CCC | Negative | ||||||||
Navios Acquisition Finance (US) Inc. |
1 | 670.0 | B- | Stable | ||||||||
Utilities | ||||||||||||
CSI Compressco LP |
1 | 295.9 | B- | Stable | ||||||||
Ferrellgas Finance Corp. |
Yes | 3 | 1475.0 | CCC- | Negative | |||||||
Martin Midstream Partners L.P. |
1 | 373.6 | B | Stable | ||||||||
Talen Energy Supply LLC |
4 | 1094.6 | B+ | Negative | ||||||||
*Issuer rating used are of a related entity. Data as of Nov. 18, 2019. The List excludes companies with confidential ratings. Source: S&P Global Ratings Research. |
Table 4
Issuers Rated ‘B-’ Or Lower With A Negative Outlook Or On CreditWatch With Negative Implications | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Rating | Outlook / CreditWatch Placement | Subsector | Issuer | Parent company | New to the list this month | Outlook/Credit Watch Change | Debt (mil. US$) | Country | Region | |||||||||||
B- | CreditWatch Negative | Consumer products |
SIRVA Inc. |
Yes | 850 | U.S. | U.S. | |||||||||||||
B- | CreditWatch Negative | Financial institutions |
Banco De Galicia Y Buenos Aires S.A.U. |
250 | Argentina | Latin America | ||||||||||||||
B- | CreditWatch Negative | Financial institutions |
Banco de la Provincia de Buenos Aires |
- | Argentina | Latin America | ||||||||||||||
B- | CreditWatch Negative | Financial institutions |
Banco Hipotecario S.A. |
452 | Argentina | Latin America | ||||||||||||||
B- | CreditWatch Negative | Financial institutions |
Banco Patagonia S.A. |
Banco do Brasil S.A. | - | Argentina | Latin America | |||||||||||||
B- | CreditWatch Negative | Health care |
Diplomat Pharmacy Inc. |
Yes | 550 | U.S. | U.S. | |||||||||||||
B- | CreditWatch Negative | Health care |
Viant Medical Holdings Inc. |
725 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Aerospace/defense |
Salient CRGT Inc. |
420 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Automotive |
Accuride Corp. |
363 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Automotive |
GC EOS Buyer Inc. |
875 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Automotive |
K&N Parent Inc. |
345 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Automotive |
SK HoldCo LLC |
1,370 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Capital goods |
Briggs & Stratton Corp. |
Yes | 225 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Capital goods |
Elion Resources Group Co. Ltd. |
- | China | Asia/Pacific | ||||||||||||||
B- | Outlook Negative | Capital goods |
Infrastructure and Energy Alternatives Inc. |
- | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Capital goods |
PowerTeam Services LLC |
2,190 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Capital goods |
Shape Technologies Group Inc. |
350 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
Advantage Sales & Marketing Inc. |
3,345 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
Anastasia Holdings LLC |
650 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
Arctic Glacier Group Holdings Inc. |
880 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
Blue Ribbon Intermediate Holdings LLC |
- | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
Corporacion Azucarera del Peru S. A. |
325 | Peru | Latin America | ||||||||||||||
B- | Outlook Negative | Consumer products |
Fetch Holdco LLC |
- | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
Give and Go Prepared Foods Corp. |
485 | Canada | Canada | ||||||||||||||
B- | Outlook Negative | Consumer products |
Grupo Kaltex S.A. de C.V. |
320 | Mexico | Latin America | ||||||||||||||
B- | Outlook Negative | Consumer products |
Innovative Water Care Global Corp. |
460 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
Isagenix Worldwide Inc. |
- | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
KNB Holdings Corp. |
295 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
KNEL Acquisition LLC |
465 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
NSA International LLC |
450 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
Output Services Group Inc. |
1,514 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
P&L Development Holdings LLC |
313 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Consumer products |
S.A. Usina Coruripe Acucar e Alcool |
- | Brazil | Latin America | ||||||||||||||
B- | Outlook Negative | Consumer products |
