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In This List
COMMENTS

European CLO Performance Index Report Q1 2020

COMMENTS

Leveraged Finance: Rated U.S. BSL CLOs: Six Graphical Insights On Second-Quarter 2020 Rating Actions For Widely Referenced Corporate Obligors

COMMENTS

SF Credit Brief: 63 CLO Tranches Downgraded By 1.2 Notches On Average In July 2020

COMMENTS

Tender Option Bond Ratings Recap As Of June 2020: How COVID-19 Has Affected The Secondary Derivative Market

FULL

Servicer Evaluation: NorthMarq Capital LLC


European CLO Performance Index Report Q1 2020

COVID-19 concerns persist as much of the market's focus remains on how the pandemic will pan out and it may affect European collateralized loan obligations (CLOs) (see "European CLOs: Assessing The Credit Effects Of COVID-19," published on March 25, 2020)

In the first quarter of the year, downgrades among speculative-grade companies rose markedly, particularly in March. Following this increase in negative rating actions on nonfinancial corporates in March and April, we looked at their impact on CLO portfolio exposures (see "How COVID-19 Changed The European CLO Market In 60 Days," published on May 6, 2020).

In this quarterly index publication, we incorporated the 2019 vintage and look at some of the key metrics behind our ratings on the CLO notes. A month-to-month negative performance of these parameters could pressure the ratings on the notes. We note that our Q1 2020 quarterly report covers the period between the end of November 2019 and February, hence we would have not reflected the impact of COVID-19 in the portfolio composition.

In table 1 below, we show some selected credit metrics for 111 S&P Global Ratings-rated European CLOs that will be reinvesting for all of 2020 since the beginning of the year. We observe that since May, the average credit quality of reinvesting CLO portfolios has appeared to stabilize.

Table 1

Selected Average Credit Metrics
B-' (%) CCC' category (%) Non performing category (%) Junior O/C cushion (%) WAP SPWARF Par change (%) CreditWatch negative (%) Negative outlook (%)
Jan. 3, 2020 18.44 3.19 0.10 4.24 98.61 2704 0.00 1.00 20.68
Jan. 31, 2020 18.95 2.73 0.10 4.27 98.81 2708 0.00 0.88 19.19
March 6, 2020 19.48 1.91 0.04 4.31 98.35 2698 0.00 3.69 22.39
April 3, 2020 19.28 6.57 0.08 4.09 85.89 2827 (0.07) 5.23 25.09
May 1, 2020 23.74 9.39 0.10 3.59 86.44 2926 (0.13) 6.74 35.26
May 8, 2020 24.59 8.68 0.09 3.53 87.09 2922 (0.15) 6.02 36.88
May 15, 2020 24.88 8.56 0.11 3.42 88.12 2920 (0.15) 6.42 37.05
May 22, 2020 24.69 8.75 0.17 3.35 88.39 2926 (0.16) 6.51 38.55
May 29, 2020 25.09 8.91 0.22 3.35 88.32 2923 (0.16) 6.76 38.93
June 5, 2020 25.52 8.90 0.23 3.35 88.32 2929 (0.16) 7.52 38.89
June 12, 2020 25.52 8.90 0.23 3.50 88.32 2929 (0.16) 7.51 39.24
June 19, 2020 25.06 9.80 0.32 3.50 90.29 2956 (0.14) 7.79 40.27
CLO--collateralised loan obligation. O/C--Overcollateralization. SPWARF--S&P Global Ratings weighted average rating factor. WAP--Weighted average price. Pricing information is based on over 90% of the loans.

Nevertheless, we expect broad-based credit deterioration to continue for many speculative-grade companies in certain sectors such as leisure, consumer services, transportation, energy, and natural resources as they find their solvency stretched amid falling revenue. We expect the European trailing 12-month speculative-grade corporate default rate to rise to 8.5% by March 2021 from 2.4% in March 2020 (see "The European Speculative-Grade Corporate Default Rate Could Reach 8.5% by March 2021," published on June 8, 2020).

To date, we have placed 25 classes from 20 European CLOs on CreditWatch negative (see "Ratings On 18 Classes From 14 European CLOs Placed On Watch Negative," published on April 27, 2020, and "Ratings On Seven Classes From Six European CLOs Placed On Watch Negative," published on June 9, 2020). Our rating actions reflected a combination of multiple factors that affected these transactions, with the primary one being the increased exposure to 'CCC' category loans. Other factors included pressure on the overcollateralization ratios, a decline in portfolio credit quality, credit enhancement, and indicative preliminary cash flow results. We also considered qualitative factors to reflect our forward-looking view of the CLO portfolios. We expect to resolve the CreditWatch placements within 90 days of the rating action after we complete a cash flow analysis and committee review for each of the affected transactions.

European CLO Structures Continue to Evolve

On the new issue front, in April, we published an article on how structural features on European CLOs could evolve in the COVID world (see "Redesigning The CLO Blueprint After COVID-19," published on April 21, 2020) Since then, we have seen 16 new issuances price with some of these features, such as lower leverage, removal of the 'B' rated (and for some, the 'BB') tranche, and shorter reinvestment periods--as well as the introduction of some additional features such as the inclusion of a delayed-draw tranche and the reintroduction of the turbo overcollateralization (O/C) test.

We note the difference between this turbo O/C test and the other type of turbo redemption feature (also known as "variable amortizing notes") we have seen in recent transactions. In the latter, interest proceeds used to redeem the most junior notes are made only after the cure of the most junior O/C test (in accordance with the note payment sequence starting from the most senior noteholders) and reinvestment O/C test. (For more information on the latter type of turbo feature i.e., variable amortizing notes, please see https://www.spglobal.com/ratings/en/research-insights/videos/2019-12-11-clo-simplified-turbo-redemption

The turbo O/C test works differently: when the most junior O/C test is breached, up to a certain percentage (e.g., 50%) of available interest proceeds after paying the most junior notes' deferred interest is used to cure the test by paying down the most junior notes rather than the senior notes. This may provide less protection to senior noteholders than a transaction with a standard junior O/C test, which uses all available interest proceeds to pay down the notes sequentially.

To understand the sensitivity of its rating on a typical European CLO to potential negative stresses, S&P Global Ratings explored 10 different scenario analyses and the impact of various stresses (see "How Credit Distress Due To COVID-19 Could Affect European CLO Ratings," published on April 2, 2020). To provide greater market transparency, we have subsequently incorporated five of these scenario analyses in our new issue media releases to facilitate the comparison of transactions.

Although our rating framework has not changed, in light of the rapidly shifting credit dynamics within CLO portfolios due to rating actions (downgrades, CreditWatch placements, and outlook changes) on speculative-grade corporate loan issuers, we introduced an overlay of additional qualitative factors in our rating analysis by considering a minimum cushion between the break-even default rate (BDR) and the scenario default rate (SDR) of 1% for new issue transactions.

The level of the minimum cushion depends on several factors such as the percentage of assets rated 'B-', rated 'CCC', and the percentage of assets with ratings on CreditWatch negative or on negative outlook, amongst others. (See "S&P Global Ratings May Add Additional Qualitative Factors When Rating CLO Tranches Due To Changing Credit Dynamics," published on April 9, 2020" for more details.) For the new issue transactions that we have rated to date, the minimum cushion requirement for reinvestment CLOs has ranged between 1.0% to 1.5%, while actual cushions in transactions have generally exceeded these ranges.

S&P Global Ratings acknowledges a high degree of uncertainty about the evolution of the coronavirus pandemic. The consensus among health experts is that the pandemic may now be at, or near, its peak in some regions but will remain a threat until a vaccine or effective treatment is widely available, which may not occur until the second half of 2021. We are using this assumption in assessing the economic and credit implications associated with the pandemic (see our research here: www.spglobal.com/ratings). As the situation evolves, we will update our assumptions and estimates accordingly.

