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COMMENTS

Default, Transition, and Recovery: Weakest Links Fall Amid Improved Funding Conditions

COMMENTS

Credit Trends: Risky Credits: U.S. And Canadian Upgrades Outpace Downgrades In 'CCC' Category As Issuers Access Debt

COMMENTS

Credit Trends: Review Of Ratings Performance Highlights Resilience In 2020

COMMENTS

Default, Transition, and Recovery: Revenue Pressures Continue To Weigh On Consumer-Related Weakest Links

COMMENTS

Default, Transition, and Recovery: Two European Corporate Defaults Push The 2021 Global Tally To 11


Default, Transition, and Recovery: Weakest Links Fall Amid Improved Funding Conditions

The number of weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications) has been on the decline over the past two quarters as financing conditions continue to improve, even for the lowest-rated issuers. Nonetheless, while the global weakest links tally has declined substantially (to 515 on Nov. 19 from 538 as of Oct. 21), it remains well above pre-pandemic levels. Further, the median rating of weakest links remains 'CCC+', indicating heightened risk of further defaults, consistent with the historical ratings performance of the 'CCC' rating category.

Chart 1

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We expect the U.S. trailing-12-month speculative-grade corporate default rate to increase to 9% by September 2021 from 6.3% as of September 2020, while we expect the European speculative-grade corporate default rate to rise to 8% from 4.3% (see "The U.S. Speculative-Grade Corporate Default Rate Could Rise To 9% By September 2021," Nov. 23, 2020, and "The European Speculative-Grade Corporate Default Rate Could Reach 8% By September 2021," Nov. 25, 2020).

On the upside, transition rates into the 'B' and 'CCC' rating categories have fallen considerably from April highs as credit markets remain highly accommodative (see "Risky Credits: U.S. And Canadian 'CCC' Rated Companies Are Walking On Thin Ice," Dec. 1, 2020). Markets have been highly receptive to new debt issuance at all levels of credit quality, which has enabled speculative-grade (rated 'BB+' or lower) issuers to significantly reduce their upcoming maturities in 2021. However, downside risk remains. Continued economic recovery will rely largely on how well the world manages a new wave of COVID-19 infections and lockdowns.

Over 20% Of Weakest Links Are In Media And Entertainment

The media and entertainment sector (which includes lodging and leisure) had the most additions to the November weakest links tally, with three, bringing its overall sector total to 106 weakest links--21% of the total tally. This is largely due to the sector's vulnerability to social distancing measures, as well as an increase in speculative-grade issuers since the Great Financial Crisis as more aggressive financial policies and investors' risk appetite helped lead to a rise in the number of low-rated issuers globally.

As the number of COVID-19 cases continues to increase in both the U.S. and Europe, the media and entertainment subsectors that are most at risk for defaults--with the greatest number of weakest links--include casinos and gaming, lodging, resorts and cruise lines, and other leisure facilities. The recovery in U.S. business and group travel and hotel demand will be slower than we first expected and may not take hold until the second half of 2021.

Chart 2

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Chart 3

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Additional Exhibits

Table 1

Weakest Links By Region
Number of weakest links 5-year average 10-year average Total rated speculative-grade issuers % of weakest links to total speculative-grade-rated issuers Current distribution by region (%) Distribution by region 12 months prior (%)
U.S. 365 174 128 1,491 24.5 70.9 66.2
Europe 88 32 25 521 16.9 17.1 13.2
Latin America 21 14 15 115 18.3 4.1 10.7
Canada 21 9 7 84 25.0 4.1 1.8
Asia-Pacific 13 8 7 101 12.9 2.5 5.9
EEMEA 7 14 11 118 5.9 1.4 2.2
EEMEA--Eastern Europe, Middle East, and Africa. Data as of Nov. 19, 2020. Source: S&P Global Ratings Research.

