The global corporate default tally has reached 223 so far in 2020, after two U.S.-based companies defaulted since our last report. These companies are:
- Louisiana-based oilfield services company Superior Energy Services Inc., and
- Tennessee-based health care services provider Community Health Systems Inc.
Additionally, we have revised our default tally in a monthly reconciliation process to include two additional companies, Tennessee-based real estate company CBL & Associates Properties Inc. and Texas-based midstream company Summit Midstream Partners Holdings LLC.
All four additions to this week's default tally were from the U.S. region, bringing the regional default tally to 143, the highest tally since 2009 when defaults reached 192 by year-end. By sector, oil and gas leads the U.S. tally with 35, followed by consumer products, retail, media and entertainment and health care with 27, 19, 19, and 8, respectively.
All five leading sectors remain under significant revenue and earnings pressures triggered by the economic recession and pandemic. Moving into 2021, risk for further defaults in the region remains as the 'CCC' rated category of issuers has swollen to record size and very few companies have made it back to the 'B' rating category. If debt grows faster and income recovers more slowly than we expect, the surge in leverage would be harder to manage (see "Credit Conditions North America: Some Relief, Sizable Risks," Dec. 3, 2020).
This Week's Observations
- By region, U.S. leads the defaults tally in 2020, with 143, followed by Europe, with 42 (see chart 2).
- By sector, oil and gas leads the defaults tally globally and in the U.S., with 50 and 35, respectively, followed by consumer products, with 35 and 27, respectively.
- We expect the 12-month-trailing speculative-grade default rate for the U.S. to increase to 6.4% in November 2020 from 6.3% in October 2020, whereas we expect the same in Europe to increase to 5.3% from 4.9% in the same duration (table 1).
|U.S. Leads The 2020 Global Corporate Default Tally, With 143|
|Region||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 Nov. 30, 2019 - Nov. 30, 2020, are preliminary and subject to change. Year-to-date data as of Dec. 9, 2020. Weakest link data is as of Oct. 21, 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®.|
|The 2020 Global Corporate Default Tally Touches 223|
|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|
|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|
|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. (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|
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|
|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|
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|
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|
|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|
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|
|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|
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 Co. (B)||U.S.||Oil and gas||SD||CC||Distressed exchange|
|6/16/2020||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|
|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|
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 (A)||U.S.||Midstream||SD||CCC||Distressed exchange|
|6/24/2020||GNC Holdings Inc.||U.S.||Retail/restaurants||D||CC||Chapter 11|
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|
|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|
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|
|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|
|U.S.||Consumer products||SD||CCC-||Distressed exchange|
|7/20/2020||Confidential||Confidential||Oil and gas||D||NR||Confidential|
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|
|8/6/2020||PIZZAEXPRESS FINANCING 1 PLC||U.K.||Retail/restaurants||D||CC||Missed interest payments|
|Switzerland||Oil and gas||SD||CCC||Distressed exchange|
|8/10/2020||UTEX Industries Inc.||U.S.||Oil and gas||D||CCC||Missed interest payments|
Martin Midstream Partners L.P.
|8/19/2020||Omnimax International Inc.,||U.S.||Forest products and building materials||D||CCC-||Missed principal payments|
Northwest Hardwoods Inc.
|U.S.||Forest products and building materials||SD||CCC-||Missed interest payments|
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|
|9/4/2020||Boardriders Inc.,||U.S.||Consumer products||SD||CCC+||Distressed exchange|
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|
Swissport Group S.a.r.l
iQor Holdings Inc.
Distribuidora Internacional de Alimentacion S.A.
|9/18/2020||Oasis Petroleum Inc.||U.S.||Oil and gas||D||CCC-||Missed interest payments|
|Norway||Oil and gas||SD||CCC||Missed principal payments|
|9/23/2020||FTS International Inc.,||U.S.||Oil and gas||D||CC||Chapter 11|
|France||High technology||SD||CC||Distressed exchange|
Garrett Motion Inc.
|9/25/2020||Summit Midstream Partners LP (B)||U.S.||Midstream||SD||CC||Distressed exchange|
|France||Media and entertainment||D||CCC||Bankruptcy|
|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|
|10/7/2020||Ruby Tuesday Inc.||U.S.||Retail/restaurants||D||NR||Chapter 11|
|10/8/2020||Ascent Resources Utica Holdings, LLC||U.S.||Oil and gas||SD||CC||Distressed exchange|
Anchor Glass Container Corp.
|U.S.||Chemicals, packaging, and environmental services||SD||CC||Distressed exchange|
|10/12/2020||MD America Energy LLC||U.S.||Oil and gas||D||NR||Chapter 11|
|Ireland||Health care||D||CCC-||Chapter 11|
Banco Hipotecario S.A.
|Argentina||Financial institutions||SD||CC||Distressed exchange|
|Spain||Media and entertainment||SD||CC||Distressed exchange|
|10/16/2020||Corp Group Banking S.A. (Inversiones CorpGroup Interhold, Ltda.)||Chile||Financial institutions||D||CC||Missed interest payments|
|10/16/2020||Gulfport Energy Corp.||U.S.||Oil and gas||D||CCC-||Missed interest payments|
Alliance HealthCare Services
|U.S.||Health care||SD||B-||Distressed exchange|
|10/19/2020||Central Security Group Inc.,||U.S.||Media and entertainment||SD||CCC-||Distressed exchange|
PT Alam Sutera Realty Tbk.