Measuring CLO Performance Using Key Metrics

CLO issuance has gained momentum over the past five years, and investors have become more familiar with CLO structures and the associated risks, as well as assessing and suitably measuring credit and cash flow risks.

Credit risk, which includes default risk and an increase in 'CCC' category rated assets in the portfolio, among others, can be mitigated by better measures on the cash flow side, like increased available credit enhancement, weighted-average spread, and recoveries, for example.

In this article, we display how these individual parameters have evolved over the last few months to broadly gauge the performance of European CLOs.

CLO Collateral Performance Deteriorates Slightly In First-Quarter 2020

Overall, CLO performance in first-quarter 2020 deteriorated slightly since the previous three quarters, with an increase in 'CCC' category rated assets, and worsening of the S&P Global Ratings' weighted-average rating factor (SPWARF) and SDR. Most of the other metrics we capture showed stable performance.

Collateral portfolios of older vintage cohorts are becoming more concentrated as the assets wind down and they approach their final maturities, while newer vintages are benefiting from still being in their reinvestment phases, when collateral managers can actively mitigate default risk through active trading. We attribute these trends more to the stage in a transaction's life cycle than to significant changes in the portfolios at the collateral level.

Credit Metrics

European CLO 2.0 collateral ratings

While CLOs enjoy the senior secured status of leveraged loans in the portfolio, it is important to note that these loans are issued to speculative-grade companies.

Underlying collateral ratings contribute significantly to the ratings on transactions that have closed since January 2013. Below we show the rating distribution of the CLO collateral portfolio for the different vintages in European CLO 2.0 transactions over a one-year period (see charts 1 to 7). Note that we have considered transactions that have been refinanced to be in the original vintage as when it was first issued. The CLO portfolio rating performance across all CLO vintages indicates stable performance.

Chart 1

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Chart 2

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Chart 3

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Chart 4

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Chart 5

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Chart 6

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Chart 7

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Exposure to 'CCC' rated assets has increased

'CCC' category rated assets are an important measure of European CLO performance because an increase in these assets can indicate that the collateral portfolio's credit quality is worsening. The level of 'CCC' assets can also reduce O/C test cushions because they may not be carried at their full par value.

The percentage of assets rated in the 'CCC' category ('CCC+', 'CCC', or 'CCC-') has shown slightly worse performance for the European CLO cohorts we track. These changes reflect rating migration in the underlying portfolios and may also depend on an individual transaction's pool composition, which is based on the CLO manager's strategy to manage the vehicle.

By vintage, the reported level of 'CCC' rated assets in European cash flow CLOs, as a percentage of total assets in February 2020, was:

  • 2013 vintage CLOs: 2.29% of total assets (up from 1.80% in November 2019);
  • 2014 vintage CLOs: 2.62% of total assets (down from 2.95% in November 2019);
  • 2015 vintage CLOs: 3.14% of total assets (down from 3.35% in November 2019);
  • 2016 vintage CLOs: 2.03% of total assets (up from 1.88% in November 2019);
  • 2017 vintage CLOs: 1.94% of total assets (unchanged from 1.94% in November 2019);
  • 2018 vintage CLOs: 2.19% of total assets (up from 1.91% in November 2019); and
  • 2019 vintage CLOs: 1.40% of total assets (down from 1.61% in November 2019).

Chart 8

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Individual CLOs exhibited some variances among European CLOs from the same vintages. These CLOs are more likely to breach their thresholds sooner than other types of CLOs.

Exposure to defaulted assets remains limited

CLOs performed well through the financial crisis and beyond. Defaulted assets were one of the key indicators of CLO performance because a defaulted asset may result in a loss of principal to the CLO and a corresponding decline in credit enhancement.

From November 2019 to February 2020, the percentage of defaulted assets (i.e., assets from obligors rated 'CC', 'C', 'SD' [selective default], or 'D') slightly increased for the 2018, and 2019 vintages, and decreased for the 2013, 2015, and 2017 cohort. It remains unchanged for the 2014 and 2016 cohort.

As of February 2020, the percentage of defaulted assets in each underlying collateral portfolio was:

  • 2013 vintage CLOs: 0.42% of total assets (down from 0.52% in November 2019);
  • 2014 vintage CLOs: 0.00% of total assets (unchanged from 0.00% in November 2019);
  • 2015 vintage CLOs: 0.14% of total assets (down from 0.18% in November 2019);
  • 2016 vintage CLOs: 0.02% of total assets (unchanged from 0.02% in November 2019);
  • 2017 vintage CLOs: 0.05% of total assets (down from 0.15% in November 2019);
  • 2018 vintage CLOs: 0.28% of total assets (up from 0.14% in November 2019); and
  • 2019 vintage CLOs: 0.02% of total assets (up from 0.00% in November 2019).

These calculations show the proportion of assets that are currently in default, over total assets (not including principal cash).

Chart 9

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S&P Global Ratings' weighted-average rating factor (SPWARF) worsens

Although CLOs are generally restricted to eligibility criteria that govern what assets can be part of their portfolios and set their limitations, it is challenging to size a portfolio's default risk during the typical four-year reinvestment period in which the collateral manager is allowed to actively trade assets. These trading activities could change the asset portfolio's composition significantly, thus increasing its risk profile and possibly the required par subordination.

The SPWARF provides an indication of the portfolio's overall credit quality. It is each asset's five-year default rate assumed in our corporate collateralized debt obligation (CDO) criteria, weighted by each asset's par balance, and multiplied by 10,000 (see the "Related Criteria" and "Related Research" sections).

In first-quarter 2020, the overall SPWARF increased to 2,801 from 2,652.

Chart 10

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Weighted-average life (WAL) decreased

The WAL is the number of years between the current date and the maturity date of assets in the CLO portfolio.

At 5.1, the WAL is decreasing quarter on quarter.

Chart 11

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Scenario default rates (SDRs) worsen

Together with the SPWARF and WAL, we use four other benchmarks (the three diversity measures and the default rate dispersion [DRD]) to produce the approximate 'AAA' SDR (i.e., the expected default levels for the portfolio under the 'AAA' stress scenarios).

While the SPWARF only looks at the credit rating on the assets, SDRs (or the expected target default rate) look into all six components when measuring the overall risk profile of a CLO portfolio (SPWARF + DRD + WAL + the three diversity measures).

On average, the current portfolio credit risk ('AAA' SDRs) has slightly worsened since fourth-quarter 2019, increasing to 63.84% from 61.44%.

Chart 12

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Cash Flow Metrics

Credit enhancement has remained steady

Our analysis of CDO transactions, as in our other structured finance ratings, focuses on how much credit enhancement is needed for a given level of credit risk to achieve a specific rating. Typically, credit enhancement is provided by a combination of overcollateralization/subordination and cash collateral. In this case, credit enhancement is the percentage of total performing assets plus cash, minus the tranche balance (including senior and pari passu note balance), divided by total performing assets, plus cash plus recovery on defaulted assets. The credit enhancement levels across the capital structure remained stable over 2019-2020.