Chart 4

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Chart 5

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Chart 6

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Chart 8

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Table 2

Global Corporate Defaults Since Our Last Report
Company Country Industry Debt (mil. $) Default date From To Weakest link

PT Alam Sutera Realty Tbk.

Indonesia Real estate 545 10/28/2020 CC D Yes

SAS AB

Sweden Transportation 0 10/28/2020 CC SD Yes

Selecta Group B.V.

Netherlands Consumer/service 1,731 10/28/2020 CC SD Yes

Hema B.V. (AMEH XXVI B.V.)

Netherlands Consumer/service 990 10/30/2020 CC SD Yes

Pacific Drilling S.A.

Luxembourg Energy and natural resources 0 10/30/2020 NR D No

Nabors Industries Ltd.

Bermuda Energy and natural resources 5,242 10/30/2020 CCC+ SD Yes

Nine Energy Service Inc.

U.S. Energy and natural resources 400 11/5/2020 CCC+ SD No

CDRH Parent Inc.

U.S. Health care/chemicals 1,090 11/6/2020 CCC- SD Yes

Bahia de las Isletas S.L.

Spain Transportation 355 11/11/2020 B- SD Yes

IRSA Inversiones y Representaciones S.A. (Cresud S.A.C.I.F. y A.)

Argentina Real estate 360 11/12/2020 CC SD Yes

Transocean Ltd. (B)

Switzerland Energy and natural resources 7,110 11/16/2020 CC SD Yes

Jonah Energy LLC

U.S. Energy and natural resources 2,100 11/17/2020 CCC- D Yes

Guitar Center Inc. (Guitar Center Holdings Inc.) (B)

U.S. Consumer/service 946 11/18/2020 CCC- D Yes

Revlon Inc. (B)

U.S. Consumer/service 2,617 11/19/2020 CC SD Yes
Excludes confidential entities. (B) means issuers defaulted twice in 2020. Data as of Nov. 19, 2020. Source: S&P Global Market Intelligence's CreditPro®.

Table 3

Weakest Link Default Rates Are On Average 8x Higher Than The Overall Speculative-Grade Default Rate
12-month default rates by region (%)
Region Weakest links default rate All speculative-grade default rate
Global 24.77 5.31
U.S. 26.39 6.32
Europe 25.96 4.87
Emerging markets 18.19 3.45
Other developed 30.24 5.37
Data as of Oct. 31, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®.

Table 4

Media And Entertainment Hold One-Third Of Weakest Links Listed In The Top 250 Corporate Obligors In Outstanding Rated U.S. Cash Flow CLOs
Organization Rank in U.S. CLO transactions Outlook/CreditWatch Applied rating Sector/subsector

Endeavor Operating Co. LLC

9 Negative CCC+ Media and entertainment

American Airlines Group Inc.

10 Negative B- Transportation

Intrado Corp.

53 Negative B- Telecommunications

Cineworld Group PLC

64 Negative CCC- Media and entertainment

Brand Industrial Services Inc.

65 Negative B- Capital goods

Wand NewCo 3 Inc.

72 Negative B- Automotive

Team Health Holdings Inc.

84 Negative B- Health care

Golden Nugget Inc.

89 Negative B- Retail/restaurants

Dynasty Acquisition Co. Inc.

93 Negative B- Aerospace and defense
GTT Communications Inc. 98 Watch Neg CCC+ Telecommunications

Finastra Ltd.

106 Negative CCC+ High technology

SeaWorld Parks & Entertainment Inc.

121 Negative B- Media and entertainment

SK Blue Holdings L.P.

134 Negative B- Chemicals, packaging, and environmental services

Solera Parent Holding LLC

136 Negative B- High technology

Oryx Midstream Holdings LLC

138 Negative B- Midstream

WestJet Airlines Ltd.

139 Negative B- Transportation

Toro Private Holdings I Ltd.

148 Negative CCC+ Transportation

Solenis UK International Ltd.

150 Negative B- Chemicals, packaging, and environmental services

Pugnacious Endeavors Inc.