Varsity Brands Holding Co. Inc. |
2,800 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | CP&ES |
Ball Metalpack Finco LLC |
540 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | CP&ES |
Diamond (BC) B.V. |
2,469 | Netherlands | Europe | ||||||||||||||
B- | Outlook Negative | CP&ES |
Dunn Paper Holdings Inc. |
350 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | CP&ES |
EnergySolutions Inc. |
650 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | CP&ES |
Fort Dearborn Holding Co. Inc. |
625 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | CP&ES |
FXI Holdings Inc. |
Yes | 2,075 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | CP&ES |
Kleopatra Holdings 1 S.C.A. |
2,073 | Luxembourg | Europe | ||||||||||||||
B- | Outlook Negative | CP&ES |
Solenis UK International Ltd. |
4,328 | U.K. | Europe | ||||||||||||||
B- | Outlook Negative | Financial institutions |
Banco Fibra S.A. |
- | Brazil | Latin America | ||||||||||||||
B- | Outlook Negative | Financial institutions |
Nurbank JSC |
41 | Kazakhstan | Eastern Europe/Middle East/Africa | ||||||||||||||
B- | Outlook Negative | Financial institutions |
OCWEN Financial Corp. |
702 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Forest |
The New Home Co. Inc. |
325 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Health care |
Albany Molecular Research Inc. |
1,720 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Health care |
Alliance HealthCare Services |
525 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Health care |
Alvogen Pharma US Inc. |
Alvogen Lux Holdings S.a.r.l. | 2,119 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Health care |
Aveanna Healthcare LLC |
Aveanna Healthcare Holdings Inc. | 996 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Health care |
Heartland Dental LLC |
Hadrian Merger Sub Inc. | 1,610 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Health care |
Lannett Co. Inc. |
1,060 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Health care |
Turnstone Midco 2 Ltd. |
806 | U.K. | Europe | ||||||||||||||
B- | Outlook Negative | High technology |
Digital River Inc. |
335 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | High technology |
Idemia France SAS |
6,872 | France | Europe | ||||||||||||||
B- | Outlook Negative | High technology |
Tunghsu Group Co. Ltd. |
390 | China | Asia/Pacific | ||||||||||||||
B- | Outlook Negative | High technology |
Zellis Holdings Ltd. |
Yes | 335 | U.K. | Europe | |||||||||||||
B- | Outlook Negative | Home/RE |
IRSA Inversiones y Representaciones S.A. |
Cresud S.A.C.I.F. y A. | 431 | Argentina | Latin America | |||||||||||||
B- | Outlook Negative | Home/RE |
PT Alam Sutera Realty Tbk. |
545 | Indonesia | Asia/Pacific | ||||||||||||||
B- | Outlook Negative | Insurance |
ENSA Seguros de Angola S.A. |
- | Angola | Eastern Europe/Middle East/Africa | ||||||||||||||
B- | Outlook Negative | Media/entert |
24 Hour Fitness Worldwide Inc. |
Yes | 1,350 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Media/entert |
Avatar Holdco LLC |
- | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Media/entert |
Central Security Group Inc. |
400 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Media/entert |
Codere S.A. |
- | Spain | Europe | ||||||||||||||
B- | Outlook Negative | Media/entert |
Deliver Buyer Inc. |
630 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Media/entert |
DTI Holdco Inc. |
1,195 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Media/entert |
Hanjin International Corp. |
Korean Air Lines Co. Ltd. | 600 | Korea, Republic of | Asia/Pacific | |||||||||||||
B- | Outlook Negative | Media/entert |
Infogroup Inc. |
250 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Media/entert |
IRI Holdings Inc. |
1,600 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Media/entert |
Monitronics International Inc. |
1,923 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Media/entert |
PT MNC Investama Tbk. |
Yes | 231 | Indonesia | Asia/Pacific | |||||||||||||
B- | Outlook Negative | Media/entert |
Richmond UK Holdco Ltd. |
1,742 | U.K. | Europe | ||||||||||||||
B- | Outlook Negative | Media/entert |
Salem Media Group Inc. |
Yes | 555 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Media/entert |
Spring Education Group Inc. |
866 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Media/entert |
