articles Ratings /ratings/en/research/articles/201012-default-transition-and-recovery-the-travel-and-entertainment-business-faces-elevated-default-risk-despite-11685027 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

In This List
COMMENTS

Default, Transition, and Recovery: The Travel And Entertainment Business Faces Elevated Default Risk Despite Easing Market Pressures

COMMENTS

Credit Trends: 'BBB' Pulse: Fallen Angels Should Remain Elevated As COVID-19 Cases Rise

COMMENTS

Credit Trends: Seven Potential Fallen Angel Banks Across Asia-Pacific Face COVID-19 Threat

COMMENTS

Credit Trends: Risky Credits: U.S. And Canadian 'CCC' Rated Companies Are Walking On Thin Ice

COMMENTS

Default, Transition, and Recovery: The European Speculative-Grade Corporate Default Rate Could Reach 8% By September 2021


Default, Transition, and Recovery: The Travel And Entertainment Business Faces Elevated Default Risk Despite Easing Market Pressures

The number of global weakest links decreased to 572 as of Aug. 31, from 589 since our last report. Weakest links are issuers 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.

Although decreasing from all-time highs in June, the number of weakest links globally is still nearly double precrisis levels as more aggressive financial policies and investors' risk appetite helped increase the number of low-rated issuers globally. The tally is also still well above levels seen in the global financial crisis, when default rates reached all-time highs.

In the first nine months of this year, global defaults total 170--nearly 90% are from issuers in the 'CCC' and below rating category. So far in 2020, most defaults have come from issuers that have missed interest or principal payments, rather than distressed exchanges, as lower-rated issuers are contending with weaker revenue and earnings and are falling short of their debt obligations.

Media And Entertainment, And Leisure Remain At Risk For Further Defaults

The media and entertainment sector (which includes lodging and leisure) led with the most additions to this month's tally, with five weakest links. The sector also leads the overall tally with 105--nearly one-fifth of all weakest links. The COVID-19 pandemic has affected many segments of the media and entertainment industry. Since the start of the pandemic, the tally of media and entertainment weakest links has more than doubled, and the number of defaults has risen to its highest year-to-date level since the financial crisis, to 22.

In the U.S., where 56% of the sector's weakest links are based, social distancing measures and government-mandated closures have taken a toll on live events, theme park operators, film and TV studios, fitness centers, hotels, cruises, movie exhibitors, and travel-related trade show and conference operators throughout the region. Media sectors dependent on ad revenues, such as digital publishers, TV, radio, outdoor, and print-based media, are suffering more from the accompanying economic recession than the pandemic itself (see "Industry Top Trends Update: Media and Entertainment- North American," July 16, 2020)

Table 1

The Number Of Weakest Links Pre-COVID, GFC*, And Now
Sectors August 2020 standings March 2020 standings December 2019 standings April 2009 standings
Media/entert 103 44 39 60
Consumer products 71 53 51 20
Oil and gas 46 35 32 15
Capital goods 44 14 15 16
Retail 42 27 22 24
Health care 36 24 20 11
CP&ES 35 19 17 19
High technology 34 10 9 11
Automotive 21 12 9 18
Transportation 21 2 4 13
Telecommunications 20 19 18 5
Metals/mining/steel 18 12 12 11
Financial institutions 15 8 9 25
Midstream 14
Utility 14 14 12 5
Aerospace/defense 12 2 3 2
Forest 12 5 4 24
Home/RE 7 6 5 9
Insurance 6 1 1 8
Merchant power 1
*GFC--Great Financial Crisis. Media/entert--Media and entertainment. Retail-- Retail/restaurants. CP&ES--Chemicals, packaging, and environmental services. Metals/mining/steel-- Metals, mining, and steel. Home/RE-- Homebuilders/real estate companies. Forest--Forest products and building materials. Aerospace/defense-- Aerospace and defense. Data as of Aug. 31, 2020. Source: S&P Global Ratings Research And S&P Global Market Intelligence’s CreditPro®.