154 Negative B- Media and entertainment

Project Boost Purchaser LLC

157 Negative B- High technology

McGraw-Hill Education Inc.

166 Negative CCC+ Media and entertainment

USS Ultimate Holdings Inc.

188 Negative B- Chemicals, packaging, and environmental services

KUEHG Corp.

200 Negative CCC+ Media and entertainment

Syniverse Holdings Inc.

226 Negative CCC+ Telecommunications

Cengage Learning Holdings II Inc.

238 Negative CCC+ Media and entertainment

AVSC Holding Corp.

240 Negative CCC- Media and entertainment

WP CPP Holdings LLC

245 Negative CCC+ Aerospace and defense

Idemia France SAS

247 Negative B- High technology

Vericast Corp.

248 Negative CCC+ Media and entertainment

Mohegan Tribal Gaming Authority

250 Negative CCC+ Media and entertainment
CLO--Collateralized loan obligation. Data as of Nov. 19, 2020. Source: S&P Global Ratings Research.

Table 5

Trailing-12-Month Corporate Default Rates By Sector (U.S. Speculative-Grade Issuers Only)
(%) Oct. 31, 2020 Sept. 30, 2020 6 months ago 12 months ago
Financial
Financial institutions 0.00 0.00 1.06 4.04
Insurance 0.00 1.61 1.54 1.54
Nonfinancial
Aerospace/auto/capital goods/metals 3.56 3.91 3.17 1.17
Consumer/service 12.21 12.14 7.99 4.23
Energy and natural resources 15.38 13.92 10.19 9.22
Forest and building products/homebuilders 3.13 3.13 1.02 1.01
Health care/chemicals 4.19 4.17 4.23 1.90
High tech/computers/office equipment 1.05 1.06 1.54 2.12
Leisure time/media 6.45 6.88 4.61 2.23
Real estate 1.69 1.72 1.75 0.00
Telecommunications 7.46 7.46 4.62 4.29
Transportation 4.08 4.17 4.17 0.00
Utility 5.13 5.13 2.78 0.00
U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of Oct. 31, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro®.

Table 6

The U.S. Overwhelmingly Leads Weakest Links With 71%
Issuers rated 'B-' or lower with negative outlooks or ratings on CreditWatch with negative implications
Rating Outlook/CreditWatch Subsector Issuer Parent company New to the list this month Outlook/CreditWatch change Debt (mil. US$) Country Region
B- CreditWatch negative Capital goods

Arvos LuxCo S.a.r.l.

582 Luxembourg Europe
B- CreditWatch negative Forest products and building materials The New Home Co. Inc. 575 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

Genworth Financial Inc.

3,135 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 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.

2,327 Spain Europe
B- CreditWatch negative Media and entertainment

Jacobs Entertainment Inc.

385 U.S. U.S.
B- CreditWatch negative Media and entertainment

National Amusements Inc.

300 U.S. U.S.
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 Retail/restaurants

Mabel Topco Ltd.

The Restaurant Group PLC 298 U.K. Europe
B- CreditWatch negative Transportation

Transportes Aereos Portugueses, SGPS, S.A.

445 Portugal Europe
B- CreditWatch negative Transportation URS Holdco Inc. 747 U.S. U.S.
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 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

1,247 Spain Europe
B- Outlook negative Automotive

Kongsberg Automotive ASA

327 Norway Europe
B- Outlook negative Automotive

Parts Holding Europe SAS

Dakar Finance S.A. 1,725 France Europe
B- Outlook negative Automotive

TPro Acquisition Corp.

300 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. 1,618 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

Electro Rent Corp.

710 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 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

404 Denmark Europe
B- Outlook negative Capital goods

QualTek USA, LLC

380 U.S. U.S.
B- Outlook negative Capital goods

Rubix Group Holdings Ltd.

2,031 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

TNT Crane & Rigging LLC

325 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.

