articles Ratings /ratings/en/research/articles/201016-default-transition-and-recovery-distressed-exchanges-boost-corporate-defaults-in-the-second-half-of-2020-11700275 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

In This List
COMMENTS

Default, Transition, and Recovery: Distressed Exchanges Boost Corporate Defaults In The Second Half Of 2020

COMMENTS

Default, Transition, and Recovery: 2019 Annual Emerging Markets Corporate Default And Rating Transition Study

COMMENTS

Default, Transition, and Recovery: Default Rates Continue To Climb As Weakest Links Remain Elevated

COMMENTS

Default, Transition, and Recovery: The U.S. Speculative-Grade Corporate Default Rate Could Rise To 9% By September 2021

COMMENTS

Default, Transition, and Recovery: Oil And Gas Leads 2020 Global Corporate Defaults, Reflecting Sector Challenges


Default, Transition, and Recovery: Distressed Exchanges Boost Corporate Defaults In The Second Half Of 2020

The global corporate default tally has reached 189 so far in 2020, after five companies defaulted since our last report. These companies are:

  • Oklahoma-based exploration and production company Ascent Resources Utica Holdings LLC;
  • Florida-based glass products manufacturer Anchor Glass Container Corp.;
  • Brazil-based telecom operator Oi S.A.;
  • Ireland-based health care products manufacturer and distributor Mallinckrodt PLC; and
  • Argentina-based bank Banco Hipotecario S.A.

While missed interest and principal payments lead corporate defaults so far in 2020, spread compression in the summer has helped refinancing opportunities in general, along with distressed exchanges, which have increased in recent weeks. Distressed exchanges lead the corporate default tally in the second half of 2020 so far, with 23, followed by missed interest and principal payments and bankruptcy with 18 and 15 defaults, respectively (see chart 1). So far in October, there have been eight defaults in total, six due to distressed exchanges as more companies turn to them as a way to avoid bankruptcy.

Companies continue to struggle to manage their debt servicing costs and survive the COVID-19 pandemic's especially sharp impact on revenue generation prospects. Targeted measures by central banks globally, aimed at keeping capital flowing, initially disproportionately benefited higher-rated borrowers that faced significantly less default risk. The impact of central bank support has since cascaded to the 'B' and 'CCC' rating categories, though it remains limited.

In the spring, credit spreads far exceeded distressed levels, and many companies facing refinancing needs simply couldn't find financing sources and missed interest and principal payments or, worse, faced bankruptcy. Thus, central banks' lower rates may help some issuers buy time and survive long enough to see the economic recovery. For many, this relief may be a lifeline, and for others, it may delay the inevitable.

Chart 1

image

This Week's Observations

  • At this point in 2009, 2016, and 2019, there had been 234, 135, and 90 defaults, respectively.
  • By region, the U.S. leads the global default tally with 124, followed by Europe with 31 and emerging markets with 25 (see table 1).
  • Consumer products and the oil and gas sector lead U.S. defaults with 26 each.
  • Missed interest and principal payments are the leading reason for defaults so far in 2020, with 68, followed by distressed exchanges and bankruptcies with 54 and 44, respectively (see chart 4).

Chart 2

image

Chart 3

image

Chart 4

image

Chart 5

image

Table 1

The Global Corporate Default Rate Continued To Increase In August
Global corporate default summary
Region 12-month trailing speculative-grade default rate (%) 2020 year-to-date default tally 2019 year-to-date default tally 2019 default tally Weakest links tally
U.S. 6.3* 124 61 78 406
Emerging markets 3.1 25 15 22 43
Europe 4.3* 31 11 15 96
Other developed 5.3 9 3 3 27
Global 4.9 189 90 118 572
Notes: Other developed region consists of Australia, Canada, Japan, and New Zealand. Default counts may include confidentially rated issuers. *Trailing-12-month default rates from Sept. 30, 2019-Sept. 30, 2020, are preliminary and subject to change. Year-to-date data as of Oct. 14, 2020. Weakest link data as of Aug. 31, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®.

Table 2

The 2020 Global Corporate Default Tally Jumps To 189
Date Parent company Country Subsector To From Reason
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
1/22/2020

Deoleo S.A.

Spain Consumer products SD CC Distressed exchange/out-of-court restructuring
1/29/2020

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
2/14/2020

Moby SpA

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
2/18/2020

Pier 1 Imports Inc.

U.S. Retail/restaurants D CCC- Chapter 11
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. (A)

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
3/12/2020

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
3/16/2020

Frontier Communications Corp.