Travelex Holdings Ltd. |
514 | U.K. | Europe | ||||||||||||||
B- | Outlook Negative | Media/entert |
WeWork Companies LLC |
702 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Metals/mining/steel |
Algoma Steel Inc. |
Yes | 285 | Canada | Canada | |||||||||||||
B- | Outlook Negative | Metals/mining/steel |
Century Aluminum Co. |
Yes | 250 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Metals/mining/steel |
Geo Energy Resources Ltd. |
300 | Singapore | Asia/Pacific | ||||||||||||||
B- | Outlook Negative | Metals/mining/steel |
Hecla Mining Co. |
500 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Metals/mining/steel |
Hi- Crush Inc. |
450 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Metals/mining/steel |
International Wire Group Holdings Inc. |
260 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Metals/mining/steel |
SGL Carbon SE |
276 | Germany | Europe | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Basic Energy Services Inc. |
300 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Compania General de Combustibles S.A. |
300 | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Era Group Inc. |
200 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Forum Energy Technologies Inc. |
400 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Gulf Finance LLC |
1,150 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Permian Production Partners LLC |
FCP II Holdings, LLC | 300 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Oil and gas |
Petroquimica Comodoro Rivadavia S.A. |
- | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Profrac Services LLC |
180 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Superior Energy Services Inc. |
1,300 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Vallourec |
1,602 | France | Europe | ||||||||||||||
B- | Outlook Negative | Oil and gas |
Vesta Energy Corp. |
151 | Canada | Canada | ||||||||||||||
B- | Outlook Negative | Oil and gas |
YPF S.A. |
1,977 | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Retail |
Hema B.V. |
AMEH XXVI B.V. | 111 | Netherlands | Europe | |||||||||||||
B- | Outlook Negative | Retail |
Jo-Ann Stores Holdings Inc. |
1,130 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Retail |
Red Lobster Intermediate Holdings LLC |
380 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Telecommunications |
Cologix Holdings Inc. |
425 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Telecommunications |
Cyxtera DC Holdings Inc. |
1,225 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Telecommunications |
DISH DBS Corp. |
DISH Network Corp. | 10,350 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Telecommunications |
GCI LLC |
GCI Liberty Inc. | 1,531 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Telecommunications |
Logix Intermediate Holding Corp. |
250 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Telecommunications |
Speedcast International Ltd. |
Yes | 1,200 | Australia | Asia/Pacific | |||||||||||||
B- | Outlook Negative | Telecommunications |
Tele Columbus AG |
1,674 | Germany | Europe | ||||||||||||||
B- | Outlook Negative | Telecommunications |
Telecom Argentina S.A. |
400 | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Telecommunications |
Xplornet Communications Inc. |
775 | Canada | Canada | ||||||||||||||
B- | Outlook Negative | Transportation |
U.S. Shipping Corp. |
220 | U.S. | U.S. | ||||||||||||||
B- | Outlook Negative | Utilities |
Aeropuertos Argentina 2000 S.A. |
400 | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Utilities |
AES Argentina Generacion S.A |
AES Corp. (The) | 300 | Argentina | Latin America | |||||||||||||
B- | Outlook Negative | Utilities |
CAPEX S.A. |
300 | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Utilities |
Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. |
99 | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Utilities |
Empresa Distribuidora Y Comercializadora Norte S.A. |
300 | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Utilities |
Pampa Energia S.A. |
1,550 | Argentina | Latin America | ||||||||||||||
B- | Outlook Negative | Utilities |
Terra-Gen Finance Co. LLC |
Terra-Gen Power Holding II LLC | 323 | U.S. | U.S. | |||||||||||||
B- | Outlook Negative | Utilities |
Transportadora de Gas del Sur S.A. (TGS) |