1,680 U.S. U.S.
B- Outlook negative Chemicals, packaging, and environmental services

Kleopatra Holdings 1 S.C.A.

2,165 Luxembourg Europe
B- Outlook negative Chemicals, packaging, and environmental services

Kronos Worldwide Inc.

475 U.S. U.S.
B- Outlook negative Chemicals, packaging, and environmental services

Perstorp Holding AB (publ)

992 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.

297 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.

4,982 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. 2,454 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 Consumer products

361 Degrees International Ltd.

400 Cayman Islands U.S.
B- Outlook negative Consumer products Acropole Holding 576 France Europe
B- Outlook negative Consumer products

Afflelou SAS

493 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

Chinos Intermediate 2 LLC

400 U.S. U.S.
B- Outlook negative Consumer products

Corporacion Azucarera del Peru S. A.

325 Peru Latin America
B- Outlook negative Consumer products

Coty Inc.

Yes 4,909 U.S. U.S.
B- Outlook negative Consumer products Edward Don & Co. Holdings, LLC 210 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

IM Growth SAS

238 France Europe
B- Outlook negative Consumer products

KLDiscovery Inc.

680 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.

440 Belgium Europe
B- Outlook negative Consumer products

Marcolin SpA

297 Italy Europe
B- Outlook negative Consumer products

Nutrition Parent LLC

248 U.S. U.S.
B- Outlook negative Consumer products Oak Holdings, LLC 389 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

RGIS Holdings LLC

435 U.S. U.S.
B- Outlook negative Consumer products

Sierra Enterprises LLC

282 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

Altisource Portfolio Solutions S.A.

412 Luxembourg Europe
B- Outlook negative Financial institutions

Asset Finance Ltd.

- New Zealand Asia/Pacific
B- Outlook negative Financial institutions DriveTime Automotive Group Inc. 800 U.S. U.S.
B- Outlook negative Financial institutions

OCWEN Financial Corp.

550 U.S. U.S.
B- Outlook negative Financial institutions Populus Financial Group Inc. Yes 350 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

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.

938 U.S. U.S.
B- Outlook negative Health care American Dental Partners Inc. 215 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

Dentalcorp Health Services ULC

1,152 Canada Canada
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

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

7,214 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. 669 Australia Asia/Pacific
B- Outlook negative High technology

Nets Topco 3 S.a r.l.

3,699 Denmark Europe
B- Outlook negative High technology

Procera I, LP

510 Canada Canada
B- Outlook negative High technology

Project Boost Purchaser LLC

1,330 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 11,586 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 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.

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

- 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 ASM Global Parent Inc. 1,210 U.S. U.S.
B- Outlook negative Media and entertainment

Awaze Ltd.

1,172 U.K. Europe
B- Outlook negative Media and entertainment Bowlero Corp. 825 U.S. U.S.
B- Outlook negative Media and entertainment

Cedar Fair L.P.

6,914 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

EagleView Technology Corp.

765 U.S. U.S.
B- Outlook negative Media and entertainment

eDreams ODIGEO S.A.

713 Luxembourg Europe
B- Outlook negative Media and entertainment

Getty Images Inc.

Abe Investment Holdings Inc. 1,874 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

IRI Holdings Inc.

1,680 U.S. U.S.
B- Outlook negative Media and entertainment

Lindblad Expeditions Holdings Inc.

200 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

NEP/NCP Holdco Inc.

2,600 U.S. U.S.
B- Outlook negative Media and entertainment Peak Jersey Holdco Ltd. 933 Jersey 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. 2,567 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. 2,900 U.S. U.S.
B- Outlook negative Media and entertainment

SeaWorld Parks & Entertainment Inc.

2,170 U.S. U.S.
B- Outlook negative Media and entertainment

Six Flags Entertainment Corp.

2,704 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

Sugarhouse HSP Gaming Prop. Mezz. L.P.

