Default, Transition, and Recovery: The Still-High Weakest Links Tally Contracts As Defaults Rise

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18 Aug, 2020 | 19:19
Canada, APAC, United States of America, APAC, EMEA, Latin America

Default, Transition, and Recovery: The Still-High Weakest Links Tally Contracts As Defaults Rise

Sector Coronavirus Default Transition & Recovery
Tags Americas Latin America APAC EMEA

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Key Takeaways

The number of global weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications) has decreased for the first time since April to 589, from 611 since our last report.
Europe saw its highest monthly tally of weakest links in June with 100 weakest links (as of June 8, 2020), and they remained elevated through July with 99 weakest links.
Defaults in Europe have surpassed their all-time full-year high, rising above its 2009 total.
Weakest links are a particularly important indicator of future defaults as their default rates are typically about eight times higher on average globally.
While the default rate in Europe is the lowest among developed markets, default rates among weakest links are higher in Europe than they are globally (see table 2).

Although decreasing from their all-time highs in June, the number of weakest links globally and in Europe remains elevated with 589 and 99 entities, respectively. Weakest links are the weakest of the borrowers, namely those rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications, and they typically default at a rate 8x that of speculative-grade companies. This comes at a time when the number of year-to-date defaults is also breaking records. In Europe, the 2020 tally has hit a year-to-date historic high of 20, surpassing its year-to-date 2009 tally of 15. As weakest links are a particularly important indicator of future defaults, we will likely see the Europe default tally surpass its 2009 year-end record tally of 22.

Supported by stimulus measures, European economies are tentatively reopening since the first wave of the coronavirus has passed its peak. However, the shape of recovery and the timelines for ending support schemes for corporate and household borrowers is still to be determined. The uncertainty and job insecurity have been straining consumer spending. The biggest-hit economies this year are more service-oriented, such as Spain, Italy, and France. The media and entertainment (including hotels, and gaming and leisure) (23 issuers), consumer products (13 issuers), and capital goods (nine issuers) sectors lead weakest links in Europe--together they account for 45% of the European weakest links (see chart 2). Consumer discretionary sectors affected by social distancing and likely changing consumer preferences, including those related to travel, may not fully recover until at least 2023 (See "Curve Flattens, Recovery Unlocks," June 30, 2020).

Chart 1

Chart 2

Table 1

Europe Corporate Defaults
Company	Country	Industry	Debt (Mil. $)	Default date	From	To	Weakest Link
Lecta S.A.	Luxembourg	Forest and building products/homebuilders	668.39	1/13/2020	CC	SD	Yes
Deoleo S.A.	Spain	Consumer/service sector	665.10	1/22/2020	CC	SD	Yes
Doncasters Group Ltd.	U.K.	Aerospace/automotive/capital goods/metal	1,118.14	1/29/2020	CCC-	SD	Yes
Moby SpA	Italy	Transportation	606.96	2/14/2020	CCC-	SD	Yes
KCA DEUTAG Alpha Ltd.	U.K.	Energy and natural resources	1,685.00	4/2/2020	CCC+	SD	Yes
Intelsat S.A.	Luxembourg	High tech/computers/office equipment	18,535.00	4/15/2020	CCC+	SD	Yes
O1 Properties Ltd.	Cyprus	Real estate	552.12	4/16/2020	CC	D	Yes
Evergreen Skills Lux S.ar.l. (Evergreen Skills Intermediate Lux S.ar.l.)	Luxembourg	High tech/computers/office equipment	2,115.00	5/5/2020	CCC-	D	Yes
Takko Fashion S.a.r.l.	Luxembourg	Consumer/service sector	557.80	5/19/2020	CCC+	SD	Yes
Travelex Holdings Ltd.	U.K.	Leisure time/media	502.02	5/25/2020	CC	SD	Yes
Noble Corp. PLC (A)	U.K.	Energy and natural resources	5,200.00	6/2/2020	CCC-	SD	Yes
Valaris plc	U.K.	Energy and natural resources	11,050.00	6/3/2020	CCC-	D	Yes
LHMC Finco 2 S.a.r.l.	Spain	Leisure time/media	2,705.32	6/11/2020	B-	D	Yes
Noble Corp. PLC (B)	U.K.	Energy and natural resources	0.00	7/17/2020	CCC-	D	Yes
Missouri TopCo Ltd.	U.K.	Consumer products		7/30/2020	CCC-	SD	Yes
Nostrum Oil and Gas PLC	U.K.	Oil and gas		7/30/2020	CCC-	SD
Excludes confidential entities. Data as of July 22, 2020. Source: S&P Global Market Intelligence’s CreditPro®.

Table 2

12-Month Default Rates By Region
(%)	Weakest links default rate	All speculative-grade default rate
Global	24.35	4.37
U.S.	25.96	5.39
Europe	25.53	3.36
Emerging markets	17.65	2.83
Other developed	30.24	5.13
Data as of June 30, 2020. Source: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 3

Trailing-12-Month Corporate Default Rates By Industry (European Speculative-Grade Issuers Only)
(%)	June 30, 2020	May 31, 2020	6 months ago	12 months ago
Financial institutions	0	0	0	1.79
Insurance	0	0	0	0
Nonfinancial	0	0	0	0
Aerospace/automotive/capital goods/metal	4.29	5.56	5.56	5.19
Consumer/service sector	5	3.68	3.82	2.44
Energy and natural resources	9.09	4.44	4.55	5.13
Forest and building products/homebuilders	2.38	2.33	0	0
Health care/chemicals	1.01	1.02	3.16	2.41
High technology/computers/office equipment	4.26	4.44	0	0
Leisure time/media	3.41	2.3	1.12	1.08
Real estate	7.14	7.69	0	0
Telecommunications	0	0	0	0
Transportation	3.85	4	0	0
Utilities	0	0	0	0
Data as of June 30, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Chart 3