Chart 1

image

Table 2

The Media And Entertainment Sector Has Seen Its Fair Share Of Defaults In 2020, But Still Below 2009
Defaulters in 2020 Defaulters in 2009
Aerospace/automotive/capital goods/metal 10 39
Consumer/service sector 45 30
Energy and natural resources 40 13
Financial institutions 1 29
Forest and building products/homebuilders 2 33
Health care/chemicals 7 17
High tech/computers/office equipment 4 8
Insurance 1 4
Leisure time/media 22 67
Real estate 5 9
Telecommunications 5 9
Transportation 9 8
Utility 2 2
Data as of July 31, 2020. Source: S&P Global Ratings Research And S&P Global Market Intelligence’s CreditPro®.

Chart 2

image

Chart 3

image

Chart 4

image

Chart 5

image

Table 3

12-Month Default Rates By Region
Region Weakest links default rate All speculative- grade default rate
Global 24.56 4.72
U.S. 26.17 5.84
Europe 25.69 3.63
Emerging markets 18.04 3.08
Other developed 30.24 5.30
Data as of July 31, 2020. Source: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 4

Weakest Links Listed In The Top 250 Corporate Obligors In Outstanding Rated U.S. Cash Flow CLOs
Media and entertainment has almost 32% Of them
Organization Rank in U.S. CLO transactions Outlook/CreditWatch Applied rating Sector/subsector

Syniverse Holdings Inc.

10 Negative CCC+ Telecommunications

Mohegan Tribal Gaming Authority

18 Negative CCC+ Media and entertainment

Life Time Inc.

32 Negative CCC+ Media and entertainment

Team Health Holdings Inc.,

40 Negative B- Health care

SeaWorld Parks & Entertainment Inc.

42 Negative B- Media and entertainment

Brand Industrial Services, Inc.

65 Negative B- Capital goods

USS Ultimate Holdings Inc.

74 Negative B- Chemicals, packaging, and environmental services

KUEHG Corp.

78 Negative CCC+ Media and entertainment

Golden Nugget Inc.

84 Negative B- Retail/restaurants

Intrado Corp.

87 Negative B- Telecommunications

Vericast Corp.

94 Negative CCC+ Media and entertainment

AVSC Holding Corp.

121 Negative CCC Media and entertainment

GTT Communications, Inc.

142 Watch Neg CCC+ Telecommunications

WP CPP Holdings LLC

144 Negative B- Aerospace and defense

Envision Healthcare Corp.

180 Negative CCC Health care

NEP/NCP Holdco Inc.

182 Watch Neg B- Media and entertainment

BCP Raptor II, LLC

185 Negative B- Midstream

Dynasty Acquisition Co., Inc.

195 Negative B- Aerospace and defense

Oryx Midstream Holdings LLC

208 Negative B- Midstream

Project Boost Purchaser LLC

210 Negative B- High technology

WestJet Airlines Ltd.

219 Watch Neg B- Transportation

Wand NewCo 3, Inc.

249 Negative B- Automotive
CLO--Collateralized loan obligation. Data as of Aug. 31, 2020. Source: S&P Global Ratings Research.

Table 5

Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only)
(%) Jul. 31, 2020 Jun. 30, 2020 Six months ago 12 months ago
Financial
Financial institutions 0.00 1.02 3.00 5.00
Insurance 1.54 1.56 1.64 1.59
Non-Financial
Aerospace/automotive/capital goods/metal 3.52 3.56 1.18 1.19
Consumer/service sector 11.64 10.64 5.30 3.81
Energy and natural resources 13.93 11.82 8.25 7.54
Forest and building products/homebuilders 1.05 1.05 1.02 0.00
Health care/chemicals 4.04 4.07 2.26 0.46
High technology/computers/office equipment 1.52 1.50 2.62 2.06
Leisure time/media 5.94 5.02 1.76 2.17
Real estate 1.75 1.75 0.00 0.00
Telecommunications 6.06 4.55 4.48 2.86
Transportation 4.17 4.17 0.00 0.00
Utilities 5.56 5.56 2.70 0.00
Data as of July 31, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 6