600 U.S. U.S.
B- Outlook negative Media and entertainment TEG Pty Ltd. 770 Australia Asia/Pacific
B- Outlook negative Media and entertainment The Octave Music Group Inc. 290 U.S. U.S.
B- Outlook negative Media and entertainment

Tornante - MDP Joe Holding LLC

200 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 Xenia Hotels & Resorts Inc. 450 U.S. U.S.
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

CONSOL Energy Inc.

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

Vedanta Resources Ltd.

4,400 U.K. Europe
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

Crestwood Holdings LLC

Yes 6,450 U.S. U.S.
B- Outlook negative Midstream

EagleClaw Midstream Ventures, LLC

BCP Raptor HoldCo

- U.S. U.S.
B- Outlook negative Midstream

Epic Crude Services, LP

EPIC Midstream Holdings, LP

1,175 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 Oil and gas Antero Resources Corp. 7,200 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

DTEK Renewables B.V.

- Netherlands Europe
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

AAG FH LP

244 Canada Canada
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

Dave & Buster's Inc.

Dave & Buster's Entertainment Inc. Yes 550 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

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 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

Dawn Acquisitions LLC

Infra Colodata Holdings LLC

550 U.S. U.S.
B- Outlook negative Telecommunications

DISH DBS Corp.

DISH Network Corp.

10,250 U.S. U.S.
B- Outlook negative Telecommunications

HC2 Holdings Inc.

470 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.

9,035 U.S. U.S.
B- Outlook negative Transportation Daseke Inc. 500 U.S. U.S.
B- Outlook negative Transportation

Promontoria Holding 264 B.V.

903 Netherlands Europe
B- Outlook negative Transportation

Quality Distribution Inc.

650 U.S. U.S.
B- Outlook negative Transportation The Pasha Group 160 U.S. U.S.
B- Outlook negative Transportation

WestJet Airlines Ltd.

1,955 Canada Canada
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.

796 Greece Europe
B- Outlook negative Utilities

Peru LNG S.R.L.

Yes 940 Peru Latin America
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 Consumer products

SIRVA Inc.

850 U.S. U.S.
CCC+ CreditWatch negative Financial institutions

Amigo Loans Ltd.

382 U.K. Europe
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

YI Group Holdings, LLC

338 U.S. U.S.
CCC+ CreditWatch negative Media and entertainment

CBAC Borrower LLC

300 U.S. U.S.
CCC+ CreditWatch negative Media and entertainment Thame and London Ltd. 583 U.K. Europe
CCC+ CreditWatch negative Retail/restaurants

Red Lobster Intermediate Holdings LLC

380 U.S. U.S.
CCC+ CreditWatch negative Telecommunications GTT Communications Inc. 3,491 U.S. U.S.
CCC+ CreditWatch negative Telecommunications

Telecom Argentina S.A.

400 Argentina Latin America
CCC+ CreditWatch negative Transportation

Navios Maritime Holdings Inc.

2,995 Marshall Islands Asia/Pacific
CCC+ CreditWatch negative Utilities

Aeropuertos Argentina 2000 S.A.

750 Argentina Latin America
CCC+ CreditWatch negative Utilities

Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A.

99 Argentina Latin America
CCC+ Outlook negative Aerospace and defense

Bombardier Inc.

9,423 Canada Canada
CCC+ Outlook negative Aerospace and defense

Forming Machining Industries Holdings, LLC

320 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 Aerospace and defense

WP CPP Holdings LLC

1,606 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

Pearl Holding III Ltd.

175 China Asia/Pacific
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. 1,318 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.

- 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. 120 U.S. U.S.
CCC+ Outlook negative Capital goods NESCO Holdings Inc. 475 U.S. U.S.
CCC+ Outlook negative Capital goods

Praesidiad Group Ltd.

Yes 374 U.K. Europe
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

Yak Access, LLC

860 U.S. U.S.
CCC+ Outlook negative Chemicals, packaging, and environmental services

Anchor Glass Container Corp.

860 U.S. U.S.
CCC+ Outlook negative Chemicals, packaging, and environmental services

DCG Acquisition Corp.