Compania De Inversiones de Energia S.A. | 500 | Argentina | Latin America | |||||||||||||
CCC+ | CreditWatch Negative | Aerospace/defense |
Wolverine Intermediate Holding Corp. |
Yes | 2,600 | U.S. | U.S. | |||||||||||||
CCC+ | CreditWatch Negative | CP&ES |
Shandong Yuhuang Chemical Co. Ltd. |
300 | China | Asia/Pacific | ||||||||||||||
CCC+ | CreditWatch Negative | Metals/mining/steel |
Zhongrong Xinda Group Co. Ltd. |
500 | China | Asia/Pacific | ||||||||||||||
CCC+ | CreditWatch Negative | Utilities |
Panda Green Energy Group Ltd. |
350 | Bermuda | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Aerospace/defense |
Constellis Holdings LLC |
1,087 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Automotive |
Aston Martin Holdings (UK) Ltd. |
1,208 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook Negative | Automotive |
Bright Bidco B.V. |
1,683 | Netherlands | Europe | ||||||||||||||
CCC+ | Outlook Negative | Capital goods |
Jason Inc. |
420 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Capital goods |
North American Lifting Holdings Inc. |
655 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Capital goods |
Optimas OE Solutions Holding LLC |
450 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Capital goods |
Praesidiad Group Ltd. |
350 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook Negative | Capital goods |
Titan International Inc. |
400 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Ascena Retail Group Inc. |
1,800 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Boparan Holdings Ltd. |
757 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Del Monte Foods Inc. |
970 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
New Look Bonds Ltd. |
- | Jersey | Eastern Europe/Middle East/Africa | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Outerstuff LLC |
155 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Pyxus International Inc. |
995 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Renfro Corp. |
220 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Revlon Inc. |
2,750 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
RGIS Holdings LLC |
460 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Serta Simmons Bedding LLC |
9,150 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Shandong Ruyi Technology Group Co. Ltd. |
Beijing Ruyi Fashion Investment Holding Co. Ltd. | Yes | 645 | China | Asia/Pacific | ||||||||||||
CCC+ | Outlook Negative | Consumer products |
StoneMor Partners L.P. |
385 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
TMK Hawk Parent Corp. |
820 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
USJ Acucar e Alcool S/A |
275 | Brazil | Latin America | ||||||||||||||
CCC+ | Outlook Negative | Consumer products |
Winebow Group LLC |
360 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | CP&ES |
Anchor Glass Container Corp. |
800 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | CP&ES |
Eagle Super Global Holding B.V. |
776 | Netherlands | Europe | ||||||||||||||
CCC+ | Outlook Negative | CP&ES |
Flint HoldCo S.a r.l. |
2,531 | Luxembourg | Europe | ||||||||||||||
CCC+ | Outlook Negative | CP&ES |
Road Infrastructure Investment Holdings Inc. |
614 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | CP&ES |
Strategic Materials Holding Corp. |
315 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | CP&ES |
Zep Inc. |
725 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Financial institutions |
CCF Holdings LLC |
319 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Financial institutions |
Corp Group Banking S.A. |
Inversiones CorpGroup Interhold, Ltda. | 500 | Chile | Latin America | |||||||||||||
CCC+ | Outlook Negative | Health care |
Alcami Corp. |
1,425 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Health care |
CDRH Parent Inc. |
1,590 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Health care |
Medical Depot Holdings Inc. |
913 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Health care |
Vyaire Medical Inc. |
360 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Health care |
YanAn Bicon Pharmaceutical Listed Co. |
- | China | Asia/Pacific | ||||||||||||||
CCC+ | Outlook Negative | High technology |
Navico Group AS |
260 | Norway | Europe | ||||||||||||||
CCC+ | Outlook Negative | High technology |