Issuers Rated ‘B-’ Or Lower With A Negative Outlook Or On CreditWatch With Negative Implications
Rating Outlook / CreditWatch Placement Subsector Issuer Parent company New to the list this month Outlook/Credit Watch Change Debt (US$ Mil) Country Region
B- CreditWatch Negative Consumer products Sierra Enterprises LLC 282 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 Navicure Inc., Yes 1,653 U.S. U.S.
B- CreditWatch Negative Health care Surgery Partners Inc., 2,470 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 Genworth Financial Inc. 3,136 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 Cassini SAS 784 France Europe
B- CreditWatch Negative Media and entertainment Century Casinos Inc., 170 U.S. U.S.
B- CreditWatch Negative Media and entertainment Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. Yes 2,332 Spain Europe
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 1,095 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. 1,155 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 Midstream Third Coast Midstream, LLC Yes 850 U.S. U.S.
B- CreditWatch Negative Oil and gas DTEK Renewables B.V. - Netherlands Europe
B- CreditWatch Negative Retail/restaurants AAG FH LP 244 Canada Canada
B- CreditWatch Negative Retail/restaurants GameStop Corp. 691 U.S. U.S.
B- CreditWatch Negative Retail/restaurants Mabel Topco Ltd. The Restaurant Group PLC 300 U.K. Europe
B- CreditWatch Negative Transportation Transportes Aereos Portugueses, SGPS, S.A. 447 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 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 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 2,203 Spain Europe
B- Outlook Negative Automotive Kongsberg Automotive ASA Yes 327 Norway Europe
B- Outlook Negative Automotive Parts Holding Europe SAS Dakar Finance S.A. 1,504 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 Capital goods Algeco Investments B.V. 1,592 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. 3,120 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 245 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 405 Denmark Europe
B- Outlook Negative Capital goods QualTek USA, LLC 380 U.S. U.S.
B- Outlook Negative Capital goods Rubix Group Holdings Ltd. 2,036 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. 1,681 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Kleopatra Holdings 1 S.C.A. 2,169 Luxembourg Europe
B- Outlook Negative Chemicals, packaging, and environmental services Kronos Worldwide Inc. 476 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Perstorp Holding AB (publ) 993 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. 298 Netherlands Europe
B- Outlook Negative Chemicals, packaging, and environmental services SK Blue Holdings, LP 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. 4,987 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., 2,456 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 578 France Europe
B- Outlook Negative Consumer products Afflelou SAS 494 France 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 Chefs' Warehouse Inc., (The) 405 U.S. U.S.
B- Outlook Negative Consumer products CHG PPC Intermediate II LLC 901 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 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 566 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 238 France Europe
B- Outlook Negative Consumer products KLDiscovery Inc. Yes 680 U.S. U.S.
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. 442 Belgium Europe
B- Outlook Negative Consumer products Marcolin SpA 298 Italy Europe
B- Outlook Negative Consumer products Nutrition Parent LLC 248 U.S. U.S.
B- Outlook Negative Consumer products Oak Holdings, LLC Yes 389 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 400 U.S. U.S.
B- Outlook Negative Consumer products SIWF Holdings Inc., 1,145 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. - New Zealand Asia/Pacific
B- Outlook Negative Financial institutions Freedom Mortgage Corp. 1,350 U.S. U.S.
B- Outlook Negative Financial institutions OCWEN Financial Corp. Yes 550 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 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., 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 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 7,228 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. 425 U.S. U.S.
B- Outlook Negative High technology MYOB Invest Co Pty Ltd. 670 Australia Asia/Pacific
B- Outlook Negative High technology Nets Topco 3 S.a r.l. 3,717 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 11,592 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. 14,816 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 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 Confie Seguros Holding Co. Yes 1,065 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 ABC Financial Intermediate, LLC Yes - U.S. U.S.
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. 1,175 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 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 eDreams ODIGEO S.A. Yes 714 Luxembourg Europe
B- Outlook Negative Media and entertainment Getty Images Inc. Abe Investment Holdings Inc., Yes 1,876 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. 798 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. 933 Jersey Europe
B- Outlook Negative Media and entertainment Playa Hotels & Resorts N.V. 1,010 Netherlands Europe
B- Outlook Negative Media and entertainment PlayPower Holdings Inc. 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. 2,569 U.S. U.S.