775 U.S. U.S.
CCC+ Outlook negative Chemicals, packaging, and environmental services

Flint HoldCo S.a r.l.

2,806 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

Vantage Specialty Chemicals Inc.

758 U.S. U.S.
CCC+ Outlook negative Chemicals, packaging, and environmental services

Zep Inc.

725 U.S. U.S.
CCC+ Outlook negative Consumer products

ABB/Con-Cise Optical Group LLC

578 U.S. U.S.
CCC+ Outlook negative Consumer products Alert 360 Opco Inc. Yes 200 U.S. U.S.
CCC+ Outlook negative Consumer products Arctic Glacier Group Holdings Inc. 880 U.S. U.S.
CCC+ Outlook negative Consumer products Brown Jordan International Inc. 165 U.S. U.S.
CCC+ Outlook negative Consumer products

CatLuxe Sarl

CatLuxe Acquistion Sarl 255 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

Jill Acquisition LLC

Jill Holdings LLC 521 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

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

Muganbank OJSC

- Azerbaijan Eastern Europe/Middle East/Africa
CCC+ Outlook negative Financial institutions

Mulhacen Pte. Ltd.

612 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. 115 Canada Canada
CCC+ Outlook negative Forest products and building materials

Pro.Gest SpA

594 Italy Europe
CCC+ Outlook negative Forest products and building materials

PT Sawit Sumbermas Sarana Tbk

- 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

Affordable Care Holding Corp.

516 U.S. U.S.
CCC+ Outlook negative Health care

Aveanna Healthcare LLC

Aveanna Healthcare Holdings Inc. 1,231 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

Premier Dental Services Inc.

996 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.

36,657 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 Riverbed Parent Inc. 2,150 U.S. U.S.
CCC+ Outlook negative High technology Transact Holdings Inc. 260 U.S. U.S.
CCC+ Outlook negative Homebuilders/real estate companies

IRSA Inversiones y Representaciones S.A.

Cresud S.A.C.I.F. y A. Yes 360 Argentina Latin America
CCC+ Outlook negative Media and entertainment Aimbridge Acquisition Co. Inc. 995 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

Cengage Learning Holdings II Inc.

2,555 U.S. U.S.
CCC+ Outlook negative Media and entertainment ClubCorp Holdings Inc. 1,600 U.S. U.S.
CCC+ Outlook negative Media and entertainment

Comet Bidco Ltd.

838 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 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

Gateway Casinos & Entertainment Ltd.

Yes 695 Canada Canada
CCC+ Outlook negative Media and entertainment

Hanjin International Corp.

Korean Air Lines Co. Ltd.

- Korea, Republic of Asia/Pacific
CCC+ Outlook negative Media and entertainment

HNVR Midco Ltd.

2,868 U.K. Europe
CCC+ Outlook negative Media and entertainment

Hurtigruten Group AS

Silk Holdings Sarl 1,235 Norway Europe
CCC+ Outlook negative Media and entertainment

International Park Holdings B.V.

796 Spain Europe
CCC+ Outlook negative Media and entertainment

Joye Media SLU

Yes 1,092 Spain Europe
CCC+ Outlook negative Media and entertainment

KUEHG Corp.

1,387 U.S. U.S.
CCC+ Outlook negative Media and entertainment

Lakeland Holdings, LLC

435 U.S. U.S.
CCC+ Outlook negative Media and entertainment

Learfield Communications, LLC

1,089 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 McGraw-Hill Education Inc. 2,125 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

1,857 U.S. U.S.
CCC+ Outlook negative Media and entertainment

National CineMedia Inc.

Yes 1,170 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

PGX Holdings Inc.

417 U.S. U.S.
CCC+ Outlook negative Media and entertainment

Piolin Bidco S.A.U.

1,152 Spain Europe
CCC+ Outlook negative Media and entertainment

Playa Hotels & Resorts N.V.