U.S. Telecommunications SD CCC- Missed interest payments
3/17/2020

Internap Corp.

U.S. Telecommunications D CCC+ Chapter 11
3/19/2020

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
4/1/2020

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
4/2/2020

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
4/6/2020

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
4/7/2020

Jason Inc.

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
4/8/2020

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
4/16/2020

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
4/17/2020

Mister Car Wash Holdings Inc.

U.S. Retail/restaurants SD CCC+ Distressed exchange
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
4/24/2020

Enjoy S.A.

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
4/29/2020

CSM Bakery Solutions LLC

U.S. Consumer products SD CCC Distressed exchange
4/30/2020

Virgin Australia Holdings Ltd.

Australia Transportation D CC Chapter 15
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
5/8/2020

Petra Diamonds Ltd.

Bermuda Metals, mining, and steel D CCC+ Missed interest payments
5/11/2020

Avianca Holdings S.A.

Panama Transportation D CCC- Chapter 11
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
5/12/2020

Revlon Inc.

U.S. Consumer products SD CC Distressed exchange
5/13/2020

Outerstuff LLC

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
5/17/2020 Confidential Confidential Transportation D NR Confidential
5/19/2020

Aeropuertos Argentina 2000 S.A.

Argentina Utilities SD CC Distressed exchange
5/19/2020

Takko Fashion S.a.r.l.

Luxembourg Consumer products SD CCC+ Missed interest payments
5/19/2020 Confidential Confidential Capital goods D NR Confidential
5/20/2020

Downstream Development Authority

U.S. Media and entertainment SD CCC Missed principal payments
5/20/2020

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
5/21/2020

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
5/25/2020

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
5/27/2020

Latam Airlines Group S.A.

Chile Transportation D CCC- Chapter 11
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
6/3/2020

Valaris plc

U.K. Oil and gas D CCC- Missed interest payments
6/4/2020

California Pizza Kitchen Inc.

U.S. Retail/restaurants D CCC- Missed interest payments
6/5/2020

24 Hour Fitness Worldwide Inc.

U.S. Media and entertainment D CCC+ Missed interest payments
6/5/2020

APC Automotive Technologies Intermediate Holdings, LLC

U.S. Automotive D CCC Chapter 11
6/5/2020 Confidential Confidential Consumer products SD CCC- Confidential
6/5/2020 Confidential Confidential Consumer products SD CC Confidential
6/10/2020

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
6/16/2020

Briggs & Stratton Corp.

U.S. Capital Goods SD CCC- Missed interest payments
6/16/2020

CSI Compressco LP

U.S. Midstream SD CC Distressed exchange
6/16/2020

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
6/18/2020

Confidential

Confidential Retail/restaurants SD CCC Confidential
6/18/2020

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
6/18/2020

Confidential

Confidential Retail/restaurants D CCC Confidential
6/19/2020

Chesapeake Energy Corp.

U.S. Oil and gas D CC Missed interest payments
6/19/2020

GK Holdings Inc.

U.S. Media and entertainment D CC Missed interest payments
6/23/2020

Boart Longyear Ltd.

Australia Metals, mining, and steel SD CC Distressed exchange
6/23/2020

Serta Simmons Bedding LLC

U.S. Consumer products SD CC Distressed exchange
6/23/2020

Summit Midstream Partners LP (A)

U.S. Midstream SD CCC Distressed exchange
6/24/2020

GNC Holdings Inc.

U.S. Retail/restaurants D CC Chapter 11
6/25/2020

CEC Entertainment Inc.

U.S. Retail/restaurants D CC Chapter 11
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
7/2/2020

Tailored Brands Inc.

U.S. Consumer products D CCC+ Missed interest payments
7/7/2020

Confidential

Confidential Homebuilders/real estate companies D CC Confidential
7/8/2020

PT Modernland Realty Tbk.

Indonesia Homebuilders/real estate companies SD CCC- Missed principal payments
7/10/2020

Tupperware Brands Corp.

U.S. Consumer products SD CC Distressed exchange
7/13/2020

Hi- Crush Inc.

U.S. Metals, mining, and steel D CC Chapter 11
7/13/2020

Confidential

Confidential Oil and gas D CC Confidential
7/16/2020

Chaparral Energy Inc.

U.S. Oil and gas D CCC- Missed interest payments
7/17/2020

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
7/20/2020

Renfro Corp.