|Indonesia||Homebuilders/real estate companies||D||CC||Distressed exchange|
Selecta Group B.V.
|Netherlands||Consumer products||SD||CC||Distressed exchange|
|10/30/2020||Confidential||Confidential||Media and entertainment||SD||CCC||Confidential|
|10/30/2020||Hema B.V. (AMEH XXVI B.V.)||Netherlands||Retail/restaurants||SD||CC||Distressed exchange|
|10/30/2020||Nabors Industries Ltd||Bermuda||Oil and gas||SD||CCC+||Distressed exchange|
|10/30/2020||Pacific Drilling S.A.||Luxembourg||Oil and gas||D||NR||Chapter 11|
|11/1/2020||CBL & Associates Properties Inc.||U.S.||Homebuilders/real estate companies||D||NR||Chapter 11|
|11/5/2020||Nine Energy Service Inc.,||U.S.||Oil and gas||SD||CCC+||Distressed exchange|
|11/6/2020||CDRH Parent Inc.,||U.S.||Health Care||SD||CCC-||Distressed exchange|
|11/11/2020||Bahia de las Isletas S.L.||Spain||Transportation||SD||B-||Missed coupon payment|
|11/12/2020||IRSA Inversiones y Representaciones S.A. (Cresud S.A.C.I.F. y A.)||Argentina||Homebuilders/real estate companies||SD||CC||Distressed exchange|
|11/16/2020||Transocean Ltd. (B)||Switzerland||Oil and gas||SD||CC||Distressed exchange|
Jonah Energy LLC
|U.S.||Oil and gas||D||CCC-||Missed debt payment|
|11/18/2020||Guitar Center Inc. (Guitar Center Holdings Inc.) (B)||U.S.||Retail/restaurants||D||CCC-||Missed interest payment|
|11/18/2020||Summit Midstream Partners Holdings, LLC||U.S.||Midstream||D||CC||Distressed exchange|
|11/19/2020||Revlon Inc. (B)||U.S.||Consumer products||SD||CC||Distressed exchange|
Northern Oil and Gas Inc.
|U.S.||Oil and gas||SD||CCC+||Distressed exchange|
|11/25/2020||SM Energy Co. (B)||U.S.||Oil and gas||SD||CCC+||Distressed exchange|
Cineworld Group PLC
|U.K.||Media and entertainment||SD||CCC-||Distressed exchange|
|11/26/2020||Confidential||Confidential||Oil and gas||SD||CCC||Confidential|
Haya Real Estate S.A.U
|Spain||Consumer products||SD||CC||Distressed exchange|
Callon Petroleum Co.
|U.S.||Oil and gas||SD||CC||Distressed exchange|
|12/2/2020||Europcar Mobility Group S.A.||France||Media and entertainment||SD||CC||Missed interest payments|
Zellis Holdings Ltd.
|U.K.||High technology||SD||CCC+||Distressed exchange|
Superior Energy Services Inc.
|U.S.||Oil and gas||D||CC||Bankruptcy|
Community Health Systems Inc.
|U.S.||Health care||SD||CC||Distressed exchange|
|NR--Not rated. SD--Selective default. Data as of Dec. 9, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. (B) designation indicates the issuers second default for 2020.|
- Community Health Systems Inc. Downgraded To 'SD' From 'CC' On Distressed Exchange; Debt Rating Lowered To 'D', Dec. 10, 2020
- U.S. Recovery Study: Clouds Loom As Defaults Rise, Dec. 8, 2020
- U.S. Corporates Hold Record $2.5 Trillion Cash To Meet Pandemic Shock; Debt Reaches $7.8 Trillion, Dec. 8, 2020
- The U.S. Distress Ratio Narrows To Pre-Pandemic Levels As Markets Remain Fragile, Dec. 8, 2020
- Superior Energy Services Inc. Downgraded To 'D' On Bankruptcy Filing, Dec. 8, 2020
- Risky Credits: U.S. And Canadian 'CCC' Rated Companies Are Walking On Thin Ice, Dec. 2, 2020
- The U.S. Speculative-Grade Corporate Default Rate Could Rise To 9% By September 2021, Nov. 23, 2020
- Summit Midstream Partners Holdings LLC Downgraded To 'D' From 'CC' On Term Loan Restructuring Close; Ratings Withdrawn, Nov. 19, 2020
More analysis and statistics are available in our annual default studies, published on RatingsDirect:
Corporate (financial and nonfinancial)
- 2019 Annual Greater China Corporate Default And Rating Transition Study
- 2019 Annual Emerging Markets Corporate Default And Rating Transition Study
- 2019 Annual European Corporate Default And Rating Transition Study
- 2019 Annual Latin American Corporate Default And Rating Transition Study
- 2019 Annual Asia Corporate Default And Rating Transition Study
- 2019 Annual Global Financial Services Default And Rating Transition Study
- 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 Greater China 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 European Structured Finance Default And Rating Transition Study
- 2019 Annual Global Leveraged Loan CLO Default And Rating Transition Study
- 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 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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