Table 2

Credit Enhancement By Rating Level
AAA
Vintage Q2 2019 yearly average Q3 2019 yearly average Q4 2019 yearly average Q1 2020 yearly average
2016 40.57 40.60 40.62 40.51
2017 41.11 41.15 41.37 41.51
2018 41.59 42.20 42.21 42.07
2019 39.58 39.02
AA
Vintage Q2 2019 yearly average Q3 2019 yearly average Q4 2019 yearly average Q1 2020 yearly average
2016 27.62 27.81 27.84 27.73
2017 28.15 27.92 28.00 28.06
2018 28.01 28.01 28.02 28.00
2019 28.69 28.39
A
Vintage Q2 2019 yearly average Q3 2019 yearly average Q4 2019 yearly average Q1 2020 yearly average
2016 21.79 21.75 21.78 21.66
2017 21.48 21.19 21.24 21.27
2018 21.17 21.31 21.32 21.29
2019 21.60 21.57
BBB
Vintage Q2 2019 yearly average Q3 2019 yearly average Q4 2019 yearly average Q1 2020 yearly average
2016 16.77 16.88 16.91 16.76
2017 16.34 16.23 16.19 16.15
2018 15.98 16.06 16.07 16.03
2019 15.11 15.35
BB
Vintage Q2 2019 yearly average Q3 2019 yearly average Q4 2019 yearly average Q1 2020 yearly average
2016 10.72 10.71 10.74 10.67
2017 10.49 10.48 10.47 10.47
2018 10.37 10.49 10.50 10.46
2019 9.71 9.90
Weighted-average spread followed recent quarterly trends

Spreads vary based on a variety of factors, including the levels of relative liquidity for leveraged loans or the actual and perceived level of credit risk in the leveraged loan market, among others.

Over the past two to three years, leveraged loans have refinanced at a lower cost, leading to increased difficulty in managing the weighted-average spread test in CLOs and in maintaining the weighted-average cost of debt and a healthy return to equity. Consequently, weighted-average spreads are monitored closely in CLOs. If this measure decreases significantly, the risk of a negative rating action on the notes would increase.

On average, the weighted-average spread has remained stable over the past three quarters, which has helped CLO managers manage their weighted-average spread tests.

Chart 13

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Senior O/C ratios remained stable

The senior O/C ratio test is a par value test to protect senior noteholders. Declines in the senior O/C ratio test results can indicate decreasing credit quality of the CLO. The O/C ratio is the difference between the O/C test calculated for a particular tranche and the trigger associated with it. Breach of these triggers will mean that senior notes are repaid (until the tests are met again), or if the transaction is in its reinvestment period, the proceeds due on junior notes are either invested in substitute collateral or used to repay the notes.

The senior O/C ratio test cushions were stable for all the cohorts except 2014, 2015 and 2018 (see chart 14).

The senior O/C ratio test cushions (based on reported information) as of February 2020 were:

  • 2013 vintage CLOs: 11.26% (up from 9.12% in November 2019);
  • 2014 vintage CLOs: 13.24% (down from 13.44% in November 2019);
  • 2015 vintage CLOs: 9.98% (down from 10.74% in November 2019);
  • 2016 vintage CLOs: 9.89% (up from 9.88% in November 2019);
  • 2017 vintage CLOs: 9.83% (up from 9.71% in November 2019);
  • 2018 vintage CLOs: 9.48% (down from 9.54% in November 2019); and
  • 2019 vintage CLOs: 9.70% (up from 9.45% in November 2019).

Chart 14

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Subordinated O/C ratios remained steady

The subordinated O/C ratio test is the par value test for the junior notes in the CLO. Failure to satisfy this test will typically cause interest and principal to be redirected to pay down the most-senior class of notes until the test is satisfied.

From November 2019 to February 2020, the subordinated O/C ratios remained steady with slightly better performance for the older 2013, 2014 vintages due to deleveraging (see chart 15).

As of February 2020, the subordinated O/C ratio test cushions (based on reported information) were:

  • 2013 vintage CLOs: 4.21% (up from 3.76% in November 2019);
  • 2014 vintage CLOs: 4.21% (up from 3.77% in November 2019);
  • 2015 vintage CLOs: 3.67% (down from 3.88% in November 2019);
  • 2016 vintage CLOs: 4.61% (up from 4.60% in November 2019);
  • 2017 vintage CLOs: 4.26% (up from 4.23% in November 2019);
  • 2018 vintage CLOs: 4.25% (down from 4.31% in November 2019); and
  • 2019 vintage CLOs: 4.48% (up from 4.45% in November 2019).

Chart 15

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Notes

Our European CLO performance index report provides aggregate performance statistics across most of our rated European cash flow CLO transactions backed primarily by corporate loans. We provide this information to help market participants track the overall performance of European cash flow CLO transactions and to benchmark the performance of the transactions they follow against the performance of cohorts of similar transactions.

Our report highlights what we view as a number of key risk areas for the transactions, and which we use as part of our analysis of the credit quality of securitized portfolios and of the transactions' payment structure and cash flow mechanics. These include rating migration within the underlying collateral portfolios, as well as other information relevant to the sector.

We divide the performance information in the CLO indexes into cohorts, each containing data for most of the European CLO transactions we rated and issued in a specific vintage year. We collect the performance information from transaction-level performance data in our CDO surveillance databases.

Information prior to the most recent 12 months is available on CDO Interface, S&P Global Ratings' web-based portal for CDO performance information, at www.cdointerface.com. To generate, view, and download data from the CDO indexes, log onto CDO Interface, and then select the "Indexes" tab.