Pactera Technology International Ltd. |
HNA Group Co. Ltd. | - | China | Asia/Pacific | |||||||||||||
CCC+ | Outlook Negative | High technology |
Riverbed Parent Inc. |
2,150 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Home/RE |
Oceanwide Holdings Co. Ltd. |
1,000 | China | Asia/Pacific | ||||||||||||||
CCC+ | Outlook Negative | Home/RE |
Sunshine 100 China Holdings Ltd. |
- | Cayman Islands | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Media/entert |
Bioplan USA Inc. |
1,040 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Media/entert |
CPI Card Group Inc. |
435 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Media/entert |
Diamond Resorts International Inc. |
1,990 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Media/entert |
Exela Technologies Inc. |
2,396 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Media/entert |
Harland Clarke Holdings Corp. |
1,842 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Media/entert |
The Imagine Group LLC |
499 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Media/entert |
LSC Communications Inc. |
763 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Media/entert |
RentPath LLC |
662 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Metals/mining/steel |
Ferroglobe PLC |
Grupo Villar Mir S.A.U. | - | U.K. | Europe | |||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Abaco Energy Technologies LLC |
170 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
California Resources Corp. |
7,821 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Chaparral Energy Inc. |
300 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Denbury Resources Inc. |
4,670 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Gavilan Resources LLC |
450 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Jonah Energy LLC |
2,100 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
KCA DEUTAG Alpha Ltd. |
1,685 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Pacific Drilling S.A. |
1,024 | Luxembourg | Europe | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Pioneer Energy Services Corp. |
175 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Tapstone Energy LLC |
600 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Transocean Ltd. |
10,446 | Switzerland | Europe | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Valaris plc |
9,550 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook Negative | Oil and gas |
Vine Oil & Gas LP |
1,760 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Retail |
Beverages & More Inc. |
190 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Retail |
California Pizza Kitchen Inc. |
365 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Retail |
GNC Holdings Inc. |
1,254 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Retail |
Grupo Famsa S.A.B. de C.V. |
250 | Mexico | Latin America | ||||||||||||||
CCC+ | Outlook Negative | Retail |
Guitar Center Holdings Inc. |
946 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Retail |
New Academy Holding Co. LLC |
1,825 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Retail |
Petco Holdings Inc. |
3,200 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Telecommunications |
Gogo Inc. |
1,487 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Telecommunications |
Intelsat S.A. |
16,535 | Luxembourg | Europe | ||||||||||||||
CCC+ | Outlook Negative | Telecommunications |
Internap Corp. |
435 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Telecommunications |
Premiere Global Services Inc. |
1,330 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook Negative | Transportation |
Commercial Barge Line Co. |
ACL I Corp. | 1,150 | U.S. | U.S. | |||||||||||||
CCC+ | Outlook Negative | Utilities |
Investimentos e Participacoes em Infraestrutura S.A. - Invepar |
- | Brazil | Latin America | ||||||||||||||
CCC | CreditWatch Negative | Financial institutions |
Bank Audi S.A.L. |
Yes | - | Lebanon | Eastern Europe/Middle East/Africa | |||||||||||||
CCC | CreditWatch Negative | Financial institutions |
Bankmed s.a.l. |
Yes | - | Lebanon | Eastern Europe/Middle East/Africa | |||||||||||||
CCC | CreditWatch Negative | Financial institutions |
Blom Bank sal |
Yes | - | Lebanon | Eastern Europe/Middle East/Africa | |||||||||||||
CCC | CreditWatch Negative | High technology |
4L Technologies Inc. |