Chart 4

Chart 5

Chart 6

Chart 7

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 / CreditWatch change	Debt (Mil. US$)	Country	Region
B-	CreditWatch Negative	Automotive	Kongsberg Automotive ASA				314	Norway	Europe
B-	CreditWatch Negative	Consumer products	KLDiscovery Inc.				680	U.S.	U.S.
B-	CreditWatch Negative	Consumer products	Sierra Enterprises LLC				282	U.S.	U.S.
B-	CreditWatch Negative	Consumer products	SIRVA Inc.				850	U.S.	U.S.
B-	CreditWatch Negative	Financial institutions	OCWEN Financial Corp.				550	U.S.	U.S.
B-	CreditWatch Negative	Forest products and building materials	The Tensar Corp.				310	U.S.	U.S.
B-	CreditWatch Negative	Forest products and building materials	The New Home Co. Inc.				325	U.S.	U.S.
B-	CreditWatch Negative	Health care	Alliance HealthCare Services				525	U.S.	U.S.
B-	CreditWatch Negative	Health care	American Dental Partners Inc.				215	U.S.	U.S.
B-	CreditWatch Negative	Health care	ATI Holdings Acquisition Inc.				993	U.S.	U.S.
B-	CreditWatch Negative	Health care	Covenant Surgical Partners Inc.				700	U.S.	U.S.
B-	CreditWatch Negative	Health care	Dentalcorp Health Services ULC				1,152	Canada	Canada
B-	CreditWatch Negative	Health care	NN Inc.				1,105	U.S.	U.S.
B-	CreditWatch Negative	Health care	Surgery Partners Inc.				2,355	U.S.	U.S.
B-	CreditWatch Negative	High technology	GI Revelation Acquisition LLC				715	U.S.	U.S.
B-	CreditWatch Negative	Homebuilders/real estate companies	Ezdan Holding Group Q.S.C.				2,000	Qatar	Eastern Europe/Middle East/Africa
B-	CreditWatch Negative	Insurance	APCO Super Holdco LP				220	U.S.	U.S.
B-	CreditWatch Negative	Insurance	Confie Seguros Holding Co.				1,065	U.S.	U.S.
B-	CreditWatch Negative	Insurance	Genworth Financial Inc.				3,122	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	18 Fremont Street Acquisition LLC				450	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	ABC Financial Intermediate LLC				-	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	Airxcel Inc.				480	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	Cassini SAS			Yes	752	France	Europe
B-	CreditWatch Negative	Media and entertainment	Century Casinos Inc.				170	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	CWGS Enterprises LLC				1,190	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	Digital Room Holdings Inc.				365	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	Jacobs Entertainment Inc.				385	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	Joye Media SLU		Yes		1,052	Spain	Europe
B-	CreditWatch Negative	Media and entertainment	National Amusements Inc.				300	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	NEP/NCP Holdco Inc.				1,370	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	Piolin Bidco S.A.U.				1,109	Spain	Europe
B-	CreditWatch Negative	Media and entertainment	SBP Holding LP				845	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	Spectacle Gary Holdings LLC				370	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	Sugarhouse HSP Gaming Prop. Mezz. L.P.				600	U.S.	U.S.
B-	CreditWatch Negative	Media and entertainment	The Octave Music Group Inc.				290	U.S.	U.S.
B-	CreditWatch Negative	Metals, mining, and steel	Algoma Steel Inc.				285	Canada	Canada
B-	CreditWatch Negative	Oil and gas	DTEK Renewables B.V.		Yes		-	Netherlands	Europe
B-	CreditWatch Negative	Retail/restaurants	AAG FH LP				244	Canada	Canada
B-	CreditWatch Negative	Retail/restaurants	Container Store Group Inc. (The)				273	U.S.	U.S.
B-	CreditWatch Negative	Retail/restaurants	GameStop Corp.		Yes		475	U.S.	U.S.
B-	CreditWatch Negative	Retail/restaurants	Mabel Topco Ltd.	The Restaurant Group PLC			282	U.K.	Europe
B-	CreditWatch Negative	Telecommunications	Tele Columbus AG				809	Germany	Europe
B-	CreditWatch Negative	Transportation	Gol Linhas Aereas Inteligentes S.A.				-	Brazil	Latin America
B-	CreditWatch Negative	Transportation	Transportes Aereos Portugueses, SGPS, S.A.				429	Portugal	Europe
B-	CreditWatch Negative	Transportation	URS Holdco Inc.				747	U.S.	U.S.
B-	CreditWatch Negative	Transportation	WestJet Airlines Ltd.				1,955	Canada	Canada
B-	Outlook Negative	Aerospace and defense	Dynasty Acquisition Co. Inc.				2,340	U.S.	U.S.
B-	Outlook Negative	Aerospace and defense	F-Brasile S.p.A		Yes		1,010	Italy	Europe
B-	Outlook Negative	Aerospace and defense	Jazz Acquisition Inc.	Wencor Group LLC			530	U.S.	U.S.
B-	Outlook Negative	Aerospace and defense	Salient CRGT Inc.				420	U.S.	U.S.
B-	Outlook Negative	Aerospace and defense	Wesco Aircraft Holdings Inc.	Wolverine Intermediate Holding Corp.			2,075	U.S.	U.S.
B-	Outlook Negative	Aerospace and defense	WP CPP Holdings LLC				1,506	U.S.	U.S.
B-	Outlook Negative	Automotive	Cooper-Standard Holdings Inc.				990	U.S.	U.S.
B-	Outlook Negative	Automotive	Dealer Tire LLC				1,733	U.S.	U.S.
B-	Outlook Negative	Automotive	EnTrans International LLC				255	U.S.	U.S.
B-	Outlook Negative	Automotive	FleetPride Inc.	Fastlane Parent Co. Inc.			845	U.S.	U.S.
B-	Outlook Negative	Automotive	Grupo Antolin Irausa SA				2,115	Spain	Europe
B-	Outlook Negative	Automotive	Holley Purchaser Inc.				400	U.S.	U.S.
B-	Outlook Negative	Automotive	Parts Holding Europe SAS	Dakar Finance S.A.			1,444	France	Europe
B-	Outlook Negative	Automotive	TPro Acquisition Corp.				300	U.S.	U.S.
B-	Outlook Negative	Automotive	Truck Holdings Inc.				1,495	U.S.	U.S.
B-	Outlook Negative	Automotive	Wand NewCo 3 Inc.				2,541	U.S.	U.S.
B-	Outlook Negative	Automotive	Wheel Pros Inc.				716	U.S.	U.S.
B-	Outlook Negative	Capital goods	Algeco Investments B.V.				1,549	Netherlands	Europe
B-	Outlook Negative	Capital goods	Brand Industrial Services Inc.				3,825	U.S.	U.S.
B-	Outlook Negative	Capital goods	C&D Technologies Inc.				400	U.S.	U.S.
B-	Outlook Negative	Capital goods	CFS Brands LLC				408	U.S.	U.S.
B-	Outlook Negative	Capital goods	CIRCOR International Inc.				492	U.S.	U.S.
B-	Outlook Negative	Capital goods	Crosby Worldwide Ltd.				-	U.K.	Europe
B-	Outlook Negative	Capital goods	DexKo Global Inc.				3,064	U.S.	U.S.
B-	Outlook Negative	Capital goods	Energy Holdings (Cayman) Ltd.				2,094	Cayman Islands	U.S.
B-	Outlook Negative	Capital goods	FR Flow Control Midco Ltd.				-	U.K.	Europe
B-	Outlook Negative	Capital goods	Heidelberger Druckmaschinen AG				235	Germany	Europe
B-	Outlook Negative	Capital goods	Infrastructure and Energy Alternatives Inc.				-	U.S.	U.S.
B-	Outlook Negative	Capital goods	JMC Acquisition Corp.				460	U.S.	U.S.
B-	Outlook Negative	Capital goods	LJ Ruby Holdings LLC				435	U.S.	U.S.
B-	Outlook Negative	Capital goods	Maxim Crane Works Holdings Capital LLC				545	U.S.	U.S.
B-	Outlook Negative	Capital goods	Norican Global A/S				389	Denmark	Europe
B-	Outlook Negative	Capital goods	QualTek USA LLC				380	U.S.	U.S.
B-	Outlook Negative	Capital goods	Rubix Group Holdings Ltd.				1,955	U.K.	Europe
B-	Outlook Negative	Capital goods	Safe Fleet Holdings LLC				1,435	U.S.	U.S.
B-	Outlook Negative	Capital goods	Star UK Midco Ltd.				535	U.K.	Europe
B-	Outlook Negative	Capital goods	Tailwind Smith Cooper Holding Corp.				-	U.S.	U.S.
B-	Outlook Negative	Capital goods	Tank Holding Corp.				529	U.S.	U.S.