Appendix

Appendix 1

EMEA CLO Corporate Rating Actions (From March 20, 2020 – June 20, 2020)
Action date Issuer GIC sector To From No. of European CLOs with exposure Reason COVID-19 related
Mar 20, 2020 Cassini Media B-/Negative B/Negative 40 COVID-19 impact and delayed deleveraging Yes
Mar 20, 2020 Screenvision, LLC Entertainment B/Watch Neg B/Stable 3 Theater closures due to the coronavirus Yes
Mar 20, 2020 Transportes Aéreos Portugueses, S.A. Airlines B/Watch Neg BB-/Stable(prelim) 3 COVID-19 impact erodes credit metrics Yes
Mar 21, 2020 Edreams Odigeo S.A. Internet and catalog retail B/Watch Neg B/Stable 4 COVID-19 uncertainty Yes
Mar 21, 2020 Hurtigruten Group As Marine CCC+/Negative B-/Stable 47 COVID-19 pandemic weakens demand Yes
Mar 21, 2020 Mohegan Tribal Gaming Authority Hotels, restaurants, and leisure B-/Watch Neg B-/Stable 3 Loss in revenue due to mandated closures amid covid -19 outbreak Yes
Mar 21, 2020 The Chemours Company Co. Chemicals B+/Negative BB-/Stable 42 Anticipated weaker credit metrics Yes
Mar 21, 2020 Downstream Development Authority Hotels, restaurants, and leisure CCC/Watch Neg B/Negative 2 Loss in revenue due to mandated closures amid covid -19 outbreak Yes
Mar 23, 2020 Travelex Holdings Ltd. Consumer finance CC/Negative CCC/Watch Neg 2 Insolvency risk No
Mar 23, 2020 Specialty Chemicals International B.V. Chemicals B+/Stable B+/Positive 2 Weaker market demand Yes
Mar 23, 2020 Norican A/S Machinery B-/Negative B/Stable 8 Difficult market conditions Yes
Mar 24, 2020 Nep/Ncp Holdco Inc. Entertainment B-/Watch Neg B/Watch Neg 57 Severe operating challenges No
Mar 24, 2020 Zinc-Polymer Parent Holdings, LLC Containers and packaging CCC+/Negative B/Stable 3 Expected elevated leverage No
Mar 24, 2020 Altran Technologies S.A. It services BBB/Stable BB/Watch Pos 44 Acquisition of controlling stake by capgemini Yes
Mar 24, 2020 Naviera Armas, S.A. Marine B-/Negative B/Stable 13 Weaker earnings and liquidity Yes
Mar 24, 2020 SGL Carbon SE Electrical equipment CCC+/Stable B-/Negative 4 Continued weak market conditions Yes
Mar 25, 2020 Casper MidCo Hotels, restaurants, and leisure B-/Watch Neg B-/Positive 49 COVID-19 uncertainty Yes
Mar 25, 2020 Thame And London Ltd. Hotels, restaurants, and leisure CCC+/Watch Neg B-/Stable 2 COVID-19 impact Yes
Mar 25, 2020 Coty InC. Personal products B/Watch Neg B+/Stable 49 Impact of the spread of COVID-19 Yes
Mar 25, 2020 Werner Finco Lp Commercial services and supplies B-/Negative B/Negative 3 COVID-19 issues and continued weak performance Yes
Mar 25, 2020 Promotora De Informaciones S.A. Media B-/Watch Neg B/Stable 26 High leverage and weaker cash flows Yes
Mar 26, 2020 Hexion Inc. Chemicals B-/Negative B/Stable 40 Expected lower demand, earnings No
Mar 26, 2020 Financiere Top Mendel SAS Health care providers and services B/Negative B+/Stable 97 Increased financial leverage No
Mar 26, 2020 LTI Holdings, Inc. Auto components CCC+/Negative B-/Negative 1 Unsustainable capital structure & expected end-market weakness Yes
Mar 26, 2020 Clarios Global LP Trading companies and distributors B/Stable B+/Stable 86 Higher-than-expected debt leverage Yes
Mar 26, 2020 Grupo Antolin Irausa SA Auto components B-/Negative B/Negative 11 COVID-19 impact Yes
Mar 27, 2020 Mabel Topco Ltd. Hotels, restaurants, and leisure B-/Watch Neg B/Positive 1 COVID-19 disruption Yes
Mar 27, 2020 Praesidiad Group Ltd. Capital markets CCC/Watch Neg CCC+/Negative 6 Thin covenant headroom and COVID-19 uncertainty Yes
Mar 27, 2020 Adient PLC Auto components B+/Watch Neg B+/Negative 10 Pandemic risks Yes
Mar 27, 2020 Stonegate Pub Co. Ltd. Hotels, restaurants, and leisure CCC+/Negative B-/Watch Dev 7 COVID-19 uncertainty Yes
Mar 27, 2020 Autokiniton Us Holdings, Inc. Distributors B/Watch Neg B+/Stable 2 Impact from the coronavirus Yes
Mar 27, 2020 EI Group PLC Hotels, restaurants, and leisure CCC+/Negative B/Watch Neg 2 COVID-19 lockdown Yes
Mar 27, 2020 Lsf9 Balta Issuer S.A. Household durables B-/Negative B/Stable 1 Cash flow generation uncertainty and refinancing risks Yes
Mar 27, 2020 Thor Industries, Inc. Automobiles BB-/Negative BB/Negative 24 Anticipated COVID-19 impact Yes
Mar 28, 2020 The Knot Worldwide Inc. Interactive media and services B/Watch Neg B/Stable 1 - Yes
Mar 28, 2020 Samsonite International S.A. Textiles, apparel and luxury goods BB-/Negative BB+/Watch Neg 1 Impact of coronavirus on travel Yes
Mar 28, 2020 UC Holdings Inc. Auto components B/Watch Neg B/Stable 2 Coronavirus-related production disruption Yes
Mar 30, 2020 Afflelou SAS Specialty retail B-/Negative B/Stable 12 Low covenant headroom and sharp decline in volumes linked to COVID-19 Yes
Mar 30, 2020 HNVR Midco Ltd. It services CCC+/Negative B-/Stable 80 COVID-19 impact Yes
Mar 30, 2020 Kiwi Vfs Sub 1 S.A.R.L. Capital markets B/Negative B+/Stable 47 COVID-19 leads to global travel disruption Yes
Mar 30, 2020 Ammega Group B.V. Machinery B-/Stable B/Stable 56 Likely delay in deleveraging due to the coronavirus pandemic Yes
Mar 31, 2020 Kestra Advisor Services Holdings A, Inc. Capital markets B/Stable B+/Watch Neg 1 Rate cuts and declining markets Yes
Mar 31, 2020 International Design Group Spa Household durables B/Negative B/Stable 38 Expected material decline in demand due to COVID-19 outbreak Yes
Mar 31, 2020 International Park Holdings B.V. Hotels, restaurants, and leisure B-/Watch Neg B-/Stable 52 Uncertainty on the duration of the theme park closures due to COVID-19 pandemic Yes
Mar 31, 2020 Loxam SAS Trading companies and distributors B/Negative BB-/Negative 12 Negative impact of COVID-19 on financial results Yes
Mar 31, 2020 Piolin Bidco S.A.U. Entertainment B-/Watch Neg B-/Positive 77 Uncertainty on the duration of the theme park closures due to COVID-19 pandemic Yes
Mar 31, 2020 Raffinerie Heide GmbH Oil, gas and consumable fuels B-/Stable B/Stable 2 Severe downturn because of COVID-19 Yes
Mar 31, 2020 Vincent Bidco BV (Nl) Commercial services and supplies B-/Stable B/Stable 13 Closure of some sites amid COVID-19 Yes