760 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Automotive |
APC Automotive Technologies Intermediate Holdings LLC |
696 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Capital goods |
CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. |
300 | Argentina | Latin America | ||||||||||||||
CCC | Outlook Negative | Capital goods |
Hoover Group Inc. |
225 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Capital goods |
MAI Holdings Inc. |
135 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
ASP MCS Acquisition Corp. |
455 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
Badger Finance LLC |
Badger Intermediate Holdings LLC | 1,172 | U.S. | U.S. | |||||||||||||
CCC | Outlook Negative | Consumer products |
CSM Bakery Solutions LLC |
1,060 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
Flavors Holdings Inc. |
400 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
Iconix Brand Group Inc. |
- | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
Indra Holdings Corp. |
245 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
Lanai Holdings III Inc. |
2,655 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
Never Slip Topco Inc. |
283 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
SunOpta Inc. |
- | Canada | Canada | ||||||||||||||
CCC | Outlook Negative | Consumer products |
TOMS Shoes LLC |
307 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Consumer products |
Yihua Enterprise (Group) Co. Ltd. |
250 | China | Asia/Pacific | ||||||||||||||
CCC | Outlook Negative | CP&ES |
Grupo IDESA, S.A. de C.V. |
300 | Mexico | Latin America | ||||||||||||||
CCC | Outlook Negative | CP&ES |
Pinnacle Operating Corp. |
510 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Forest |
Northwest Hardwoods Inc. |
435 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Forest |
Omnimax International Inc. |
385 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Health care |
AAC Holdings Inc. |
275 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Health care |
Aenova Holding GmbH |
1,314 | Germany | Europe | ||||||||||||||
CCC | Outlook Negative | Health care |
BW Homecare Holdings LLC |
Yes | 855 | U.S. | U.S. | |||||||||||||
CCC | Outlook Negative | High technology |
Curvature Inc. |
735 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Home/RE |
Yida China Holdings Ltd. |
300 | Cayman Islands | U.S. | ||||||||||||||
CCC | Outlook Negative | Media/entert |
Engine Holding LLC |
- | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Media/entert |
Lago Resort & Casino |
290 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Media/entert |
Mood Media Corp. |
556 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Media/entert |
PGX Holdings Inc. |
555 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Media/entert |
Town Sports International Holdings Inc. |
Yes | 325 | U.S. | U.S. | |||||||||||||
CCC | Outlook Negative | Metals/mining/steel |
Wolverine Fuels LLC |
385 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Oil and gas |
Floatel International Ltd. |
Yes | - | Bermuda | U.S. | |||||||||||||
CCC | Outlook Negative | Oil and gas |
Seadrill Partners LLC |
Seadrill Ltd. | Yes | 2,900 | Marshall Islands | Asia/Pacific | ||||||||||||
CCC | Outlook Negative | Oil and gas |
UTEX Industries Inc. |
725 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Retail |
Belk Inc. |
2,400 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Retail |
Bluestem Brands Inc. |
Bluestem Group Inc. | 580 | U.S. | U.S. | |||||||||||||
CCC | Outlook Negative | Retail |
Burger BossCo Intermediate Inc. |
193 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Retail |
Distribuidora Internacional de Alimentacion S.A. |
663 | Spain | Europe | ||||||||||||||
CCC | Outlook Negative | Retail |
Fresh Market Inc. (The) |
925 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Retail |
Neiman Marcus Group LTD LLC |
8,809 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Retail |
J.C. Penney Co. Inc. |
6,568 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Retail |
SAL Acquisition Corp. |
2,220 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Telecommunications |
iQor Holdings Inc. |
820 | U.S. | U.S. | ||||||||||||||
CCC | Outlook Negative | Transportation |
Flexi-Van Leasing Inc. |
300 | U.S. | U.S. | ||||||||||||||