B-	Outlook Negative	Capital goods	USIC Holdings Inc.				1,892	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	ASP Chromaflo Holdings LP				960	Cayman Islands	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Ball Metalpack Finco LLC				540	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Cornerstone Chemical Co.				450	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	EnergySolutions Inc.				650	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Fort Dearborn Holding Co. Inc.				625	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Hexion Inc.				1,661	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Kleopatra Holdings 1 S.C.A.				2,115	Luxembourg	Europe
B-	Outlook Negative	Chemicals, packaging, and environmental services	Kronos Worldwide Inc.				457	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Perstorp Holding AB (publ)				969	Sweden	Europe
B-	Outlook Negative	Chemicals, packaging, and environmental services	Pregis TopCo Corp.				615	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Ring Container Technologies Group, LLC				540	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Schoeller Packaging B.V.				286	Netherlands	Europe
B-	Outlook Negative	Chemicals, packaging, and environmental services	SK Blue Holdings LP		Yes		2,950	Cayman Islands	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	SK Invictus Intermediate II S.a r.l.				1,430	Luxembourg	Europe
B-	Outlook Negative	Chemicals, packaging, and environmental services	Solenis UK International Ltd.				4,910	U.K.	Europe
B-	Outlook Negative	Chemicals, packaging, and environmental services	TPC Group Inc.	TPC Group LLC			930	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Trident TPI Holdings Inc.				2,432	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	USS Ultimate Holdings Inc.				2,490	U.S.	U.S.
B-	Outlook Negative	Chemicals, packaging, and environmental services	Vantage Specialty Chemicals Inc.				758	U.S.	U.S.
B-	Outlook Negative	Consumer products	Acropole Holding				554	France	Europe
B-	Outlook Negative	Consumer products	Afflelou SAS				474	France	Europe
B-	Outlook Negative	Consumer products	Amer Sports Holding 1 Oy				1,943	Finland	Europe
B-	Outlook Negative	Consumer products	BMC Acquisition Inc.				230	U.S.	U.S.
B-	Outlook Negative	Consumer products	Cast & Crew Payroll, LLC				890	U.S.	U.S.
B-	Outlook Negative	Consumer products	CB Poly Investments, LLC				1,658	U.S.	U.S.
B-	Outlook Negative	Consumer products	Chefs' Warehouse Inc. (The)				405	U.S.	U.S.
B-	Outlook Negative	Consumer products	CHG PPC Intermediate II LLC				892	U.S.	U.S.
B-	Outlook Negative	Consumer products	Corporacion Azucarera del Peru S. A.				325	Peru	Latin America
B-	Outlook Negative	Consumer products	Edward Don & Co. Holdings, LLC			Yes	210	U.S.	U.S.
B-	Outlook Negative	Consumer products	Fetch Holdco LLC				-	U.S.	U.S.
B-	Outlook Negative	Consumer products	Genuine Financial Holdings, LLC				1,050	U.S.	U.S.
B-	Outlook Negative	Consumer products	Halo Buyer Inc.				370	U.S.	U.S.
B-	Outlook Negative	Consumer products	Haya Real Estate S.A.U				543	Spain	Europe
B-	Outlook Negative	Consumer products	Hillman Cos. Inc. (The)				1,390	U.S.	U.S.
B-	Outlook Negative	Consumer products	IM Growth SAS				229	France	Europe
B-	Outlook Negative	Consumer products	KNEL Acquisition LLC				465	U.S.	U.S.
B-	Outlook Negative	Consumer products	Livingston International Inc.				344	Canada	Canada
B-	Outlook Negative	Consumer products	LSF9 Balta Issuer S.A.				424	Belgium	Europe
B-	Outlook Negative	Consumer products	Marcolin SpA				286	Italy	Europe
B-	Outlook Negative	Consumer products	Nutrition Parent LLC				248	U.S.	U.S.
B-	Outlook Negative	Consumer products	Owens & Minor Inc.				5,529	U.S.	U.S.
B-	Outlook Negative	Consumer products	P&L Development Holdings, LLC				313	U.S.	U.S.
B-	Outlook Negative	Consumer products	PetroChoice Holdings Inc.				445	U.S.	U.S.
B-	Outlook Negative	Consumer products	pH Beauty Holdings I Inc.				340	U.S.	U.S.
B-	Outlook Negative	Consumer products	Premier Brands Group Holdings LLC				325	U.S.	U.S.
B-	Outlook Negative	Consumer products	RGIS Holdings LLC			Yes	400	U.S.	U.S.
B-	Outlook Negative	Consumer products	SIWF Holdings Inc.				1,145	U.S.	U.S.
B-	Outlook Negative	Consumer products	STG-Fairway Holdings, LLC (d/b/a First Advantage Corp.)				815	U.S.	U.S.
B-	Outlook Negative	Consumer products	TGP Holdings III LLC				456	U.S.	U.S.
B-	Outlook Negative	Consumer products	YS Garments LLC				330	U.S.	U.S.
B-	Outlook Negative	Financial institutions	Asset Finance Ltd.		Yes		-	New Zealand	Asia/Pacific
B-	Outlook Negative	Financial institutions	Freedom Mortgage Corp.				1,350	U.S.	U.S.
B-	Outlook Negative	Financial institutions	Ravnaq-bank Private Open Joint-Stock Commercial Bank				-	Uzbekistan	Eastern Europe/Middle East/Africa
B-	Outlook Negative	Financial institutions	Turkiston Bank				-	Uzbekistan	Eastern Europe/Middle East/Africa
B-	Outlook Negative	Financial institutions	World Acceptance Corp.				-	U.S.	U.S.
B-	Outlook Negative	Forest products and building materials	Plaskolite PPC Intermediate II LLC	Plaskolite PPC Intermediate I LLC			660	U.S.	U.S.
B-	Outlook Negative	Forest products and building materials	Specialty Building Products Holdings, LLC				500	U.S.	U.S.
B-	Outlook Negative	Forest products and building materials	Werner FinCo LP	New Werner Holding Co. Inc.			625	U.S.	U.S.
B-	Outlook Negative	Health care	Aegis Toxicology Sciences Corp.	Aegis Acquistion Inc.			300	U.S.	U.S.
B-	Outlook Negative	Health care	Albany Molecular Research Inc.				1,720	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	American Renal Associates Holdings Inc.				440	U.S.	U.S.
B-	Outlook Negative	Health care	Arbor Pharmaceuticals Inc.				500	U.S.	U.S.
B-	Outlook Negative	Health care	Avalign Holdings Inc.				458	U.S.	U.S.
B-	Outlook Negative	Health care	Buccaneer Intermediate Holdco Ltd.				545	U.K.	Europe
B-	Outlook Negative	Health care	ERC Topco Holdings LLC				220	U.S.	U.S.
B-	Outlook Negative	Health care	Greenway Health LLC				530	U.S.	U.S.
B-	Outlook Negative	Health care	Lannett Co. Inc.				1,060	U.S.	U.S.
B-	Outlook Negative	Health care	LSCS Holdings Inc.		Yes		405	U.S.	U.S.
B-	Outlook Negative	Health care	Team Health Holdings Inc.				7,230	U.S.	U.S.
B-	Outlook Negative	High technology	Aspen Jersey Topco LLC				300	U.S.	U.S.
B-	Outlook Negative	High technology	Cohu Inc.				350	U.S.	U.S.
B-	Outlook Negative	High technology	Crackle Intermediate Corp.	Crackle Holdings LP			-	U.S.	U.S.
B-	Outlook Negative	High technology	Diebold Nixdorf Inc.				4,695	U.S.	U.S.
B-	Outlook Negative	High technology	Eclipse Midco Inc.				694	U.S.	U.S.
B-	Outlook Negative	High technology	First American Payment Systems LP				275	U.S.	U.S.
B-	Outlook Negative	High technology	Franklin Ireland Topco Ltd.				-	Ireland	Europe
B-	Outlook Negative	High technology	Idemia France SAS				7,029	France	Europe
B-	Outlook Negative	High technology	Mitel Networks (International) Ltd.				1,380	U.K.	Europe
B-	Outlook Negative	High technology	Monotype Imaging Holdings Inc.		Yes		425	U.S.	U.S.
B-	Outlook Negative	High technology	MYOB Invest Co Pty Ltd.		Yes		661	Australia	Asia/Pacific
B-	Outlook Negative	High technology	Nets Topco 3 S.a r.l.				3,564	Denmark	Europe
B-	Outlook Negative	High technology	Procera I, LP				510	Canada	Canada
B-	Outlook Negative	High technology	Project Boost Purchaser LLC				1,230	U.S.	U.S.
B-	Outlook Negative	High technology	Project Silverback Holding Corp.				943	U.S.	U.S.