Apr 01, 2020 Tailwind Smith Cooper Holding Corporation Building products B-/Negative B/Stable 3 Expected high leverage No
Apr 01, 2020 Catluxe Sarl Textiles, apparel and luxury goods CCC+/Negative B-/Stable 23 Unsustainable capital structure due to COVID-19 Yes
Apr 01, 2020 Kirk Beauty One GmbH Specialty retail CCC+/Negative B-/Stable 3 COVID-19 uncertainty and heightened refinancing risk Yes
Apr 01, 2020 Selecta Group B.V. Internet and catalog retail B-/Negative B/Stable 9 Continued negative free operating cash flow Yes
Apr 02, 2020 House of HR NV Commercial services and supplies B/Negative B+/Stable 52 COVID-19 measures limit recruitment Yes
Apr 02, 2020 Jaguar Land Rover Automotive PLC Automobiles B/Negative B+/Negative 1 Weaker credit metrics due to COVID-19 uncertainty Yes
Apr 02, 2020 Sunshine Luxembourg VII S.A R.L. Personal products B-/Stable B/Negative 51 Expected weakening in credit metrics Yes
Apr 02, 2020 Zephyr Midco 2 Ltd. Media B-/Stable B/Stable 44 Delayed deleveraging due to COVID-19 Yes
Apr 02, 2020 Transdigm Inc. Aerospace and defense B+/Negative B+/Stable 1 Weaker credit metrics due to coronvirus No
Apr 03, 2020 Europcar Mobility Group Road and rail B-/Watch Neg BB-/Negative 4 COVID-19 effects and weakening liquidity Yes
Apr 03, 2020 Franklin Ireland Topco Limited Consumer finance B-/Negative B/Negative 34 COVID-19-related disruption Yes
Apr 03, 2020 Parts Holding Europe SAS Specialty retail B-/Negative B/Negative 43 Impact from COVID-19 Yes
Apr 03, 2020 Schaeffler AG Auto components BBB-/Watch Neg BBB-/Negative 1 Weaker earnings due to the COVID-19 pandemic Yes
Apr 03, 2020 AMC Entertainment Holdings INC. Entertainment CCC-/Negative B/Watch Neg 1 Closure of theatres due to COVID-19 outbreak Yes
Apr 03, 2020 CHG PPC Parent LLC Food products B-/Negative B/Stable 19 Expected profitability hit due to coronavirus Yes
Apr 03, 2020 Iho Verwaltungs GmbH Auto components BBB-/Watch Neg BBB-/Negative 7 Weaker earnings due to the COVID-19 pandemic Yes
Apr 03, 2020 Kapla Holding (Kiloutou) Trading companies and distributors B/Negative B+/Stable 67 Uncertainties due to COVID-19 Yes
Apr 04, 2020 Kronos Worldwide Inc. Chemicals B-/Negative B/Stable 7 Expected weaker demand amid global economic slowdown Yes
Apr 04, 2020 ASP Unifrax Holdings, Inc. Trading companies and distributors CCC+/Negative B-/Stable 32 Weak auto and commodity demand Yes
Apr 06, 2020 BBD Bidco Ltd. Commercial services and supplies B-/Negative B/Stable 67 COVID-19 measures weigh on sales Yes
Apr 06, 2020 Solera Holdings Inc. Software B-/Negative B-/Stable 50 Weak economic forecast No
Apr 07, 2020 Amer Sports Holding 1 Oy Media B-/Negative B+/Stable 56 Declining demand amid COVID-19 pandemic Yes
Apr 07, 2020 Fire (BC) S.a r.l. Chemicals B-/Stable B/Stable 49 Weaker expected credit metrics for 2020 No
Apr 07, 2020 Envision Healthcare Corp. Health care providers and services CC/Negative B/Negative 3 Proposed distressed exchange offer Yes
Apr 07, 2020 Burger King France SAS Hotels, restaurants, and leisure B-/Watch Neg B-/Stable 16 COVID-19 confinement measures Yes
Apr 07, 2020 Tendam Brands S.A.U. Specialty retail B/Watch Neg B+/Stable 22 COVID-19 confinement measures Yes
Apr 07, 2020 Thom Europe S.A.S. Specialty retail B/Negative B/Stable 46 COVID-19 confinement measures Yes
Apr 08, 2020 Kongsberg Automotive ASA Distributors B-/Watch Neg B/Watch Neg 11 Liquidity concerns due to covid 19 Yes
Apr 08, 2020 Tenneco INC. Auto components B/Watch Neg B+/Stable 32 Pandemic-related risks Yes
Apr 08, 2020 Advantage Sales & Marketing Inc. Media CCC+/Watch Dev B-/Positive 3 Heightened refinancing risk Yes
Apr 08, 2020 Pinnacle Bidco PLC Hotels, restaurants, and leisure B-/Watch Neg B/Watch Neg 1 COVID-19 exacerbates high leverage Yes
Apr 09, 2020 Global Blue Acquisition B.V. Internet and catalog retail B+/Stable BB-/Stable 29 Worsening operating performance amid COVID-19 Yes
Apr 09, 2020 Promontoria Holding 264 B.V. Air freight and logistics B-/Negative B/Negative 40 Weaker earnings and COVID-19 uncertainty Yes
Apr 09, 2020 Swissport Financing S.A R.L. Capital markets CCC/Negative B-/Stable 81 Risk of debt restructuring due to COVID-19 Yes
Apr 09, 2020 Viskase Companies Inc. Containers and packaging CCC/Negative B-/Watch Neg 1 Refinancing risk Yes
Apr 10, 2020 GTT Communications, Inc. Diversified telecommunication services CCC+/Negative B-/Negative 56 Potential economic impact from the coronavirus Yes
Apr 10, 2020 Aruba Investments Inc. Chemicals B-/Stable B-/Positive 30 Weakened demand in some of its key end markets No
Apr 11, 2020 First American Payment Systems LP It services B-/Negative B/Stable 2 Macroeconomic weakness due to COVID-19 Yes
Apr 13, 2020 Wireco Worldgroup Inc. Metals and mining B-/Negative B/Watch Neg 1 Expected lower oil & gas volumes, credit metrics weakness Yes
Apr 14, 2020 HGIM Corp. Marine CCC+/Negative B-/Stable 3 Unsustainable leverage, weak market conditions Yes
Apr 14, 2020 Awaze LTD. Media B-/Negative B/Negative 39 Closures due to COVID-19 containment measures Yes
Apr 14, 2020 Novem Group GmbH Distributors B+/ Watch Neg B+/Stable 13 COVID-19 pandemic Yes
Apr 14, 2020 Gestamp Automocion S.A. Auto components BB/Watch Neg BB/Negative 1 COVID-19 pandemic Yes
Apr 15, 2020 Finastra Ltd. Software CCC+/Negative B-/Stable 69 Potentially unsustainable capital structure Yes
Apr 15, 2020 Shift4 Payments LLC It services B-/Negative B/Stable 1 Macroeconomic weakness from COVID-19 Yes
Apr 16, 2020 McLaren Group Ltd. Automobiles CCC/Negative B/Negative 1 Weak liquidity stemming from COVID-19 uncertainty Yes
Apr 16, 2020 Anacap Financial Europe S.A. Capital markets B+/Watch Neg B+/Stable 24 Tough environment for the sector amid COVID-19 Yes
Apr 16, 2020 B2Holding Asa Consumer finance B+/Negative BB-/Stable 1 Tough environment for the sector amid COVID-19 Yes
Apr 16, 2020 Intrum Ab (Publ) Commercial services and supplies BB/Negative BB+/Negative 14 Tough environment for the sector amid COVID-19 Yes
