The 2020 global corporate default tally reached 159 as of Aug. 19, 2020. The issuers that defaulted are:
- Texas-based midstream energy company Martin Midstream Partners L.P. and
- Georgia-based metal and vinyl building products producer Omnimax International Inc.
Additionally, we have revised our default tally to account for defaults whose ratings were withdrawn prior to default, including Delaware-based in-store media solutions provider Mood Media Corp. and one confidential issuer from Europe.
Defaults in Europe have surpassed their 2009 financial crisis levels and reached a historical high of 23 defaults (see chart 1). While both the tally and default rate are high and rising, growth in the tally of speculative-grade issuers more generally will likely suppress the European default rate below its highs during the financial crisis. The number of speculative-grade issuers, particularly those in the 'B' and 'CCC' rating categories, have risen considerably in Europe and elsewhere in the last decade, characterized by low-interest rates and more aggressive financial policies pursued by many borrowers (see "Historically Low Ratings In The Run-Up To 2020 Increase Vulnerability To the COVID-19 Crisis," May 28, 2020).
Moreover, about 18.2% of speculative-grade issuers in the region are weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications), an all-time high. This is a particularly important indicator of future defaults because their default rates are typically about eight times higher on average than speculative-grade counterparts (see "The Still-High Weakest Links Tally Contracts As Defaults Rise," Aug 18, 2020).
S&P Global Ratings expects the European trailing-12-month speculative-grade corporate default rate to rise to 8.5% by June 2021 from 3.35% in June 2020 (see "Credit And Economic Deterioration Signals A Rising European Speculative-Grade Default Rate Despite Market Optimism," Aug. 18, 2020).
This Week's Observations
- By region, the U.S. leads the default tally in 2020, with 105, followed by Europe, with 23 (see table 1).
- By sector, oil and gas leads the default tally in both the U.S. and Europe, with 21 and seven defaults, respectively.
- Defaults due to missing interest and principle payments are leading in 2020, with 63.
- The week ending on Aug. 14, 2020, saw only two defaults, which is lowest weekly tally in past four months (see chart 3).
|Global Corporate Default Summary|
|12-month-trailing speculative-grade default rate (%)||Year-to-date 2020||Year-to-date 2019||2019||Weakest links|
|Note: *Trailing-12-month default rates from July 31, 2019, to July 31, 2020, are preliminary and subject to change. Year-to-date data as of Aug. 19. Weakest link data is as of July 17, 2020. Other developed region includes Australia, Canada, Japan, and New Zealand. Default counts may include confidentially rated issuers. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.|
|Global Corporate Defaults 2020|
|1/2/2020||Constellis Holdings LLC||U.S.||Aerospace and defense||SD||CC||Missed principal payments|
|1/7/2020||TOMS Shoes LLC||U.S.||Consumer products||D||CCC||Distressed exchange|
|1/9/2020||Moran Foods LLC (SAL Acquisition Corp.)||U.S.||Retail/restaurants||SD||CCC||Missed interest payments|
|1/13/2020||Lecta S.A.||Luxembourg||Forest products and building materials||SD||CC||Missed interest payments|
|1/14/2020||Qinghai Provincial Investment Group Co. Ltd.||China||Metals, mining, and steel||D||CCC-||Missed interest payments|
|1/19/2020||Krystal Co. (The)||U.S.||Retail/restaurants||D||NR||Chapter 11|
|1/21/2020||Panda Green Energy Group Ltd.||Bermuda||Utilities||SD||CC||Distressed exchange|
|Spain||Consumer products||SD||CC||Distressed exchange/ out-of-court restructuring|
Doncasters Group Ltd.