B-	Outlook Negative	High technology	QBS Parent Inc.	Project Quarterback Parent, LLC			420	U.S.	U.S.
B-	Outlook Negative	High technology	Solera Parent Holding, LLC				11,501	U.S.	U.S.
B-	Outlook Negative	High technology	Starfish Holdco LLC				4,733	U.S.	U.S.
B-	Outlook Negative	High technology	Sungard AS New Holdings, LLC				400	U.S.	U.S.
B-	Outlook Negative	High technology	Trade Me Group Ltd.				602	New Zealand	Asia/Pacific
B-	Outlook Negative	High technology	Triton UK Midco Ltd.				305	U.K.	Europe
B-	Outlook Negative	High technology	Veritas Holdings Ltd.				8,774	Bermuda	U.S.
B-	Outlook Negative	High technology	Wirepath LLC	Crackle Holdings LP			682	U.S.	U.S.
B-	Outlook Negative	Homebuilders/real estate companies	Dawn Acquisitions LLC	Infra Colodata Holdings LLC	Yes		550	U.S.	U.S.
B-	Outlook Negative	Homebuilders/real estate companies	PT Lippo Karawaci Tbk.				1,160	Indonesia	Asia/Pacific
B-	Outlook Negative	Insurance	Amynta Holdings LLC				1,455	U.S.	U.S.
B-	Outlook Negative	Insurance	One Call Corp.	One Call Care Management Inc.			1,866	U.S.	U.S.
B-	Outlook Negative	Insurance	Wethaq Takaful Insurance Co. K.S.C.				-	Kuwait	Eastern Europe/Middle East/Africa
B-	Outlook Negative	Media and entertainment	APX Group Holdings Inc.				4,577	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	AQ Carver Buyer Inc.				455	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Awaze Ltd.				1,128	U.K.	Europe
B-	Outlook Negative	Media and entertainment	Bowlero Corp.				1,045	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Cengage Learning Holdings II Inc.				2,580	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Cirsa Enterprises S.L.U.	LHMC Finco 2 S.a.r.l.			2,259	Spain	Europe
B-	Outlook Negative	Media and entertainment	Clear Channel Outdoor Holdings Inc.				5,485	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	ConvergeOne Holdings Inc.				1,235	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Cumulus Media Inc.				2,325	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	DMT Solutions Global Corp.				250	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	EagleView Technology Corp.				765	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Hoya Midco, LLC				640	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Hubbard Radio, LLC				480	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Infogroup Inc.				250	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	International Park Holdings B.V.			Yes	766	Spain	Europe
B-	Outlook Negative	Media and entertainment	IRI Holdings Inc.				1,680	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	McGraw-Hill Education Inc.				2,125	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Monitronics International Inc.				1,923	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Peak Jersey Holdco Ltd.				925	Jersey	Europe
B-	Outlook Negative	Media and entertainment	Playa Hotels & Resorts N.V.		Yes		1,010	Netherlands	Europe
B-	Outlook Negative	Media and entertainment	PlayPower Holdings Inc.		Yes		400	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Prometric Holdings Inc.				1,294	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Pugnacious Endeavors Inc.				2,217	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Recess Holdings Inc.		Yes		565	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Spring Education Group Inc.				866	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Sterling Intermediate Corp.				655	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	TEG Pty Ltd.				770	Australia	Asia/Pacific
B-	Outlook Negative	Media and entertainment	TMF Sapphire Midco B.V.				1,486	Netherlands	Europe
B-	Outlook Negative	Media and entertainment	Tornante - MDP Joe Holding LLC				125	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Viking Cruises Ltd.	Viking Holdings Ltd			2,875	U.S.	U.S.
B-	Outlook Negative	Media and entertainment	Vue International Bidco plc				936	U.K.	Europe
B-	Outlook Negative	Media and entertainment	World Endurance Holdings Inc.				520	U.S.	U.S.
B-	Outlook Negative	Merchant power	Terra-Gen Finance Co. LLC	Terra-Gen Power Holding II LLC			323	U.S.	U.S.
B-	Outlook Negative	Metals, mining, and steel	Baffinland Iron Mines Corp.				1,850	Canada	Canada
B-	Outlook Negative	Metals, mining, and steel	Cleveland-Cliffs Inc.				6,977	U.S.	U.S.
B-	Outlook Negative	Metals, mining, and steel	Companhia Siderurgica Nacional (CSN)			Yes	1,200	Brazil	Latin America
B-	Outlook Negative	Metals, mining, and steel	Eurasian Resources Group (ERG) S.a.r.l.				-	Luxembourg	Europe
B-	Outlook Negative	Metals, mining, and steel	Ferrexpo PLC				-	U.K.	Europe
B-	Outlook Negative	Metals, mining, and steel	MRC Global (US) Inc.	McJunkin Red Man Holding Corp.			399	U.S.	U.S.
B-	Outlook Negative	Metals, mining, and steel	WireCo WorldGroup Inc.				595	U.S.	U.S.
B-	Outlook Negative	Midstream	BCP Raptor II, LLC	BCP Raptor HoldCo			690	U.S.	U.S.
B-	Outlook Negative	Midstream	EagleClaw Midstream Ventures, LLC	BCP Raptor HoldCo			-	U.S.	U.S.
B-	Outlook Negative	Midstream	Medallion Gathering & Processing LLC	Medallion Midland Acquisition LLC			-	U.S.	U.S.
B-	Outlook Negative	Midstream	Navitas Midstream Midland Basin, LLC				390	U.S.	U.S.
B-	Outlook Negative	Midstream	Oryx Midstream Holdings LLC				1,500	U.S.	U.S.
B-	Outlook Negative	Midstream	Paradigm Midstream LLC				400	U.S.	U.S.
B-	Outlook Negative	Midstream	WaterBridge Operating LLC	WaterBridge Resources, LLC			1,000	U.S.	U.S.
B-	Outlook Negative	Midstream	Zenith Energy U.S. Logistics Holdings, LLC				450	U.S.	U.S.
B-	Outlook Negative	Oil and gas	Antero Resources Corp.				6,400	U.S.	U.S.
B-	Outlook Negative	Oil and gas	BEP Ulterra Holdings Inc.				415	U.S.	U.S.
B-	Outlook Negative	Oil and gas	Berry Petroleum Corp.				350	U.S.	U.S.
B-	Outlook Negative	Oil and gas	Bristow Group Inc.				200	U.S.	U.S.
B-	Outlook Negative	Oil and gas	Encino Acquisition Partners LLC				550	U.S.	U.S.
B-	Outlook Negative	Oil and gas	EnVen Energy Corp.				650	U.S.	U.S.
B-	Outlook Negative	Oil and gas	Laredo Petroleum Inc.				1,450	U.S.	U.S.
B-	Outlook Negative	Oil and gas	Matador Resources Co.				1,000	U.S.	U.S.
B-	Outlook Negative	Oil and gas	Welltec A/S				340	Denmark	Europe
B-	Outlook Negative	Retail/restaurants	AutoCanada Inc.				92	Canada	Canada
B-	Outlook Negative	Retail/restaurants	Carrols Restaurant Group Inc.				500	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	Conn's Inc.				2,850	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	Eyemart Express Holdings LLC				355	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	Flynn Restaurant Group LP		Yes		745	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	Golden Nugget Inc.				5,998	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	K-Mac Holdings Corp.				480	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	Mavis Tire Express Services Corp.				1,795	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	MED ParentCo, LP				1,496	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	Moran Foods, LLC	SAL Acquisition Corp.			334	U.S.	U.S.
B-	Outlook Negative	Retail/restaurants	PAX Midco Spain				1,200	Spain	Europe
B-	Outlook Negative	Retail/restaurants	Tacala LLC				564	U.S.	U.S.
B-	Outlook Negative	Telecommunications	Aerial Parent Corp.				1,950	U.S.	U.S.
B-	Outlook Negative	Telecommunications	Aventiv Technologies, LLC				1,665	U.S.	U.S.