CCC- | CreditWatch Negative | Retail |
PIZZAEXPRESS FINANCING 1 PLC |
Yes | 310 | U.K. | Europe | |||||||||||||
CCC- | CreditWatch Negative | Telecommunications |
Alorica Inc. |
995 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Capital goods |
Doncasters Group Ltd. |
1,116 | U.K. | Europe | ||||||||||||||
CCC- | Outlook Negative | Consumer products |
J. Crew Group Inc. |
Chinos Intermediate Holdings A Inc., | 2,067 | U.S. | U.S. | |||||||||||||
CCC- | Outlook Negative | Consumer products |
PFS Holding Corp. |
390 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Consumer products |
VIP Cinema Holdings Inc. |
210 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Health care |
Quorum Health Corp. |
880 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | High technology |
Evergreen Skills Lux S.ar.l. |
Evergreen Skills Intermediate Lux S.ar.l. | 2,035 | Luxembourg | Europe | |||||||||||||
CCC- | Outlook Negative | Media/entert |
GK Holdings Inc. |
225 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Media/entert |
McClatchy Co. (The) |
710 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Metals/mining/steel |
Qinghai Provincial Investment Group Co. Ltd. |
850 | China | Asia/Pacific | ||||||||||||||
CCC- | Outlook Negative | Oil and gas |
Ultra Petroleum Corp. |
1,547 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Retail |
NPC International Inc. |
765 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Retail |
Pier 1 Imports Inc. |
200 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Retail |
Steak n Shake Inc. |
Biglari Holdings Inc. | 220 | U.S. | U.S. | |||||||||||||
CCC- | Outlook Negative | Telecommunications |
Frontier Communications Corp. |
20,003 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Telecommunications |
Uniti Group Inc. |
6,716 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Transportation |
Moby SpA |
619 | Italy | Europe | ||||||||||||||
CCC- | Outlook Negative | Utilities |
Ferrellgas Partners L.P. |
3,664 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook Negative | Utilities |
Metrogas S.A. |
- | Argentina | Latin America | ||||||||||||||
CCC- | Outlook Negative | Utilities |
Offshore Drilling Holding S.A. |
950 | Mexico | Latin America | ||||||||||||||
CC | CreditWatch Negative | Consumer products |
Deoleo S.A. |
569 | Spain | Europe | ||||||||||||||
CC | CreditWatch Negative | Consumer products |
Novartex |
- | France | Europe | ||||||||||||||
CC | CreditWatch Negative | Forest |
Lecta S.A. |
1,326 | Luxembourg | Europe | ||||||||||||||
CC | CreditWatch Negative | Health care |
Mallinckrodt plc |
Yes | 11,624 | Ireland | Europe | |||||||||||||
CC | Outlook Negative | Capital goods |
McDermott International Inc. |
Yes | 13,280 | Panama | Latin America | |||||||||||||
CC | Outlook Negative | Health care |
Community Health Systems Inc. |
21,032 | U.S. | U.S. | ||||||||||||||
CC | Outlook Negative | Health care |
New Millennium Holdco Inc. |
1,200 | U.S. | U.S. | ||||||||||||||
CC | Outlook Negative | Oil and gas |
Unit Corp. |
650 | U.S. | U.S. | ||||||||||||||
Data as of Nov. 18, 2019. Source: S&P Global Ratings Research. |
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- IPC Corp. Downgraded To 'SD' Following Second-Lien Term Loan Amendment, Nov. 15, 2019
- APC Automotive Technologies Intermediate Holdings Downgraded To 'SD' On Distressed Exchange; Debt Rating Lowered To 'D', Nov. 14, 2019
- Dean Foods Co. Downgraded To 'D' On Chapter 11 Filing, Nov. 13, 2019
- Hovnanian Enterprises Inc. Rating Lowered To 'SD' From 'CCC+' On Exchange Offer, Debt Ratings Lowered To 'D' And 'CC', Nov. 7, 2019
- Foresight Energy Downgraded To 'SD' On Likely Missed Payment; Second-Lien Debt Rating Lowered To 'D', Nov. 1, 2019
- One Call Corp. Downgraded To 'SD' Following Distressed Debt Exchange; Rating To Be Raised In The Next Several Days, Oct. 31, 2019
- Global Financing Conditions: Bond Issuance Is Expected To Grow 12.7% In 2019 And 4.2% In 2020, Oct. 29, 2019
This report does not constitute a rating action.
Credit Markets Research: | Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com |
Sudeep K Kesh, New York (1) 212-438-7982; sudeep.kesh@spglobal.com | |
Research Contributors: | Sundaram Iyer, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
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