|U.K.||Capital goods||SD||CCC-||Distressed exchange/ out-of-court restructuring|
|1/30/2020||Pinnacle Operating Corp.||U.S.||Chemicals, packaging, and environmental services||SD||CCC||Distressed exchange/ out-of-court restructuring|
|2/7/2020||Commercial Barge Line Co.||U.S.||Transportation||D||CC||Chapter 11|
|2/12/2020||RentPath LLC||U.S.||Media and entertainment||D||NR||Chapter 11|
|2/13/2020||The McClatchy Co.||U.S.||Media and entertainment||D||CC||Chapter 11|
|Italy||Transportation||SD||CCC-||Distressed exchange/ out-of-court restructuring|
|2/14/2020||NPC International Inc.||U.S.||Retail/restaurants||SD||CCC-||Missed interest payments|
Pier 1 Imports Inc.
|2/21/2020||Tunghsu Group Co. Ltd.||China||High technology||SD||CCC-||Missed principal and interest payments|
|2/24/2020||VIP Cinema Holdings Inc.||U.S.||Consumer products||D||CCC-||Chapter 11|
|2/25/2020||Calfrac Well Services Ltd.||Canada||Oil and gas||SD||CC||Distressed exchange|
|2/28/2020||PFS Holding Corp.||U.S.||Consumer products||SD||CCC-||Missed interest payments|
|3/3/2020||Pioneer Energy Services Corp.||U.S.||Oil and gas||D||CCC-||Chapter 11|
|3/9/2020||Bluestem Brands Inc.||U.S.||Retail/restaurants||D||NR||Chapter 11|
|3/12/2020||Ascena Retail Group Inc. (A)||U.S.||Consumer products||SD||CCC||Distressed exchange|
Optimas OE Solutions Holding LLC
|U.S.||Capital goods||SD||CCC+||Distressed exchange|
|3/12/2020||Confidential||Confidential||Metals, mining, and steel||SD||CCC-||Confidential|
Frontier Communications Corp.
|U.S.||Telecommunications||SD||CCC-||Missed interest payments|
|3/17/2020||Internap Corp.||U.S.||Telecommunications||D||CCC+||Chapter 11|
Geo Energy Resources Ltd.
|Singapore||Metals, mining, and steel||SD||B-||Distressed exchange|
|3/20/2020||Grain Insurance Co. JSC||Kazakhstan||Insurance||D||B||Missed interest payments|
|3/27/2020||Optiv Inc.||U.S.||High technology||SD||CCC+||Distressed exchange|
|3/27/2020||Yida China Holdings Ltd.||Cayman Islands||Homebuilders/real estate companies||SD||CC||Distressed exchange|
PGX Holdings Inc.
|U.S.||Media and entertainment||D||CCC||Missed principal and interest payments|
|4/1/2020||Steak n Shake Inc. (Biglari Holdings Inc.)||U.S.||Retail/restaurants||SD||CCC-||Distressed exchange|
|4/1/2020||Whiting Petroleum Corp.||U.S.||Oil and gas||D||CCC+||Chapter 11|
KCA DEUTAG Alpha Ltd.
|U.K.||Oil and gas||SD||CCC+||Missed interest payments|
|4/3/2020||CDS Group||Canada||Media and entertainment||D||CCC-||Missed principal and interest payments|
|4/3/2020||New Millennium Holdco Inc||U.S.||Health care||D||CC||Missed principal and interest payments|
BW Homecare Holdings LLC
|U.S.||Health care||SD||CCC||Distressed exchange|
|4/6/2020||FE Investments Ltd. (FE Investments Group Ltd.)||New Zealand||Finance companies||D||CCC||Missed interest payments|
|4/7/2020||Gavilan Resources LLC||U.S.||Oil and gas||D||CCC-||Missed interest payments|
|U.S.||Capital goods||SD||CCC||Missed interest payments|
|4/7/2020||Quorum Health Corp.||U.S.||Health care||D||CCC-||Chapter 11|
|4/7/2020||Speedcast International Ltd.||Australia||Telecommunications||D||CCC||Missed principal and interest payments|
North American Lifting Holdings Inc.