B-	Outlook Negative	Telecommunications	Cologix Holdings Inc.				425	U.S.	U.S.
B-	Outlook Negative	Telecommunications	DISH DBS Corp.	DISH Network Corp.			10,250	U.S.	U.S.
B-	Outlook Negative	Telecommunications	GCI, LLC	GCI Liberty Inc.			1,556	U.S.	U.S.
B-	Outlook Negative	Telecommunications	Intrado Corp.				5,407	U.S.	U.S.
B-	Outlook Negative	Telecommunications	U.S. TelePacific Holdings Corp.		Yes		655	U.S.	U.S.
B-	Outlook Negative	Transportation	American Airlines Group Inc.				8,540	U.S.	U.S.
B-	Outlook Negative	Transportation	Bahia de las Isletas, S.L.				665	Spain	Europe
B-	Outlook Negative	Transportation	Daseke Inc.				500	U.S.	U.S.
B-	Outlook Negative	Transportation	International Seaways Inc.				25	Marshall Islands	Asia/Pacific
B-	Outlook Negative	Transportation	Navios Maritime Acquisition Corp.	Navios Maritime Holdings Inc.			1,340	Marshall Islands	Asia/Pacific
B-	Outlook Negative	Transportation	Promontoria Holding 264 B.V.				869	Netherlands	Europe
B-	Outlook Negative	Transportation	Quality Distribution Inc.		Yes		650	U.S.	U.S.
B-	Outlook Negative	Transportation	WWEX UNI Intermediate Holdings LLC				1,650	U.S.	U.S.
B-	Outlook Negative	Utilities	Calumet Specialty Products Partners LP				4,650	U.S.	U.S.
B-	Outlook Negative	Utilities	Ellaktor S.A.				766	Greece	Europe
CCC+	CreditWatch Negative	Aerospace and defense	MB Aerospace Holdings II Corp.				305	U.K.	Europe
CCC+	CreditWatch Negative	Automotive	Bright Bidco B.V.				1,683	Netherlands	Europe
CCC+	CreditWatch Negative	Automotive	Pearl Holding III Ltd.				175	China	Asia/Pacific
CCC+	CreditWatch Negative	Capital goods	Neenah Enterprises Inc.				120	U.S.	U.S.
CCC+	CreditWatch Negative	Consumer products	Array Canada Inc.				315	Canada	Canada
CCC+	CreditWatch Negative	Consumer products	Output Services Group Inc.				1,499	U.S.	U.S.
CCC+	CreditWatch Negative	Health care	Affordable Care Holding Corp.				516	U.S.	U.S.
CCC+	CreditWatch Negative	Health care	Exactech Inc.				270	U.S.	U.S.
CCC+	CreditWatch Negative	Health care	Femur Buyer Inc.				485	U.S.	U.S.
CCC+	CreditWatch Negative	Health care	Premier Dental Services Inc.				996	U.S.	U.S.
CCC+	CreditWatch Negative	Health care	YI Group Holdings, LLC				338	U.S.	U.S.
CCC+	CreditWatch Negative	Media and entertainment	CBAC Borrower LLC				300	U.S.	U.S.
CCC+	CreditWatch Negative	Media and entertainment	Enterprise Development Authority				450	U.S.	U.S.
CCC+	CreditWatch Negative	Media and entertainment	Gateway Casinos & Entertainment Ltd.				695	Canada	Canada
CCC+	CreditWatch Negative	Media and entertainment	Hanjin International Corp.	Korean Air Lines Co. Ltd.			600	Korea, Republic of	Asia/Pacific
CCC+	CreditWatch Negative	Media and entertainment	Thame and London Ltd.				551	U.K.	Europe
CCC+	CreditWatch Negative	Media and entertainment	WeWork Companies LLC				702	U.S.	U.S.
CCC+	CreditWatch Negative	Retail/restaurants	Red Lobster Intermediate Holdings LLC				380	U.S.	U.S.
CCC+	CreditWatch Negative	Telecommunications	Gogo Inc.				1,125	U.S.	U.S.
CCC+	Outlook Negative	Aerospace and defense	Bombardier Inc.				9,370	Canada	Canada
CCC+	Outlook Negative	Aerospace and defense	Forming Machining Industries Holdings, LLC				320	U.S.	U.S.
CCC+	Outlook Negative	Aerospace and defense	Propulsion Acquisition LLC				535	U.S.	U.S.
CCC+	Outlook Negative	Aerospace and defense	Sequa Corp.				1,270	U.S.	U.S.
CCC+	Outlook Negative	Aerospace and defense	Triumph Group Inc.				1,325	U.S.	U.S.
CCC+	Outlook Negative	Automotive	Accuride Corp.				363	U.S.	U.S.
CCC+	Outlook Negative	Automotive	Dayco LLC				-	U.S.	U.S.
CCC+	Outlook Negative	Automotive	GC EOS Buyer Inc.				1,115	U.S.	U.S.
CCC+	Outlook Negative	Automotive	PT Gajah Tunggal Tbk.				250	Indonesia	Asia/Pacific
CCC+	Outlook Negative	Capital goods	Ahern Rentals Inc.				550	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Aptim Corp.				515	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	ASP Unifrax Holdings Inc.,				1,304	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Big Ass Fans, LLC				359	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	CPM Holdings Inc.				1,480	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	FGI Acquisition Corp.				200	France	Europe
CCC+	Outlook Negative	Capital goods	Granite US Holdings Corp.				1,200	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Helix Acquisition Holdings Inc.				1,405	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Liqui-Box Holdings Inc.				530	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	LTI Holdings Inc.				1,740	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	NESCO Holdings Inc.				475	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Range Parent Inc.				620	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Shape Technologies Group Inc.				350	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Titan International Inc.				400	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Welbilt Inc.				1,325	U.S.	U.S.
CCC+	Outlook Negative	Capital goods	Yak Access, LLC				860	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	Anchor Glass Container Corp.				800	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	DCG Acquisition Corp.				1,378	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	Diamond (BC) B.V.				2,658	Netherlands	Europe
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	Flint HoldCo S.a r.l.				2,583	Luxembourg	Europe
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	FXI Holdings Inc.				2,075	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	Hoffmaster Group Inc.				547	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	PSC Industrial Outsourcing LP	PSC Holdings I LP			570	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	Road Infrastructure Investment Holdings Inc.				614	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	Transcendia Holdings Inc.				405	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	Zep Inc.				725	U.S.	U.S.
CCC+	Outlook Negative	Chemicals, packaging, and environmental services	Zinc-Polymer Parent Holdings, LLC				355	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	Arctic Glacier Group Holdings Inc.				880	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	Boardriders Inc.				450	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	Boparan Holdings Ltd.				757	U.K.	Europe
CCC+	Outlook Negative	Consumer products	Brown Jordan International Inc.				165	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	CatLuxe Sarl	CatLuxe Acquistion Sarl			246	Luxembourg	Europe
CCC+	Outlook Negative	Consumer products	CSM Bakery Solutions LLC		Yes		1,060	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	Elevate Textiles Inc.				710	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	Innovative Water Care Global Corp.				460	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	KC Culinarte Holdings LP				313	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	KCIBT Holdings LP				1,070	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	Pesquera Exalmar S.A.A.			Yes	61	Peru	Latin America
CCC+	Outlook Negative	Consumer products	Rodan & Fields, LLC				600	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	Serta Simmons Bedding LLC				10,201	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	The Talbots Inc.				410	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	TMK Hawk Parent, Corp.				820	U.S.	U.S.
