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

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

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Chart 2

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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

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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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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

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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