|U.S.||Capital goods||SD||CCC-||Missed interest payments|
|4/8/2020||SPR Holdings LLC||U.S.||Oil and gas||D||CCC+||Missed interest payments|
|4/9/2020||Confidential||Confidential||Media and entertainment||SD||CC||Confidential|
|4/10/2020||Vestel Elektronik Sanayi Ve Ticaret A.S.||Turkey||High technology||SD||CCC+||Distressed exchange|
|4/10/2020||Confidential||Confidential||Media and entertainment||D||CCC-||Confidential|
|4/12/2020||Pace Industries Inc.||U.S.||Consumer products||D||NR||Chapter 11|
|4/14/2020||LSC Communications Inc.||U.S.||Media and entertainment||D||CC||Chapter 11|
|4/14/2020||Libbey Inc.||U.S.||Consumer products||SD||CCC||Missed interest payments|
|4/14/2020||NMC Health PLC||U.A.E.||Health care||D||CCC-||Missed interest payments|
|4/15/2020||Intelsat S.A.||Luxembourg||Telecommunications||SD||CCC+||Missed interest payments|
O1 Properties Ltd.
|Cyprus||Homebuilders/real estate companies||D||CC||Missed interest payments|
|4/16/2020||J.C. Penney Co. Inc.||U.S.||Retail/restaurants||D||CCC||Missed interest payments|
Mister Car Wash Holdings Inc.
|4/17/2020||Ultra Petroleum Corp.||U.S.||Oil and gas||D||CCC-||Missed interest payments|
|4/21/2020||Engine Holding LLC||U.S.||Media and entertainment||D||CCC-||Missed principal and interest payments|
|4/22/2020||The Neiman Marcus Group LLC||U.S.||Retail/restaurants||D||CCC-||Missed interest payments|
|4/23/2020||Northwest Acquisitions ULC||Canada||Metals, mining, and steel||D||CCC+||Foreign Bankruptcy|
|4/24/2020||Diamond Offshore Drilling Inc.||U.S.||Oil and gas||D||CC||Chapter 11|
|Chile||Media and entertainment||D||B-||Bankruptcy|
|4/28/2020||Envision Healthcare Corp. (Envision Healthcare Holdings Inc.)||U.S.||Health care||SD||CC||Distressed exchange|
CSM Bakery Solutions LLC
|U.S.||Consumer products||SD||CCC||Distressed exchange|
Virgin Australia Holdings Ltd.
|5/4/2020||J. Crew Group Inc.||U.S.||Consumer products||D||CCC-||Chapter 11|
|5/5/2020||Evergreen Skills Lux S.ar.l.||Luxembourg||High technology||D||CCC-||Missed interest payments|
|5/6/2020||Confidential||Confidential||Media and entertainment||D||CCC||Confidential|
|5/6/2020||Techniplas LLC||U.S.||Capital goods||D||NR||Chapter 11|
|5/7/2020||Hertz Global Holdings Inc.||U.S.||Transportation||SD||CCC-||Missed principal and interest payments|
Petra Diamonds Ltd.
|Bermuda||Metals, mining, and steel||D||CCC+||Missed interest payments|
Avianca Holdings S.A.
|5/11/2020||Yihua Enterprise (Group) Co. Ltd.||China||Consumer products||SD||CCC||Missed interest payments|
|5/12/2020||Fieldwood Energy LLC||U.S.||Oil and gas||D||CCC||Missed interest payments|
|U.S.||Consumer products||SD||CC||Distressed exchange|
|U.S.||Consumer products||SD||CCC||Missed principal and interest payments|
|5/14/2020||Confidential||Confidential||Media and entertainment||SD||CCC-||Confidential|
|5/15/2020||Extraction Oil & Gas Inc. (Extraction Oil & Gas Holdings LLC)||U.S.||Oil and gas||D||CC||Missed interest payments|
|5/15/2020||Forum Energy Technologies Inc. (A)||U.S.||Oil and gas||SD||CC||Distressed exchange|
Aeropuertos Argentina 2000 S.A.