Apr 16, 2020 Intrum Ab (Publ) Commercial services and supplies B+/Stable BB-/Stable 26 Tough environment for the sector amid COVID-19 Yes
Apr 16, 2020 Ai Convoy (Luxembourg) S.A.R.L. Aerospace and defense B/Negative B(prelim)/Stable 77 COVID-19 pandemic Yes
Apr 16, 2020 Rubix Group Finco Ltd. Trading companies and distributors B-/Negative B/Negative 49 Weaker credit metrics amid COVID-19 uncertainty Yes
Apr 16, 2020 Sazka Group A.S. Hotels, restaurants, and leisure B+/Negative BB-/Negative 3 COVID-19 pandemic Yes
Apr 16, 2020 Tele Columbus AG Media B-/Watch Neg B-/Negative 72 Operational setbacks Yes
Apr 16, 2020 Ai Ladder (Luxembourg) Subco S.A.R.L. Electrical equipment B/Negative B/Stable 2 COVID-19 impact Yes
Apr 16, 2020 ASR Media and Sponsorship S.p.A. Project leisure and gaming B+/Watch Neg BB-/Stable 11 Uncertainity on sporting events because of COVID-19 pandemic Yes
Apr 16, 2020 Inter Media And Communication S.P.A. Project leisure and gaming B+/Watch Neg BB-/Stable 4 Uncertainity on sporting events because of COVID-19 pandemic Yes
Apr 17, 2020 Safety Products/JHC Acquisition Corp. Metals and mining B-/Negative B/Stable 2 Higher expected leverage Yes
Apr 17, 2020 Kraton Polymers LLC Chemicals B+/Negative B+/Positive 2 Debt reduction No
Apr 17, 2020 Lsf10 Xl Bidco SCA Building products B+/Negative B+/Stable 10 Weaker revenue prospects No
Apr 18, 2020 RGIS Holdings LLC Commercial services and supplies CCC-/Watch Neg CCC+/Negative 3 Likely near-term convenant violation No
Apr 18, 2020 Dynasty Acquisition Co., Inc. Aerospace and defense B-/Negative B/Stable 1 Lower air traffic due to coronavirus pandemic Yes
Apr 20, 2020 Joye Media SLU Entertainment B/Watch Neg BB-/Stable 28 COVID-19 impact on earnings and liquidity Yes
Apr 20, 2020 Lima Corporate S.P.A. Health care equipment and supplies B-/Stable B/Stable 7 Deviation from deleveraging trajectory due to COVID-19 fallout Yes
Apr 21, 2020 Diamond (BC) B.V. Chemicals CCC+/Negative B-/Negative 54 Anticipated global recession in 2020 Yes
Apr 21, 2020 Perstorp Holding Ab (Publ) Chemicals B-/Negative B/Negative 54 Weakened demand in COVID-19 fallout Yes
Apr 21, 2020 Altice Luxembourg SA Media NR B/Negative 3 - Yes
Apr 21, 2020 P&Iswbidco GmbH Media NR B/Negative 8 - Yes
Apr 21, 2020 LSFX Flavum Bidco S.A. Chemicals B/Negative B/Stable 23 Economic impact from COVID-19 Yes
Apr 22, 2020 Engine Holding LLC Media D CCC-/Negative 2 Forbearance agreement following missed debt interest and amortization payments No
Apr 22, 2020 Takko Fashion S.a.r.l. Specialty retail CCC+/Negative B-/Stable 19 COVID-19 uncertainty and covenant breach risk Yes
Apr 22, 2020 Breitling Financing S.A R.L. Textiles, apparel and luxury goods B-/Stable B/Stable 52 Expected increase in leverage due to COVID-19 Yes
Apr 23, 2020 Nets Topco 3 S.a r.l. Software B-/Negative B/Developing 101 COVID-19 impact Yes
Apr 23, 2020 Paysafe Group Holdings II Ltd. Technology hardware, storage and peripherals B-/Stable B/Stable 64 COVID-19-related macroeconomic weakness Yes
Apr 23, 2020 Marcolin Spa Health care equipment and supplies B-/Negative B/Stable 6 Liquidity stress due to COVID-19 fallout Yes
Apr 23, 2020 Novafives Machinery B-/Stable B/Negative 27 Weaker 2019 results due to COVID-19 Yes
Apr 24, 2020 Motion Midco Ltd. Hotels, restaurants, and leisure B/Watch Neg B+/Watch Neg 65 COVID-19 impact Yes
Apr 25, 2020 Brand Industrial Services, Inc. Construction and engineering B-/Negative B-/Stable 3 Risk of elevated debt leverage No
Apr 27, 2020 GHD Verwaltung Gesundheits Gmbh Deutschland GmbH Health care equipment and supplies B-/Stable B/Negative 37 Operating underperformance Yes
Apr 28, 2020 Rodenstock GmbH Health care equipment and supplies B-/Stable B/Stable 27 Projected weaker demand Yes
Apr 29, 2020 Envision Healthcare Corp. Health care providers and services SD CC/Negative 3 Distressed exchange Yes
Apr 29, 2020 Qualtek USA, LLC Construction and engineering B-/Negative B/Negative 2 Weaker than expected operating results Yes
Apr 29, 2020 BME Group Holding BV Trading companies and distributors B/Negative B/Stable 18 Weakened demand from COVID-19 fallout Yes
Apr 30, 2020 Codere S.A. Hotels, restaurants, and leisure CCC/Negative CCC+/Negative 19 Heightened default risk No
Apr 30, 2020 Cineworld Group PLC Entertainment CCC+/Watch Neg B/Watch Neg 21 Weak liquidity and uncertainty on when cinemas will reopen No
Apr 30, 2020 Quimper AB Trading companies and distributors B/Negative B/Stable 100 Likely weaker demand No
May 01, 2020 EG Group Ltd. Specialty retail B-/Stable B/Negative 95 Expected slower deleveraging amid COVID-19 disruption Yes
May 04, 2020 Gamenet Group S.P.A. Hotels, restaurants, and leisure B/Negative B+/Watch Neg 47 Apollo acquisition and COVID-19 effects Yes
May 05, 2020 Envision Healthcare Corp. Health care providers and services CCC/Negative SD 3 Debt rating actions taken Yes
May 05, 2020 Commercial Vehicle Group Inc. Machinery B/Negative B/Stable 3 Lower demand No
May 05, 2020 Haya Real Estate S.A.U Real estate management and development B-/Negative B-/Stable 26 COVID-19 containment measures are likely to limit covenant headroom Yes
May 05, 2020 Sisal Group S.P.A Hotels, restaurants, and leisure B/Negative B+/Negative 22 COVID-19 impact Yes
May 07, 2020 Archroma Holdings S.à r.l. Chemicals B/Negative B/Stable 49 Weaker earnings amid COVID-19 Yes
May 07, 2020 Dexko Global Inc. Auto components B-/Negative B/Stable 28 Expected weaker demand Yes
May 09, 2020 Banff Parent Inc. Software B-/Stable B-/Watch Neg 15 Compuware acquisition No
May 12, 2020 Flutter Entertainment PLC Hotels, restaurants, and leisure BB+/Watch Neg B+/Watch Pos 62 Rating upgrade post merger with flutter entertainment No
May 12, 2020 New Look Bonds Ltd. Specialty retail NR CCC+/Negative 9 Rating downgarded on liquidity concerns and then withdrawn on issuer's request No
May 12, 2020 Sisalpay Group S.P.A. It services BB-/Negative BB-/Stable 54 Downgrade of corporate parent sisal group No