U.S. Consumer products SD CCC- Distressed exchange
7/20/2020

Confidential

Confidential Oil and gas D NR Confidential
7/22/2020

Global Eagle Entertainment Inc.

U.S. Telecommunications D CCC- Chapter 11
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
7/28/2020

Never Slip Topco Inc.

U.S. Consumer products D CCC Distressed exchange
7/30/2020

Confidential

Confidential Media and entertainment D CCC- Confidential
7/30/2020

Missouri TopCo Ltd.

U.K. Consumer products SD CCC- Distressed exchange
7/30/2020

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
8/2/2020

Confidential

Confidential Consumer products D NR Confidential
8/3/2020

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
8/6/2020

PIZZAEXPRESS FINANCING 1 PLC

U.K. Retail/restaurants D CC Missed interest payments
8/6/2020

Transocean Ltd.

Switzerland Oil and gas SD CCC Distressed exchange
8/10/2020

UTEX Industries Inc.

U.S. Oil and gas D CCC Missed interest payments
8/14/2020

Martin Midstream Partners L.P.

U.S. Midstream SD CC Distressed exchange
8/19/2020

Omnimax International Inc.

U.S. Forest products and building materials D CCC- Missed principal payments
8/21/2020

Northwest Hardwoods Inc.

U.S. Forest products and building materials SD CCC- Missed interest payments
8/24/2020

KCIBT Holdings LP

U.S. Consumer products SD CCC+ Distressed exchange
8/26/2020

Town Sports International Holdings Inc.

U.S. Media and entertainment SD CC Missed revolver payment
8/27/2020

SAExploration Holdings Inc.

U.S. Oil and gas D NR Chapter 11
8/30/2020

Shiloh Industries Inc.

U.S. Automotive D NR Chapter 11
9/3/2020

Confidential

Confidential Health Care D CC Confidential
9/4/2020

Boardriders Inc.

U.S. Consumer products SD CCC+ Distressed exchange
9/4/2020

Premier Brands Group Holdings LLC

U.S. Consumer products SD B- Missed principal payments
9/9/2020

MAI Holdings Inc.

U.S. Capital goods SD CCC- Distressed exchange
9/9/2020

Swissport Group S.a.r.l

Luxembourg Transportation SD CCC Distressed exchange
9/10/2020

iQor Holdings Inc.

U.S. Telecommunications D CC Chapter 11
9/15/2020

Distribuidora Internacional de Alimentacion S.A.

Spain Retail/restaurants SD CC Distressed exchange
9/18/2020

Oasis Petroleum Inc.

U.S. Oil and gas D CCC- Missed interest payments
9/21/2020

PGS ASA

Norway Oil and gas SD CCC Missed principal payments
9/23/2020

FTS International Inc.

U.S. Oil and gas D CC Chapter 11
9/23/2020

Technicolor S.A.

France High technology SD CC Distressed exchange
9/24/2020

Garrett Motion Inc.

U.S. Automotive D B Chapter 11
9/25/2020

Summit Midstream Partners LP (B)

U.S. Midstream SD CC Distressed exchange
9/28/2020

Cassini SAS

France Media and entertainment D CCC Bankruptcy
9/30/2020

Confidential

Confidential Financial institutions D CC Confidential
10/1/2020

Jill Acquisition LLC (Jill Holdings LLC)

U.S. Consumer products SD CC Distressed exchange
10/1/2020

Toro Private Holdings I Ltd

U.K. Transportation SD CC Distressed exchange
10/7/2020

TMK Hawk Parent Corp.

U.S. Consumer products SD CCC Distressed exchange
10/8/2020

Ascent Resources Utica Holdings LLC

U.S. Oil and gas SD CC Distressed exchange
10/9/2020

Anchor Glass Container Corp.

U.S. Chemicals, packaging, and environmental services SD CC Distressed exchange
10/9/2020

Oi S.A.

Brazil Telecommunications SD CC Bankruptcy
10/13/2020

Mallinckrodt PLC

Ireland Health care D CCC- Chapter 11
10/14/2020

Banco Hipotecario S.A.

Argentina Financial institutions SD CC Distressed exchange
(B) designation indicates the issuers second default for 2020. NR--Not rated. SD--Selective default. Data as of Oct. 14, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®.

Related Research

Default Studies

More analysis and statistics are available in our annual default studies, published on RatingsDirect:

Corporate (financial and nonfinancial)
Structured finance
U.S. public finance
Sovereign and international public finance

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:Shripati Pranshu, Mumbai;
shripati.pranshu@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