Takko Fashion S.a.r.l.
|Luxembourg||Consumer products||SD||CCC+||Missed interest payments|
Downstream Development Authority
|U.S.||Media and entertainment||SD||CCC||Missed principal payments|
Equinox Holdings Inc.
|U.S.||Media and entertainment||SD||CCC||Distressed exchange|
|5/21/2020||Akorn Inc.||U.S.||Health care||D||CC||Chapter 11|
Centennial Resource Development Inc.
|U.S.||Oil and gas||SD||CC||Distressed exchange|
|5/21/2020||Guitar Center Inc. (Guitar Center Holdings Inc.)||U.S.||Retail/restaurants||SD||CCC||Distressed exchange|
Travelex Holdings Ltd.
|U.K.||Media and entertainment||SD||CC||Missed interest payments|
|5/26/2020||Unit Corp.||U.S.||Oil and gas||D||CC||Chapter 11|
Latam Airlines Group S.A.
|5/27/2020||Tuesday Morning Corp.||U.S.||Retail/restaurants||D||NR||Chapter 11|
|6/2/2020||Grupo Famsa, S.A.B. de C.V.||Mexico||Retail/restaurants||SD||CCC-||Missed principal and interest payments|
|6/2/2020||Noble Corp. PLC (A)||U.K.||Oil and gas||SD||CCC-||Distressed exchange|
|U.K.||Oil and gas||D||CCC-||Missed interest payments|
California Pizza Kitchen Inc.
|U.S.||Retail/restaurants||D||CCC-||Missed interest payments|
24 Hour Fitness Worldwide Inc.
|U.S.||Media and entertainment||D||CCC+||Missed interest payments|
APC Automotive Technologies Intermediate Holdings, LLC
RGIS Holdings LLC
|U.S.||Consumer products||D||CCC-||Missed interest payments|
|6/10/2020||Confidential||Confidential||Media and entertainment||D||CCC-||Confidential|
|6/11/2020||Confidential||Confidential||Media and entertainment||D||CCC||Confidential|
|6/15/2020||Calfrac Well Services Ltd. (B)||Canada||Oil and gas||D||CCC-||Missed interest payments|
|6/15/2020||Pyxus International Inc.||U.S.||Consumer products||D||CCC-||Chapter 11|
|6/15/2020||SM Energy Company||U.S.||Oil and gas||SD||CC||Distressed exchange|
Briggs & Stratton Corp.
|U.S.||Capital Goods||SD||CCC-||Missed interest payments|
CSI Compressco LP
Ferrellgas Partners L.P.
|U.S.||Midstream||SD||CC||Missed principal payments|
|6/16/2020||Source Energy Services Ltd.||Canada||Oil and gas||D||CCC-||Missed interest payments|
ASP MCS Acquisition Corp.
|U.S.||Consumer products||D||CCC||Missed interest payments|
|6/18/2020||Jo-ann Stores LLC (Jo-Ann Stores Holdings Inc)||U.S.||Retail/restaurants||SD||CCC||Distressed exchange|
|6/18/2020||Confidential||Confidential||Homebuilders/real estate companies||D||CC||Confidential|
Chesapeake Energy Corp.
|U.S.||Oil and gas||D||CC||Missed interest payments|
GK Holdings Inc.
|U.S.||Media and entertainment||D||CC||Missed interest payments|
Boart Longyear Ltd.
|Australia||Metals, mining, and steel||SD||CC||Distressed exchange|
Serta Simmons Bedding LLC
|U.S.||Consumer products||SD||CC||Distressed exchange|
|6/23/2020||Summit Midstream Partners LP||U.S.||Midstream||SD||CCC||Distressed exchange|
GNC Holdings Inc.