May 13, 2020 Foodco Bondco SAU Hotels, restaurants, and leisure CCC+/Negative B/Stable 31 COVID-19 uncertainty Yes
May 14, 2020 MEIF 5 Arena Holdings SLU Commercial services and supplies BB-/Negative BB/Stable 12 Likely slower deleveraging amid COVID-19 disruption Yes
May 14, 2020 Infopro Digital Group B.V. Software B-/Stable B/Stable 11 COVID-19-related deleveraging constraints and refinancing risk Yes
May 14, 2020 U.S. Renal Care Inc. Health care providers and services B-/Stable B/Stable 3 Underperformance and weaker discretionary cash flow Yes
May 18, 2020 L1R HB Finance Ltd. Specialty retail CCC+/Stable B-/Negative 30 COVID-19 disruption Yes
May 19, 2020 Takko Fashion S.a.r.l. Specialty retail SD CCC+/Negative 19 Missed interest payments No
May 19, 2020 Schoeller Packaging B.V. Containers and packaging B-/Negative B/Stable 4 Weak cash flow generation prospects Yes
May 20, 2020 Groupe Ecore Holding Commercial services and supplies CCC+/Stable B-/Stable 3 COVID-19 disruption, unsustainable capital structure Yes
May 20, 2020 Nordex SE Electrical equipment B-/Stable B/Stable 2 COVID-19 impact Yes
May 20, 2020 Sigma Holdco BV Food products B+/Negative B+/Stable 17 Expected weaker cash flow due to separation-related costs No
May 20, 2020 Jacobs Douwe Egberts International B.V. Food products BB/Watch Pos BB/Positive 26 Ipo announcement Yes
May 21, 2020 Downstream Development Authority Hotels, restaurants, and leisure SD CCC/Watch Neg 2 Term loan modification Yes
May 25, 2020 Travelex Holdings Ltd. Consumer finance SD CC/Negative 2 Missed interest payment on senior secured notes No
May 27, 2020 Contourglobal Power Holdings S.A. Electric utilities BB/Stable BB-/Positive 1 Business resilience Yes
May 28, 2020 Rolls Royce PLC Aerospace and defense BB/Negative BBB-/Watch Neg 1 COVID-19 impact Yes
May 28, 2020 William Hill PLC Hotels, restaurants, and leisure BB-/Negative BB/Stable 1 COVID-19 impact Yes
May 28, 2020 Anacap Financial Europe S.A. Capital markets B/Stable B+/Watch Neg 25 Further deterioration of its financial profile Yes
May 29, 2020 Europcar Mobility Group Road and rail CCC+/Negative B-/Watch Neg 5 COVID-19 disruption and potential liquidity pressure Yes
May 29, 2020 Global University Systems Holding BV Diversified consumer services B/Watch Neg B/Stable 79 COVID-19 uncertainties Yes
May 29, 2020 Downstream Development Authority Hotels, restaurants, and leisure CCC/Negative SD 2 Term loan modification Yes
May 30, 2020 Infor Inc. Software BBB/Stable B-/Watch Pos 75 Acquisition by koch industries Yes
May 30, 2020 Technicolor S.A. Entertainment CCC-/Negative B-/Stable 29 Plan to raise additional debt Yes
May 30, 2020 Carlson Travel Inc. Hotels, restaurants, and leisure CCC/Negative B-/Watch Neg 12 Business declines from COVID-19 Yes
Jun 02, 2020 Al Alpine At Bidco Machinery B/Watch Neg B/Stable 73 Weaker performance prospects Yes
Jun 03, 2020 AMC Entertainment Holdings Inc. Entertainment CC/Negative CCC-/Negative 1 Subordinated notes exchange offer Yes
Jun 03, 2020 Galileo Global Education Finance Sarl Diversified consumer services B/Negative B/Stable 78 Forecasted increase in debt No
Jun 04, 2020 PHM Netherlands Midco B.V. Chemicals B-/Stable B/Negative 9 Elevated debt leverage; debt ratings lowered Yes
Jun 04, 2020 Swissport Financing S.A R.L. Capital markets CCC/Watch Neg CCC/Negative 72 Launching consent solicitation and scheme of arrangement Yes
Jun 08, 2020 Auris Luxembourg II S.a.r.l. Health care equipment and supplies B-/Stable B/Negative 112 Delayed deleveraging prospects Yes
Jun 09, 2020 Masmovil Ibercom SA. Electric utilities BB-/Watch Neg BB-/Stable 96 Takeover bid by providence, cinven, and kkr No
Jun 09, 2020 OQ Chemicals Holding Drei GmbH Chemicals B/Negative B+/Stable 58 Parent company's exposure to oil prices Yes
Jun 09, 2020 Pro.Gest Spa Containers and packaging CCC+/Negative B-/Watch Neg 3 Ongoing liquidity concerns Yes
Jun 10, 2020 RGIS Holdings LLC Commercial services and supplies D/NM CCC-/Watch Neg 3 Missed interest payment on debt No
Jun 10, 2020 Cassini SAS Media B-/Watch Neg B-/Negative 48 Show cancellations and postponements Yes
Jun 10, 2020 Foodco Bondco SAU Hotels, restaurants, and leisure CCC-/Negative CCC+/Negative 31 Debt restructuring risk Yes
Jun 11, 2020 iQor Holdings Inc. It services CC/Negative CCC/Negative 2 Bridge loan containing specific default language No
Jun 11, 2020 Flutter Entertainment PLC Hotels, restaurants, and leisure BB+/Stable BB+/Watch Neg 67 Raised equity of £813 million via a share placement No
Jun 11, 2020 Banijay Group SAS Entertainment B/Negative B+/Watch Neg 16 Weakening metrics due to COVID-19 operating disruptions Yes
Jun 16, 2020 Warner Music Group Corp. Entertainment BB/Stable BB-/Positive 6 Sustained operating and industry strength No
Jun 17, 2020 Albea Beauty Holdings S.A. Containers and packaging B/Negative B/Watch Dev 50 Sale of dispensing segment No
Jun 17, 2020 Codere S.A. Hotels, restaurants, and leisure CCC-/Negative CCC/Negative 19 Heightened default risk No
Jun 17, 2020 Hercule Debtco S.A R.L. Containers and packaging B/Negative B/Watch Dev 4 Sale of dispensing segment No
Jun 17, 2020 Scientific Games Corp. Hotels, restaurants, and leisure B/Negative B/Watch Neg 20 Less volatile lottery business No
Jun 17, 2020 Screenvision, LLC Entertainment B/Negative B/Watch Neg 3 High leverage amid prolonged theater closures Yes
Jun 17, 2020 Shift4 Payments LLC It services B/Stable B-/Negative 1 Debt reduction from IPO No
Jun 18, 2020 Hema B.V. Specialty retail CC/Negative CCC/Negative 11 Proposed debt restructuring No
Jun 18, 2020 Joye Media SLU Entertainment B-/Watch Neg B/Watch Neg 31 Fragile liquidity No
Jun 19, 2020 Faurecia SE Auto components BB/Stable BB+/Watch Neg 8 COVID-19 weakens deleveraging prospects Yes
Jun 20, 2020 Forming Machining Industries Holdings, LLC Aerospace and defense CCC+/Negative B-/Negative 2 Coronavirus-related fallout Yes

