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COMMENTS

Default, Transition, and Recovery: Default Risk Climbs Among The Lowest-Rated Issuers

COMMENTS

Debt Restructuring Snapshot: Flexsys Holdings Inc.

COMMENTS

Default, Transition, and Recovery: Global Speculative-Grade Corporate Default Rate To Rise To 3.75% By March 2026

COMMENTS

Default, Transition, and Recovery: The Asia-Pacific Speculative-Grade Default Rate Could Rise To 2% By March 2026

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of June 11, 2025


Default, Transition, and Recovery: Default Risk Climbs Among The Lowest-Rated Issuers

(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.)

Chart 1

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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.

Related Research

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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