B- Outlook Negative Media and entertainment Recess Holdings Inc., 565 U.S. U.S.
B- Outlook Negative Media and entertainment Ryman Hospitality Properties Inc., Yes 2,900 U.S. U.S.
B- Outlook Negative Media and entertainment SeaWorld Parks & Entertainment Inc. Yes 2,170 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. 1,548 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 977 U.K. Europe
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) - Brazil Latin America
B- Outlook Negative Metals, mining, and steel CONSOL Energy Inc. Yes 675 U.S. U.S.
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 Martin Midstream Partners L.P. 1,491 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. 95 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 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 1,250 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. 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. 693 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. 905 Netherlands Europe
B- Outlook Negative Transportation Quality Distribution Inc. 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. 798 Greece Europe
B- Outlook Negative Utilities Ukrainian Railways JSC 500 Ukraine Eastern Europe/Middle East/Africa
CCC+ CreditWatch Negative Aerospace and defense MB Aerospace Holdings II Corp. 305 U.K. Europe
CCC+ CreditWatch Negative Automotive Pearl Holding III Ltd. 175 China Asia/Pacific
CCC+ CreditWatch Negative Consumer products Array Canada Inc. 315 Canada Canada
CCC+ CreditWatch Negative Consumer products Output Services Group Inc., 1,532 U.S. U.S.
CCC+ CreditWatch Negative Consumer products SIRVA Inc. 850 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 AMC Entertainment Holdings Inc. Yes 6,021 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. 586 U.K. Europe
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+ CreditWatch Negative Telecommunications GTT Communications Inc., Yes 3,493 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense Bombardier Inc. 9,425 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. 1,470 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense Triumph Group Inc. 2,025 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense Wesco Aircraft Holdings Inc. Wolverine Intermediate Holding Corp. 2,075 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., 1,319 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 Helix Acquisition Holdings Inc., 1,405 U.S. U.S.
CCC+ Outlook Negative Capital goods Jason Holdings Inc. Yes - U.S. U.S.
CCC+ Outlook Negative Capital goods Liqui-Box Holdings Inc., 530 U.S. U.S.
CCC+ Outlook Negative Capital goods Neenah Enterprises Inc., Yes 120 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. 2,741 Netherlands Europe
CCC+ Outlook Negative Chemicals, packaging, and environmental services Flint HoldCo S.a r.l. 2,811 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 ABB/Con-Cise Optical Group LLC Yes 578 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. 797 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 256 Luxembourg Europe
CCC+ Outlook Negative Consumer products CB Poly Investments, LLC 1,658 U.S. U.S.
CCC+ Outlook Negative Consumer products CSM Bakery Solutions LLC 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 Never Slip Topco Inc. 283 U.S. U.S.
CCC+ Outlook Negative Consumer products Pesquera Exalmar S.A.A. 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 214 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 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 - Azerbaijan Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Financial institutions Mulhacen Pte. Ltd. 613 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. 114 Canada Canada
CCC+ Outlook Negative Forest products and building materials Pro.Gest SpA 595 Italy Europe
CCC+ Outlook Negative Forest products and building materials PT Sawit Sumbermas Sarana Tbk Yes - Indonesia Asia/Pacific
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. 1,810 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 High technology Eastman Kodak Co. - 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. 36,678 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 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. 840 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. 1,846 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 1,275 U.S. U.S.
CCC+ Outlook Negative Media and entertainment HNVR Midco Ltd. 2,876 U.K. Europe
CCC+ Outlook Negative Media and entertainment Hurtigruten Group AS Silk Holdings Sarl 1,238 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., 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. 238 Luxembourg 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. 557 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Promotora de Informaciones S.A. - Spain Europe
CCC+ Outlook Negative Media and entertainment Richmond UK Holdco Ltd. 1,799 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 357 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 Media and entertainment WeWork Companies LLC Yes 702 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Algoma Steel Inc. Yes 285 Canada Canada
CCC+ Outlook Negative Metals, mining, and steel Boart Longyear Ltd. 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 Peabody Energy Corp. Yes 1,400 U.S. U.S.
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 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. 229 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 Forum Energy Technologies Inc., 716 U.S. U.S.