CEC Entertainment Inc.
|6/25/2020||W&T Offshore Inc||U.S.||Oil and gas||SD||CCC+||Distressed exchange|
|6/30/2020||Covia Holdings Corp (SCR-Sibelco NV)||U.S.||Metals, mining, and steel||D||CCC+||Chapter 11|
|7/1/2020||California Resources Corp.||U.S.||Oil and gas||D||CC||Missed interest payments|
|7/1/2020||Grupo Aeromexico, S.A.B. de C.V.||Mexico||Transportation||D||B-||Chapter 11|
|7/1/2020||Grupo Posadas, S. A. B. de C. V.||Mexico||Media and entertainment||D||CC||Missed interest payments|
|7/2/2020||Denbury Resources Inc.||U.S.||Oil and gas||D||CCC+||Missed interest payments|
|7/2/2020||Lonestar Resources U.S. Inc.||U.S.||Oil and gas||D||CCC-||Missed interest payments|
|7/2/2020||Confidential||Confidential||Media and entertainment||SD||CCC||Confidential|
Tailored Brands Inc.
|U.S.||Consumer products||D||CCC+||Missed interest payments|
|7/7/2020||Confidential||Confidential||Homebuilders/real estate companies||D||CC||Confidential|
PT Modernland Realty Tbk.
|Indonesia||Homebuilders/real estate companies||SD||CCC-||Missed principal payments|
Tupperware Brands Corp.
|U.S.||Consumer products||SD||CC||Distressed exchange|
Hi- Crush Inc.
|U.S.||Metals, mining, and steel||D||CC||Chapter 11|
|7/13/2020||Confidential||Confidential||Oil and gas||D||CC||Confidential|
Chaparral Energy Inc.
|U.S.||Oil and gas||D||CCC-||Missed interest payments|
Bruin E&P Partners, LLC
|U.S.||Oil and gas||D||CC||Chapter 11|
|7/17/2020||Noble Corp. PLC (B)||U.K.||Oil and gas||D||CCC-||Missed interest payments|
|7/17/2020||Seadrill Partners LLC (Seadrill Ltd.)||Marshall Islands||Oil and gas||SD||CCC||Missed interest payments|
|7/20/2020||Confidential||Confidential||Forest products and building materials||SD||CC||Confidential|
|U.S.||Consumer products||SD||CCC-||Distressed exchange|
Global Eagle Entertainment Inc.
|7/23/2020||Ascena Retail Group Inc. (B)||U.S.||Consumer products||D||CCC-||Chapter 11|
|7/23/2020||Lakeland Holdings LLC||U.S.||Media and entertainment||D||CCC-||Chapter 11|
|7/27/2020||Party City Holdings Inc. (PC Nextco Holdings LLC)||U.S.||Retail/restaurants||SD||CC||Distressed exchange|
|7/28/2020||CB Poly Investments LLC||U.S.||Consumer products||SD||B-||Distressed exchange|
Never Slip Topco Inc.
|U.S.||Consumer products||D||CCC||Distressed exchange|
|7/30/2020||Confidential||Confidential||Media and entertainment||D||CCC-||Confidential|
Missouri TopCo Ltd.
|U.K.||Consumer products||SD||CCC-||Distressed exchange|
Nostrum Oil and Gas PLC
|U.K.||Oil and gas||SD||CCC-||Missed interest payments|
|7/30/2020||Mood Media Corp.||U.S.||Media and entertainment||D||NR||Chapter 11|
AMC Entertainment Holdings Inc.
|U.S.||Media and entertainment||SD||CC||Distressed exchange|
|8/4/2020||Forum Energy Technologies Inc. (B)||U.S.||Oil and gas||SD||CC||Distressed exchange|
PIZZAEXPRESS FINANCING 1 PLC
|U.K.||Retail/restaurants||D||CC||Missed interest payments|
|Switzerland||Oil and gas||SD||CCC||Distressed exchange|
UTEX Industries Inc.
|U.S.||Oil and gas||D||CCC||Missed interest payments|
Martin Midstream Partners L.P.
