articles Ratings /ratings/en/research/articles/201210-default-transition-and-recovery-four-u-s-defaults-push-the-2020-corporate-tally-to-223-11775386 content esgSubNav
Log in to other products

 /


Looking for more?

In This List
COMMENTS

Default, Transition, and Recovery: Four U.S. Defaults Push The 2020 Corporate Tally To 223

COMMENTS

Credit Trends: U.S. Corporate Rating Actions Show Post-COVID-19 Credit Recovery Has Begun

COMMENTS

Default, Transition, and Recovery: 2021 Corporate Default Tally Climbs To 37

COMMENTS

Credit Trends: U.S. Corporate Defaults: Variations, Forecasts, And The Implications For CLOs

COMMENTS

Credit Trends: Global Financing Conditions: Bond Issuance Could Decline 2.25% In 2021 To $8.2 Trillion


Default, Transition, and Recovery: Four U.S. Defaults Push The 2020 Corporate Tally To 223

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).

Chart 1

image

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).

Chart 2

image

Chart 3

image

Chart 4

image

Chart 5

image

Chart 6

image

Chart 7

image

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
U.S. 6.4* 143 75 78 383
Emerging market 3.5 28 19 22 35
Europe 5.3* 42 13 15 93
Other developed 5.4 10 3 3 27
Global 5.3 223 110 118 538
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®.

Table 2

The 2020 Global Corporate Default Tally Touches 223
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 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
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
10/7/2020 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
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
10/12/2020 MD America Energy LLC U.S. Oil and gas D NR Chapter 11
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
10/15/2020

Codere S.A.

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
10/19/2020

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
10/28/2020

PT Alam Sutera Realty Tbk.

Indonesia Homebuilders/real estate companies D CC Distressed exchange
10/28/2020

SAS AB

Sweden Transportation SD CC Distressed exchange
10/28/2020

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
11/17/2020

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
11/20/2020

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
11/26/2020

Cineworld Group PLC

U.K. Media and entertainment SD CCC- Distressed exchange
11/26/2020 Confidential Confidential Oil and gas SD CCC Confidential
11/26/2020

Haya Real Estate S.A.U

Spain Consumer products SD CC Distressed exchange
12/2/2020

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
12/2/2020

Zellis Holdings Ltd.

U.K. High technology SD CCC+ Distressed exchange
12/7/2020

Superior Energy Services Inc.

U.S. Oil and gas D CC Bankruptcy
12/9/2020

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.

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