CCC+	Outlook Negative	Consumer products	Transcom TopCo AB				206	Sweden	Europe
CCC+	Outlook Negative	Consumer products	Varsity Brands Holding Co. Inc.				3,000	U.S.	U.S.
CCC+	Outlook Negative	Financial institutions	Banco De Galicia Y Buenos Aires S.A.U.				250	Argentina	Latin America
CCC+	Outlook Negative	Financial institutions	Banco de la Provincia de Buenos Aires				-	Argentina	Latin America
CCC+	Outlook Negative	Financial institutions	Banco Patagonia S.A.	Banco do Brasil S.A.			-	Argentina	Latin America
CCC+	Outlook Negative	Financial institutions	DriveTime Automotive Group Inc.				800	U.S.	U.S.
CCC+	Outlook Negative	Financial institutions	Muganbank OJSC			Yes	-	Azerbaijan	Eastern Europe/Middle East/Africa
CCC+	Outlook Negative	Financial institutions	Mulhacen Pte. Ltd.				589	Singapore	Asia/Pacific
CCC+	Outlook Negative	Financial institutions	Provident Funding Associates L.P.				325	U.S.	U.S.
CCC+	Outlook Negative	Forest products and building materials	Apex Tool Group, LLC				1,559	U.S.	U.S.
CCC+	Outlook Negative	Forest products and building materials	Distribution International Inc.	DI Purchaser Inc.,			-	U.S.	U.S.
CCC+	Outlook Negative	Forest products and building materials	Millar Western Forest Products Ltd.	Millar Western Industries Ltd.			110	Canada	Canada
CCC+	Outlook Negative	Forest products and building materials	Pro.Gest SpA			Yes	571	Italy	Europe
CCC+	Outlook Negative	Forest products and building materials	Rayonier Advanced Materials Inc.				550	U.S.	U.S.
CCC+	Outlook Negative	Health care	Aveanna Healthcare LLC	Aveanna Healthcare Holdings Inc.			1,046	U.S.	U.S.
CCC+	Outlook Negative	Health care	Community Health Systems Inc.				17,194	U.S.	U.S.
CCC+	Outlook Negative	Health care	Heartland Dental, LLC	Hadrian Merger Sub Inc.			1,610	U.S.	U.S.
CCC+	Outlook Negative	Health care	Medical Depot Holdings Inc.				915	U.S.	U.S.
CCC+	Outlook Negative	Health care	nThrive Inc.				751	U.S.	U.S.
CCC+	Outlook Negative	Health care	Viant Medical Holdings Inc.				793	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	Eastman Kodak Co.		Yes		-	U.S.	U.S.
CCC+	Outlook Negative	High technology	Electronics for Imaging Inc.				1,100	U.S.	U.S.
CCC+	Outlook Negative	High technology	Finastra Ltd.				36,369	Cayman Islands	U.S.
CCC+	Outlook Negative	High technology	Natel Engineering Co. Inc.	Natel Engineering Holdings Inc.,			325	U.S.	U.S.
CCC+	Outlook Negative	High technology	Priority Holdings, LLC				1,187	U.S.	U.S.
CCC+	Outlook Negative	High technology	Riverbed Parent Inc.				2,150	U.S.	U.S.
CCC+	Outlook Negative	High technology	SuperMoose Newco Inc.				1,335	U.S.	U.S.
CCC+	Outlook Negative	High technology	Transact Holdings Inc.				260	U.S.	U.S.
CCC+	Outlook Negative	Homebuilders/real estate companies	PT Alam Sutera Realty Tbk.				545	Indonesia	Asia/Pacific
CCC+	Outlook Negative	Homebuilders/real estate companies	Washington Prime Group Inc.				1,643	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Aimbridge Acquisition Co. Inc.				770	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Beasley Broadcast Group Inc.				260	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Casablanca Global Intermediate Holdings L.P.				1,900	British Virgin Islands	Europe
CCC+	Outlook Negative	Media and entertainment	ClubCorp Holdings Inc.				1,600	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Comet Bidco Ltd.			Yes	815	U.K.	Europe
CCC+	Outlook Negative	Media and entertainment	CPI Card Group Inc.				465	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Diamond Resorts International Inc.				1,990	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	DTI Holdco Inc.				1,195	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Endeavor Operating Co. LLC				11,510	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Europcar Mobility Group S.A.				1,772	France	Europe
CCC+	Outlook Negative	Media and entertainment	Excel Fitness Holdings Inc.				260	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Fitness International, LLC		Yes		1,275	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	HNVR Midco Ltd.				2,761	U.K.	Europe
CCC+	Outlook Negative	Media and entertainment	Hurtigruten Group AS	Silk Holdings Sarl			1,189	Norway	Europe
CCC+	Outlook Negative	Media and entertainment	KUEHG Corp.				1,387	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Learfield Communications, LLC				964	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Life Time Inc.		Yes		1,967	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Mohegan Tribal Finance Authority				97	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Mohegan Tribal Gaming Authority				1,876	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Odyssey Europe Holdco S.a r.l.				229	Estonia	Europe
CCC+	Outlook Negative	Media and entertainment	Peninsula Pacific Entertainment LLC				275	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	PGX Holdings Inc.				555	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Promotora de Informaciones S.A.			Yes	-	Spain	Europe
CCC+	Outlook Negative	Media and entertainment	Richmond UK Holdco Ltd.				1,692	U.K.	Europe
CCC+	Outlook Negative	Media and entertainment	Southern Graphics Inc.				679	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	SP PF Buyer LLC				439	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Topgolf International Inc.,				350	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Tribe Buyer LLC				400	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	TUI AG				343	Germany	Europe
CCC+	Outlook Negative	Media and entertainment	United PF Holdings, LLC				706	U.S.	U.S.
CCC+	Outlook Negative	Media and entertainment	Vericast Corp.				3,670	U.S.	U.S.
CCC+	Outlook Negative	Metals, mining, and steel	Boart Longyear Ltd.			Yes	488	Australia	Asia/Pacific
CCC+	Outlook Negative	Metals, mining, and steel	Contura Energy Inc.				562	U.S.	U.S.
CCC+	Outlook Negative	Metals, mining, and steel	Conuma Coal Resources Ltd.				200	Canada	Canada
CCC+	Outlook Negative	Metals, mining, and steel	Ferroglobe PLC	Grupo Villar Mir S.A.U.			-	U.K.	Europe
CCC+	Outlook Negative	Metals, mining, and steel	Taseko Mines Ltd.				250	Canada	Canada
CCC+	Outlook Negative	Metals, mining, and steel	U.S. Silica Co.				1,280	U.S.	U.S.
CCC+	Outlook Negative	Midstream	Epic Y Grade Services, LP				950	U.S.	U.S.
CCC+	Outlook Negative	Midstream	Gulf Finance, LLC				1,150	U.S.	U.S.
CCC+	Outlook Negative	Midstream	Woodford Express, LLC				364	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Ascent Resources Utica Holdings, LLC				2,700	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Basic Energy Services Inc.				300	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Callon Petroleum Co.				1,900	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Centennial Resource Development Inc.				1,027	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Compania General de Combustibles S.A.				300	Argentina	Latin America
CCC+	Outlook Negative	Oil and gas	Crew Energy Inc.				221	Canada	Canada
CCC+	Outlook Negative	Oil and gas	EnQuest PLC				650	U.K.	Europe
CCC+	Outlook Negative	Oil and gas	Ensign Drilling Inc.	Ensign Energy Services Inc.			700	Canada	Canada