Omnimax International Inc.
|U.S.||Forest products and building materials||D||CCC-||Missed principal payments|
|NR--Not rated. SD--Selective default. Data as of Aug. 19, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. (B) designation indicates the issuers second default for 2020.|
- Omnimax International Inc. ICR And Senior Secured Rating Lowered To 'D' From 'CCC-' On Missed Principal Payment, Aug. 19, 2020
- The Still-High Weakest Links Tally Contracts As Defaults Rise, Aug 18, 2020
- Martin Midstream Partners LP Downgraded To 'SD' From 'CC' On Below-Par Exchange Of Notes; Debt Rating Lowered To 'D', Aug. 14, 2020
- U.S. Refinancing: Maturities Climb Through 2025 After Record Issuance In First-Half 2020, Aug. 11, 2020
- European Corporate Credit Outlook Mid-Year 2020: Living In A Different World, July 30, 2020
More analysis and statistics are available in our annual default studies, published on RatingsDirect:
Corporate (financial and nonfinancial)
- 2019 Annual U.S. Corporate Default And Rating Transition Study
- 2019 Annual Taiwan Ratings Corp. Corporate Default And Rating Transition Study
- 2019 Annual Global Corporate Default And Rating Transition Study
- Japanese Issuer Credit Rating Transitions Study 2019
- 2018 Annual Infrastructure Default And Rating Transition Study
- 2018 Annual Mexican National Scale Corporate And Public Finance Default And Rating Transition Study
- 2018 Annual Latin American Corporate Default And Rating Transition Study
- 2018 Annual Global Financial Services Default And Rating Transition Study
- 2018 Annual Greater China Corporate Default And Rating Transition Study
- 2018 Annual Taiwan Ratings Corp. Corporate Default And Rating Transition Study
- 2018 Annual U.S. Corporate Default And Rating Transition Study
- 2018 Annual Asia Corporate Default And Rating Transition Study
- 2017 Annual Australia And New Zealand Corporate Default Study And Rating Transitions
- 2017 Annual Emerging Markets Corporate Default Study And Rating Transitions
- 2017 Annual European Corporate Default Study And Rating Transitions
- 2017 Annual Canadian Corporate Default Study And Rating Transitions
- 2017 Inaugural Nordic Default Study And Rating Transitions
- 2017 Annual Brazil Corporate Default Study And Rating Transitions
- 2019 Annual Global Structured Finance Default And Rating Transition Study
- 2019 Annual Taiwan Structured Finance Default And Rating Transition Study
- 2019 Annual Japanese Structured Finance Default And Rating Transition Study
- 2018 Annual Mexican Structured Finance Default And Rating Transition Study
- 2018 Annual European Structured Finance Default And Rating Transition Study
- 2018 Annual Global Leveraged Loan CLO Default And Rating Transition Study
- 2018 Annual Taiwan Structured Finance Default Study And Rating Transitions
- 2018 Annual Global Structured Finance Default Study And Rating Transitions
U.S. public finance
- 2019 Annual U.S. Public Finance Default And Rating Transition Study
- 2017 Annual U.S. Public Finance Not-For-Profit Health Care Default Study And Rating Transitions
- 2017 U.S. Public Finance Utility Default Study And Rating Transitions
- 2017 U.S. Public Finance Transportation Default Study And Rating Transitions
- 2017 Annual U.S. Public Finance Housing Default Study And Rating Transitions
- 2017 Annual U.S. Public Finance Charter School Default Study And Rating Transitions
- 2017 Annual U.S. Public Finance Higher Education And Nonprofit Organization Default Study And Rating Transitions
Sovereign and international public finance
- 2019 Annual Sovereign Default And Rating Transition Study
- 2018 Annual International Public Finance Default And Rating Transition Study
This report does not constitute a rating action.
|Credit Markets Research:||Nicole Serino, New York + 1 (212) 438 1396;|
|Sudeep K Kesh, New York (1) 212-438-7982;|
|Research Contributor:||Shripati Pranshu, Mumbai;|
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