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. 172 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. 153 Canada Canada
CCC+ Outlook Negative Oil and gas W&T Offshore Inc. Yes 625 U.S. U.S.
CCC+ Outlook Negative Oil and gas YPF S.A 1,001,962 Argentina Latin America
CCC+ Outlook Negative Retail/restaurants 99 cents only stores LLC Yes 434 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., 365 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 2,745 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. 625 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 PHD Group Holdings LLC 487 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 IPC Corp. 1,463 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 Hawaiian Holdings Inc. - U.S. U.S.
CCC+ Outlook Negative Transportation Kenan Advantage Group Inc. 1,398 U.S. U.S.
CCC+ Outlook Negative Transportation United States 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. 6,312 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. 375 U.K. Europe
CCC CreditWatch Negative Consumer products Grupo Kaltex, S.A. de C.V. 320 Mexico Latin America
CCC CreditWatch Negative Transportation Avation PLC - 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 1,971 Luxembourg Europe
CCC Outlook Negative Automotive Aston Martin Holdings (UK) Ltd. Yes 1,220 U.K. Europe
CCC Outlook Negative Automotive Bright Bidco B.V. Yes 1,683 Netherlands Europe
CCC Outlook Negative Automotive K&N Parent Inc., 345 U.S. U.S.
CCC Outlook Negative Automotive McLaren Group Ltd. 843 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 LSB Industries Inc. Yes 435 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 Isagenix Worldwide Inc., - U.S. U.S.
CCC Outlook Negative Consumer products KCIBT Holdings LP 1,070 U.S. U.S.
CCC Outlook Negative Consumer products Lanai Holdings III Inc., 2,655 U.S. U.S.
CCC Outlook Negative Consumer products NSA International, LLC 450 U.S. U.S.
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 Forest products and building materials InterCement Brasil S.A. InterCement Participacoes S.A. - Brazil Latin America
CCC Outlook Negative Forest products and building materials Tensar Corp. (The) Yes 310 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 Turnstone Midco 2 Ltd. 833 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 Homebuilders/real estate companies Washington Prime Group Inc. 1,643 U.S. U.S.
CCC Outlook Negative Media and entertainment AVSC Holding Corp. 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. 300 U.K. Europe
CCC Outlook Negative Media and entertainment Safari Beteiligungs Gmbh 417 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 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 Midstream Summit Midstream Partners, LP Yes 2,200 U.S. U.S.
CCC Outlook Negative Oil and gas Athabasca Oil Corp. 450 Canada Canada
CCC Outlook Negative Oil and gas PGS ASA - Norway Europe
CCC Outlook Negative Oil and gas Profrac Services, LLC 180 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 2,990 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 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 Party City Holdings Inc., PC Nextco Holdings LLC 2,223 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- CreditWatch Negative Consumer products Selecta Group B.V. 1,753 Netherlands Europe
CCC- CreditWatch Negative Financial institutions Corp Group Banking S.A. Inversiones CorpGroup Interhold, Ltda. Yes 500 Chile Latin America
CCC- CreditWatch Negative Health care Mallinckrodt plc Yes 10,224 Ireland Europe
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. 57 Mexico Latin America
CCC- CreditWatch Negative Transportation Gol Linhas Aereas Inteligentes S.A. - Brazil 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 Iconix Brand Group Inc. - 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. 606 U.K. Europe
CCC- Outlook Negative Consumer products Novartex - France Europe
CCC- Outlook Negative Consumer products Renfro Corp. 230 U.S. U.S.
CCC- Outlook Negative Consumer products Takko Fashion S.a.r.l. Yes 607 Luxembourg Europe
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. 360 Argentina Latin America
CCC- Outlook Negative Homebuilders/real estate companies PT Alam Sutera Realty Tbk. 545 Indonesia Asia/Pacific
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 Hornblower HoldCo, LLC Yes 655 U.S. U.S.
CCC- Outlook Negative Metals, mining, and steel Mountain Province Diamonds Inc. 660 Canada Canada
CCC- Outlook Negative Oil and gas Jonah Energy LLC 2,100 U.S. U.S.
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 798 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 Transportation Azul S.A. - Brazil Latin America
CC CreditWatch Negative High technology Technicolor S.A. 1,163 France Europe
CC Outlook Negative Consumer products Revlon Inc. 3,117 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 Codere S.A. 997 Spain Europe
CC Outlook Negative Oil and gas FTS International Inc., 1,050 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 Distribuidora Internacional de Alimentacion S.A. 714 Spain Europe
CC Outlook Negative Retail/restaurants Hema B.V. AMEH XXVI B.V. 119 Netherlands 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 - Sweden Europe
CC Outlook Negative Utilities Ferrellgas L.P. Ferrellgas Partners L.P. 4,350 U.S. U.S.

For additional information regarding weakest links, please see our most recent quarterly publication.

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

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.


Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back