Appendix 2

Performing Public Issuers Rated 'B-' Or Lower In European CLO Deals As Of June 19, 2020
Issuer Issuer credit rating Outlook/CreditWatch GIC sector Country Principal funded balance (€) Rank order
CAB B- Stable Health care providers and services France 289,595,048 1
Sapphire Bidco B.V. B- Negative Commercial services and supplies Netherlands 271,382,046 2
Tele Columbus AG B- Watch Neg Media Germany 263,496,381 3
Piolin Bidco S.A.U. B- Watch Neg Hotels, restaurants, and leisure Spain 233,304,822 4
Diamond (Bc) B.V. CCC+ Negative Household products Netherlands 229,814,951 5
Rubix Group Finco Ltd. B- Negative Trading companies and distributors U.K. 221,025,029 6
IGT Holding IV AB B- Stable Software Sweden 209,155,344 7
Speedster Bidco GmbH B- Stable Internet and catalog retail Germany 201,391,920 8
Ammega Group B.V. B- Stable Machinery Netherlands 191,202,219 9
Bbd Bidco Ltd. B- Negative Commercial services and supplies U.K. 185,302,181 10
Sunshine Luxembourg VII S.A R.L. B- Stable Personal products Switzerland 182,410,728 11
Solera Holdings Inc. B- Negative Software U.S. 180,755,936 12
International Park Holdings B.V. B- Watch Neg Hotels, restaurants, and leisure Spain 168,900,777 13
Swissport Financing S.A R.L. CCC Watch Neg Capital markets Luxembourg 161,230,383 14
Perstorp Holding AB (Publ) B- Negative Chemicals Sweden 155,108,623 15
Breitling Financing S.A R.L. B- Stable Textiles, apparel, and luxury goods Switzerland 154,563,638 16
Antigua Bidco Ltd. B- Stable Pharmaceuticals U.K. 149,651,957 17
Kloeckner Pentaplast Of America Inc. B- Negative Containers and packaging U.S. 149,614,722 18
Hurtigruten Group AS CCC+ Negative Marine Norway 144,591,631 19
Keter Group B.V. CCC+ Stable Household durables Netherlands 133,742,837 20
Lernen Bidco Ltd. B- Stable Diversified consumer services U.K. 129,930,199 21
Informatica LLC B- Stable Software U.S. 124,589,441 22
Cassini SAS B- Watch Neg Media France 120,589,582 23
Promotora De Informaciones S.A. B- Watch Neg Media Spain 116,005,733 24
Diebold Nixdorf Inc. B- Negative Technology hardware, storage, and peripherals U.S. 111,857,674 25
Awaze Ltd. B- Negative Hotels, restaurants, and leisure U.K. 111,236,704 26
Gamma Infrastructure III B.V. B- Stable Diversified telecommunication services Netherlands 109,163,946 27
Vue International Bidco PLC B- Negative Entertainment U.K. 108,429,180 28
Aenova Holding GmbH B- Stable Pharmaceuticals Germany 105,460,000 29
Technicolor S.A. CCC- Negative Entertainment France 104,407,547 30
L1R Hb Finance Ltd. CCC+ Stable Specialty retail U.K. 104,315,141 31
Dexko Global Inc. B- Negative Auto components U.S. 102,937,554 32
Saphilux S.A.R.L. B- Stable Capital markets Luxembourg 95,664,729 33
Aruba Investments Inc. B- Stable Chemicals U.S. 93,999,251 34
Excelitas Technologies Corp. B- Stable Electronic equipment, instruments, and components U.S. 91,241,833 35
ASP Unifrax Holdings, Inc. CCC+ Negative Trading companies and distributors U.S. 86,325,403 36
GHD Verwaltung Gesundheits Gmbh Deutschland GmbH B- Stable Health care equipment and supplies Germany 82,548,000 37
Haya Real Estate S.A.U. B- Negative Real estate management and development Spain 80,163,000 38
BCPE Max Dutch Bidco B.V. B- Stable Pharmaceuticals Netherlands 79,412,935 39
Deerfield Dakota Holding LLC B- Stable Professional services U.S. 76,979,582 40
Everest Bidco SAS B- Stable Electronic equipment, instruments, and components France 74,905,565 41
Faerch Bidco ApS B- Stable Containers and packaging Denmark 73,481,180 42
Sisaho International B- Negative Insurance France 65,658,192 43
Capri Acquisitions Bidco Ltd. B- Stable Professional services U.K. 62,882,956 44
Getty Images Inc. B- Watch Neg Interactive media and services U.S. 62,790,220 45
Novafives B- Stable Machinery France 60,451,000 46
Promontoria Holding 264 B.V. B- Negative Air freight and logistics Netherlands 54,229,000 47
Chg PPC Parent LLC B- Negative Food products U.S. 53,670,330 48
Vincent Bidco Bv (Nl) B- Stable Commercial services and supplies Netherlands 52,605,000 49
Flint Holdco S.A R.L. CCC+ Negative Commercial services and supplies Luxembourg 47,870,721 50
Rodenstock GmbH B- Stable Health care equipment and supplies Germany 47,848,475 51
Trident TPI Holdings, Inc. B- Negative Containers and packaging U.S. 39,839,269 52
Foodco Bondco SAU CCC- Negative Hotels, restaurants, and leisure Spain 38,303,000 53
Mediarena Acquisition B.V. CCC+ Watch Pos Entertainment Netherlands 31,877,169 54
Burger King France SAS B- Watch Neg Hotels, restaurants, and leisure France 31,004,000 55
Advanz Pharma Corp B- Stable Pharmaceuticals Canada 30,322,169 56
Selecta Group B.V. B- Negative Internet and catalog retail Netherlands 29,250,000 57
Phm Netherlands Midco B.V. B- Stable Chemicals Netherlands 28,240,000 58
Naviera Armas, S.A. B- Negative Marine Spain 28,227,000 59
Catluxe Sarl CCC+ Negative Textiles, apparel, and luxury goods Luxembourg 26,500,000 60
Grupo Antolin Irausa SA B- Negative Auto components Spain 24,870,000 61
Mangrove Luxco Iii Sarl B- Stable Machinery Luxembourg 24,714,870 62
Lima Corporate S.P.A. B- Stable Health care equipment and supplies Italy 24,360,000 63
Carlson Travel Inc. CCC Negative Hotels, restaurants, and leisure U.S. 23,441,000 64
Monitchem Holdco 2 S.A. B- Stable Chemicals Luxembourg 23,300,000 65
Veritas Bermuda Ltd. B- Negative Software Bermuda 19,887,000 66
Norican A/S B- Negative Machinery Denmark 15,695,000 67
Comet Bidco Ltd. B- Watch Neg Media U.K. 14,579,360 68
Diaverum Holding Sarl B- Stable Health care providers and services Luxembourg 13,000,000 69
Marcolin SpA B- Negative Health care equipment and supplies Italy 12,821,000 70
Hgim Corp. CCC+ Negative Marine U.S. 9,162,928 71
Citgo Petroleum Corp. B- Stable Oil, gas, and consumable fuels U.S. 8,576,394 72
Mulhacen Pte. Ltd. B- Negative Banks Singapore 8,450,000 73
Pro.Gest SpA CCC+ Negative Containers and packaging Italy 8,200,000 74
Advantage Sales & Marketing Inc. CCC+ Watch Dev Media U.S. 8,180,321 75
Werner FinCo LP B- Negative Commercial services and supplies U.S. 8,024,146 76
Brand Industrial Services, Inc. B- Negative Construction and engineering U.S. 7,058,383 77
U.S. Renal Care Inc. B- Stable Health care providers and services U.S. 6,873,768 78
Holley Purchaser, Inc. B- Negative Auto components U.S. 6,828,451 79
Air Methods Corporation B- Stable Health care providers and services U.S. 6,626,099 80
Envision Healthcare Corp. CCC Negative Health care providers and services U.S. 6,368,891 81
Sgl Carbon SE CCC+ Stable Electrical equipment Germany 5,810,000 82
Mohegan Tribal Gaming Authority CCC+ Negative Hotels, restaurants, and leisure U.S. 5,404,369 83
Stonegate Pub Co. Ltd. CCC+ Negative Hotels, restaurants, and leisure U.K. 5,002,200 84
Titlemax Finance Corp B- Stable Consumer finance U.S. 4,598,571 85
Team Health Holdings, Inc. B- Negative Health care providers and services U.S. 4,205,412 86
Option Care Health Inc. B- Stable Health care providers and services U.S. 4,135,984 87
Downstream Development Authority CCC Negative Hotels, restaurants, and leisure U.S. 3,696,711 88
Nordex SE B- Stable Electrical equipment Germany 3,600,000 89
Jazz Acquisition Inc. B- Negative Aerospace and defense U.S. 3,482,741 90
Groupe Ecore Holding CCC+ Stable Commercial services and supplies France 3,200,000 91
First American Payment Systems LP B- Negative It services U.S. 2,759,143 92
Qualtek Usa, LLC B- Negative Construction and engineering U.S. 2,723,769 93
Shearer'S Foods, Inc. B- Positive Food products U.S. 2,708,024 94
Schoeller Packaging B.V. B- Negative Containers and packaging Netherlands 2,500,000 95
Transportes Aereos Portugueses, S.A. B- Watch Neg Airlines Portugal 2,500,000 96
Minotaur Acquisition, Inc. B- Stable Capital markets U.S. 2,409,929 97
Zephyr Midco 2 Ltd. B- Stable Interactive media and services U.K. 2,270,700 98
Raffinerie Heide GmbH B- Stable Oil, gas and consumable fuels Germany 2,250,000 99
Kirk Beauty One GmbH CCC+ Negative Specialty retail Germany 1,943,000 100
Lago Resort & Casino CCC Negative Hotels, restaurants and leisure U.S. 1,810,595 101
Southern Graphics Inc. CCC+ Negative Commercial services and supplies U.S. 1,688,000 102
Pinnacle Bidco Plc B- Watch Neg Hotels, restaurants, and leisure U.K. 1,632,940 103
Pluto Acquisition I, Inc. B- Positive Health care providers and services U.S. 1,385,658 104
Safety Products/Jhc Acquisition Corp. B- Negative Metals and mining U.S. 1,367,033 105
Forming Machining Industries Holdings, LLC B- Negative Aerospace and defense U.S. 1,361,283 106
Wireco Worldgroup Inc. B- Negative Metals and mining U.S. 1,331,754 107
Dynasty Acquisition Co., Inc. B- Negative Aerospace and defense U.S. 957,704 108
Airxcel Inc. B- Watch Neg Machinery U.S. 868,453 109
Lsf9 Balta Issuer S.A. B- Negative Household durables Belgium 810,000 110
Belk, Inc. CCC Negative Multiline retail U.S. 705,584 111
Distribuidora Internacional De Alimentacion S.A. CCC Negative Food and staples retailing Spain 700,000 112
Na Rail Hold Co LLC B- Stable Road and rail U.S. 458,800 113
Viskase Companies Inc. CCC Negative Containers and packaging U.S. 370,339 114

Related Criteria

Related Research

The author would also like to thank Ian Chandler, Harshala Koyande, and Rohit Vishwakarma for their help with this report.

This report does not constitute a rating action.

Primary Credit Analyst:Rebecca Mun, London (44) 20-7176-3613;
rebecca.mun@spglobal.com
Secondary Contacts:Shane Ryan, London + 44 20 7176 3461;
shane.ryan@spglobal.com
Emanuele Tamburrano, London (44) 20-7176-3825;
emanuele.tamburrano@spglobal.com
Research Contributor:Shubham Verma, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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