CCC+	Outlook Negative	Oil and gas	Great Western Petroleum LLC				600	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Gulfport Energy Corp.				2,050	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	HGIM Corp.				350	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	HighPoint Resources Corp.				675	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	ION Geophysical Corp.				121	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	MEG Energy Corp.				2,950	Canada	Canada
CCC+	Outlook Negative	Oil and gas	Moss Creek Resources Holdings Inc.,				1,200	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Nabors Industries Ltd.				3,725	Bermuda	U.S.
CCC+	Outlook Negative	Oil and gas	Northern Oil and Gas Inc.				694	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Osum Oil Sands Corp.				210	Canada	Canada
CCC+	Outlook Negative	Oil and gas	Petroquimica Comodoro Rivadavia S.A.				-	Argentina	Latin America
CCC+	Outlook Negative	Oil and gas	SM Energy Co.				2,747	U.S.	U.S.
CCC+	Outlook Negative	Oil and gas	Tervita Corp.				610	Canada	Canada
CCC+	Outlook Negative	Oil and gas	Tullow Oil PLC				1,450	U.K.	Europe
CCC+	Outlook Negative	Oil and gas	Vesta Energy Corp.				147	Canada	Canada
CCC+	Outlook Negative	Oil and gas	YPF S.A				1,001,964	Argentina	Latin America
CCC+	Outlook Negative	Retail/restaurants	At Home Group Inc.				425	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	BDF Acquisition Corp.				265	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Beverages & More Inc.				190	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Cooper's Hawk Intermediate Holding, LLC				200	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Fogo De Chao Inc.				324	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Fresh Market Inc. (The)				800	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	GPS Hospitality Holding Co. LLC				265	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Kirk Beauty One GmbH				2,635	Germany	Europe
CCC+	Outlook Negative	Retail/restaurants	Main Event Entertainment Inc.	Ardent Leisure Ltd.			200	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Maxeda DIY Group B.V.				600	Netherlands	Europe
CCC+	Outlook Negative	Retail/restaurants	Mister Car Wash Holdings Inc.				800	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	New Academy Holding Co. LLC				1,825	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Petco Holdings Inc.				3,200	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Quidditch Acquisition Inc.				204	U.S.	U.S.
CCC+	Outlook Negative	Retail/restaurants	Wok Holdings Inc.				430	U.S.	U.S.
CCC+	Outlook Negative	Telecommunications	Flexential Intermediate Corp.				1,760	U.S.	U.S.
CCC+	Outlook Negative	Telecommunications	GTT Communications Inc.				3,457	U.S.	U.S.
CCC+	Outlook Negative	Telecommunications	IPC Corp.				1,456	U.S.	U.S.
CCC+	Outlook Negative	Telecommunications	Premiere Global Services Inc.				1,330	U.S.	U.S.
CCC+	Outlook Negative	Telecommunications	Syniverse Holdings Inc.				1,922	U.S.	U.S.
CCC+	Outlook Negative	Telecommunications	Telecom Argentina S.A.				400	Argentina	Latin America
CCC+	Outlook Negative	Transportation	Azul S.A.				-	Brazil	Latin America
CCC+	Outlook Negative	Transportation	Hawaiian Holdings Inc.		Yes		-	U.S.	U.S.
CCC+	Outlook Negative	Transportation	Kenan Advantage Group Inc.				1,445	U.S.	U.S.
CCC+	Outlook Negative	Transportation	U.S. Shipping Corp.				220	U.S.	U.S.
CCC+	Outlook Negative	Utilities	Aeropuertos Argentina 2000 S.A.				750	Argentina	Latin America
CCC+	Outlook Negative	Utilities	AES Argentina Generacion S.A	AES Corp. (The)			300	Argentina	Latin America
CCC+	Outlook Negative	Utilities	CAPEX S.A.				300	Argentina	Latin America
CCC+	Outlook Negative	Utilities	Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A.				99	Argentina	Latin America
CCC+	Outlook Negative	Utilities	ESKOM Holdings SOC Ltd.				6,310	South Africa	Eastern Europe/Middle East/Africa
CCC+	Outlook Negative	Utilities	Pampa Energia S.A.				1,550	Argentina	Latin America
CCC+	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	Automotive	USF Holdings LLC				570	U.S.	U.S.
CCC	CreditWatch Negative	Capital goods	Praesidiad Group Ltd.				361	U.K.	Europe
CCC	CreditWatch Negative	Consumer products	Grupo Kaltex, S.A. de C.V.				320	Mexico	Latin America
CCC	CreditWatch Negative	Midstream	Summit Midstream Partners Holdings, LLC	Summit Midstream Partners, LP	Yes		300	U.S.	U.S.
CCC	CreditWatch Negative	Transportation	Avation PLC		Yes		-	U.K.	Europe
CCC	CreditWatch Negative	Transportation	Neovia Logistics Intermediate Holdings, LP				325	U.S.	U.S.
CCC	CreditWatch Negative	Transportation	Swissport Group S.a.r.l				1,892	Luxembourg	Europe
CCC	Outlook Negative	Automotive	Horizon Global Corp.				150	U.S.	U.S.
CCC	Outlook Negative	Automotive	K&N Parent Inc.			Yes	345	U.S.	U.S.
CCC	Outlook Negative	Automotive	McLaren Group Ltd.				814	U.K.	Europe
CCC	Outlook Negative	Automotive	SK HoldCo LLC				1,370	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	Form Technologies LLC				1,103	U.S.	U.S.
CCC	Outlook Negative	Capital goods	Optimas OE Solutions Holding, LLC				450	U.S.	U.S.
CCC	Outlook Negative	Chemicals, packaging, and environmental services	Polymer Additives Holdings Inc.				405	U.S.	U.S.
CCC	Outlook Negative	Chemicals, packaging, and environmental services	Strategic Materials Holding Corp.				315	U.S.	U.S.
CCC	Outlook Negative	Chemicals, packaging, and environmental services	UFS Holdings Inc.				254	U.S.	U.S.
CCC	Outlook Negative	Chemicals, packaging, and environmental services	Viskase Cos. Inc.				275	U.S.	U.S.
CCC	Outlook Negative	Consumer products	Anastasia Holdings, LLC				650	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	Blue Ribbon Intermediate Holdings LLC				-	U.S.	U.S.
CCC	Outlook Negative	Consumer products	Iconix Brand Group Inc.				-	U.S.	U.S.
CCC	Outlook Negative	Consumer products	Isagenix Worldwide Inc.				-	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	NSA International, LLC				450	U.S.	U.S.
CCC	Outlook Negative	Consumer products	S.A. Usina Coruripe Acucar e Alcool				-	Brazil	Latin America
CCC	Outlook Negative	Consumer products	StoneMor Partners L.P.				385	U.S.	U.S.
CCC	Outlook Negative	Consumer products	Winebow Group, LLC				360	U.S.	U.S.
CCC	Outlook Negative	Financial institutions	Banco Hipotecario S.A.				350	Argentina	Latin America
CCC	Outlook Negative	Financial institutions	CCF Holdings LLC				319	U.S.	U.S.
CCC	Outlook Negative	Health care	Alcami Corp.				1,425	U.S.	U.S.
CCC	Outlook Negative	Health care	ASP NAPA Holdings, LLC				353	U.S.	U.S.
CCC	Outlook Negative	Health care	Envision Healthcare Corp.	Envision Healthcare Holdings Inc.			7,070	U.S.	U.S.
CCC	Outlook Negative	Health care	Mallinckrodt plc				10,224	Ireland	Europe
CCC	Outlook Negative	Health care	Turnstone Midco 2 Ltd.				783	U.K.	Europe
CCC	Outlook Negative	High technology	Curvature Inc.				735	U.S.	U.S.
CCC	Outlook Negative	High technology	Optiv Inc.				1,030	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	AVSC Holding Corp.			Yes	1,980	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Bioplan USA Inc.				1,040	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Downstream Development Authority				555	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Equinox Holdings Inc.				1,211	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Imagine Group LLC (The)				524	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Lago Resort & Casino				290	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Learning Care Group (US) No. 2 Inc.	Learning Care Group (US) Inc.			710	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Owl Finance Ltd.	Hibu Group Ltd.			282	U.K.	Europe
CCC	Outlook Negative	Media and entertainment	Safari Beteiligungs Gmbh				400	Germany	Europe
CCC	Outlook Negative	Media and entertainment	Salem Media Group Inc.				255	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Travel Leaders Group, LLC			Yes	629	U.S.	U.S.
CCC	Outlook Negative	Media and entertainment	Urban One Inc.,				700	U.S.	U.S.
CCC	Outlook Negative	Metals, mining, and steel	International Wire Group Holdings Inc.				260	U.S.	U.S.
CCC	Outlook Negative	Midstream	Glass Mountain Pipeline, LLC				300	U.S.	U.S.
CCC	Outlook Negative	Oil and gas	Athabasca Oil Corp.				450	Canada	Canada
CCC	Outlook Negative	Oil and gas	PGS ASA			Yes	-	Norway	Europe
CCC	Outlook Negative	Oil and gas	Profrac Services, LLC				180	U.S.	U.S.
CCC	Outlook Negative	Oil and gas	Transocean Ltd.				9,946	Switzerland	Europe
CCC	Outlook Negative	Oil and gas	UTEX Industries Inc.				742	U.S.	U.S.
CCC	Outlook Negative	Oil and gas	Vantage Drilling International				300	Cayman Islands	U.S.
CCC	Outlook Negative	Oil and gas	Weatherford International plc				2,490	Ireland	Europe
CCC	Outlook Negative	Retail/restaurants	Belk Inc.,				1,058	U.S.	U.S.
CCC	Outlook Negative	Retail/restaurants	Burger BossCo Intermediate Inc.,				193	U.S.	U.S.
CCC	Outlook Negative	Retail/restaurants	Distribuidora Internacional de Alimentacion S.A.				686	Spain	Europe
CCC	Outlook Negative	Retail/restaurants	Jo-Ann Stores Holdings Inc.				-	U.S.	U.S.
CCC	Outlook Negative	Retail/restaurants	Miller's Ale House Inc.,				271	U.S.	U.S.
CCC	Outlook Negative	Retail/restaurants	PHD Group Holdings LLC				487	U.S.	U.S.
CCC	Outlook Negative	Telecommunications	Cyxtera DC Holdings Inc.,				1,225	U.S.	U.S.
CCC	Outlook Negative	Telecommunications	Logix Intermediate Holding Corp.				250	U.S.	U.S.
CCC	Outlook Negative	Transportation	Toro Private Holdings I, Ltd.				3,300	U.K.	Europe
CCC	Outlook Negative	Utilities	Empresa Distribuidora Y Comercializadora Norte S.A.				300	Argentina	Latin America
CCC	Outlook Negative	Utilities	GCL New Energy Holdings Ltd.	GCL-Poly Energy Holdings Ltd.			500	Bermuda	U.S.
CCC	Outlook Negative	Utilities	Investimentos e Participacoes em Infraestrutura S.A. - Invepar				-	Brazil	Latin America
CCC	Outlook Negative	Utilities	Ukrainian Railways JSC				500	Ukraine	Eastern Europe/Middle East/Africa
CCC-	CreditWatch Negative	Automotive	Aston Martin Holdings (UK) Ltd.				1,197	U.K.	Europe
CCC-	CreditWatch Negative	Consumer products	Selecta Group B.V.			Yes	1,683	Netherlands	Europe
CCC-	CreditWatch Negative	Forest products and building materials	Omnimax International Inc.,				385	U.S.	U.S.
CCC-	CreditWatch Negative	Homebuilders/real estate companies	Sunshine 100 China Holdings Ltd.				-	Cayman Islands	U.S.
CCC-	CreditWatch Negative	Telecommunications	Alorica Inc.				1,063	U.S.	U.S.
CCC-	CreditWatch Negative	Telecommunications	Maxcom Telecomunicaciones, S.A.B. de C.V.		Yes		57	Mexico	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	Ascena Retail Group Inc.				1,800	U.S.	U.S.
CCC-	Outlook Negative	Consumer products	Jill Acquisition LLC	Jill Holdings LLC			290	U.S.	U.S.
CCC-	Outlook Negative	Consumer products	KNB Holdings Corp.				295	U.S.	U.S.
CCC-	Outlook Negative	Consumer products	Missouri TopCo Ltd.				570	U.K.	Europe
CCC-	Outlook Negative	Consumer products	Novartex				-	France	Europe
CCC-	Outlook Negative	Consumer products	Renfro Corp.				220	U.S.	U.S.
CCC-	Outlook Negative	Consumer products	Revlon Inc.				3,117	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	Forest products and building materials	Northwest Hardwoods Inc.				435	U.S.	U.S.
CCC-	Outlook Negative	Health care	CDRH Parent Inc.				1,590	U.S.	U.S.
CCC-	Outlook Negative	High technology	Navico Group AS				260	Norway	Europe
CCC-	Outlook Negative	Homebuilders/real estate companies	IRSA Inversiones y Representaciones S.A.	Cresud S.A.C.I.F. y A.			431	Argentina	Latin America
CCC-	Outlook Negative	Media and entertainment	Central Security Group Inc.				400	U.S.	U.S.
CCC-	Outlook Negative	Media and entertainment	Exela Technologies Inc.				2,396	U.S.	U.S.
CCC-	Outlook Negative	Media and entertainment	Lakeland Holdings, LLC				595	U.S.	U.S.
CCC-	Outlook Negative	Metals, mining, and steel	Mountain Province Diamonds Inc.				660	Canada	Canada
CCC-	Outlook Negative	Oil and gas	FTS International Inc.				1,050	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	Nostrum Oil and Gas PLC				960	U.K.	Europe
CCC-	Outlook Negative	Oil and gas	Oasis Petroleum Inc.				2,475	U.S.	U.S.
CCC-	Outlook Negative	Oil and gas	Vine Oil & Gas LP				1,760	U.S.	U.S.
CCC-	Outlook Negative	Retail/restaurants	Foodco Bondco SAU				766	Spain	Europe
CCC-	Outlook Negative	Retail/restaurants	Guitar Center Inc.	Guitar Center Holdings Inc.			946	U.S.	U.S.
CCC-	Outlook Negative	Retail/restaurants	Steak n Shake Inc.	Biglari Holdings Inc.			220	U.S.	U.S.
CCC-	Outlook Negative	Telecommunications	Global Eagle Entertainment Inc.				500	U.S.	U.S.
CC	CreditWatch Negative	High technology	Technicolor S.A.			Yes	1,129	France	Europe
CC	Outlook Negative	Forest products and building materials	InterCement Brasil S.A.	InterCement Participacoes S.A.		Yes	-	Brazil	Latin America
CC	Outlook Negative	Media and entertainment	AMC Entertainment Holdings Inc.				4,322	U.S.	U.S.
CC	Outlook Negative	Media and entertainment	Buena Vista Gaming Authority				205	U.S.	U.S.
CC	Outlook Negative	Media and entertainment	Carlson Travel Inc				1,292	U.S.	U.S.
CC	Outlook Negative	Media and entertainment	Codere S.A.				-	Spain	Europe
CC	Outlook Negative	Media and entertainment	Town Sports International Holdings Inc.				325	U.S.	U.S.
CC	Outlook Negative	Midstream	Martin Midstream Partners L.P.				800	U.S.	U.S.
CC	Outlook Negative	Oil and gas	Forum Energy Technologies Inc.		Yes		400	U.S.	U.S.
CC	Outlook Negative	Oil and gas	Superior Energy Services Inc.				1,300	U.S.	U.S.
CC	Outlook Negative	Retail/restaurants	Hema B.V.	AMEH XXVI B.V.			114	Netherlands	Europe
CC	Outlook Negative	Retail/restaurants	Party City Holdings Inc.	PC Nextco Holdings LLC			2,061	U.S.	U.S.
CC	Outlook Negative	Retail/restaurants	PIZZAEXPRESS FINANCING 1 PLC				251	U.K.	Europe
CC	Outlook Negative	Telecommunications	iQor Holdings Inc.				820	U.S.	U.S.
CC	Outlook Negative	Telecommunications	Oi S.A.				1,654	Brazil	Latin America
CC	Outlook Negative	Transportation	SAS AB		Yes		-	Sweden	Europe
CC	Outlook Negative	Utilities	Ferrellgas L.P.	Ferrellgas Partners L.P.	Yes		4,350	U.S.	U.S.
Data as of July 17, 2020. Source: S&P Global Ratings Research.

Related Research

2020’s U.S. Oil And Gas Defaults Have Already Surpassed 2019’s Full-Year Tally, July 23, 2020
Weakest Links Reach A New High As Their Pace Of Growth Slows, July 13, 2020
The European Speculative-Grade Corporate Default Rate Could Reach 8.5% By March 2021, June 8, 2020

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 Contributor:	Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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Default, Transition, and Recovery: The Still-High Weakest Links Tally Contracts As Defaults Rise