1,010 Netherlands Europe
CCC+ Outlook negative Media and entertainment PSS Industrial Group Corp. 300 U.S. U.S.
CCC+ Outlook negative Media and entertainment

Richmond UK Holdco Ltd.

1,790 U.K. Europe
CCC+ Outlook negative Media and entertainment

Screenvision, LLC

Yes 350 U.S. U.S.
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

Tribe Buyer LLC

400 U.S. U.S.
CCC+ Outlook negative Media and entertainment

TUI AG

356 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

Vue International Bidco plc

839 U.K. Europe
CCC+ Outlook negative Media and entertainment WeWork Companies LLC 702 U.S. U.S.
CCC+ Outlook negative Metals, mining, and steel

Algoma Steel Inc.

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

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 Centennial Resource Development Inc. 1,027 U.S. U.S.
CCC+ Outlook negative Oil and gas

Crew Energy Inc.

229 Canada Canada
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. 728 U.S. U.S.
CCC+ Outlook negative Oil and gas

HGIM Corp.

350 U.S. U.S.
CCC+ Outlook negative Oil and gas

ION Geophysical Corp.

121 U.S. U.S.
CCC+ Outlook negative Oil and gas Moss Creek Resources Holdings Inc. 1,200 U.S. 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

SM Energy Co.

2,747 U.S. U.S.
CCC+ Outlook negative Oil and gas

Tervita Corp.

1,110 Canada Canada
CCC+ Outlook negative Oil and gas

W&T Offshore Inc.

625 U.S. U.S.
CCC+ Outlook negative Retail/restaurants

99 cents only stores LLC

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

Hema B.V.

AMEH XXVI B.V. 192 Netherlands Europe
CCC+ Outlook negative Retail/restaurants

Kirk Beauty One GmbH

2,737 Germany Europe
CCC+ Outlook negative Retail/restaurants Main Event Entertainment Inc.

Ardent Leisure Ltd.

200 U.S. U.S.
CCC+ Outlook negative Retail/restaurants Mister Car Wash Holdings Inc. 800 U.S. U.S.
CCC+ Outlook negative Retail/restaurants NMG Holding Co. Inc. 750 U.S. U.S.
CCC+ Outlook negative Retail/restaurants

PAX Midco Spain

1,247 Spain Europe
CCC+ Outlook negative Retail/restaurants

PHD Group Holdings LLC

487 U.S. U.S.
CCC+ Outlook negative Retail/restaurants

Punch Taverns Ltd.

684 U.K. Europe
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

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 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 Neovia Logistics Intermediate Holdings, LP 325 U.S. U.S.
CCC+ Outlook negative Transportation Toro Private Holdings I, Ltd. 3,680 U.K. Europe
CCC+ Outlook negative Transportation United States Shipping Corp. 220 U.S. U.S.
CCC+ Outlook negative Utilities

CAPEX S.A.

300 Argentina Latin America
CCC+ Outlook negative Utilities

ESKOM Holdings SOC Ltd.

6,376 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 Media and entertainment Urban One Inc. 700 U.S. U.S.
CCC CreditWatch negative Transportation

Avation PLC

- U.K. Europe
CCC CreditWatch negative Transportation

gategroup Holding AG

Yes - Switzerland Europe
CCC Outlook negative Automotive

Aston Martin Holdings (UK) Ltd.

1,553 U.K. Europe
CCC Outlook negative Automotive

Bright Bidco B.V.

1,683 Netherlands Europe
CCC Outlook negative Automotive K&N Parent Inc. 345 U.S. U.S.
CCC Outlook negative Automotive

McLaren Group Ltd.

841 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.

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 Consumer products Anastasia Holdings, LLC 650 U.S. U.S.
CCC Outlook negative Consumer products

Array Canada Inc.

315 Canada Canada
CCC Outlook negative Consumer products

Blue Ribbon Intermediate Holdings LLC

- U.S. U.S.
CCC Outlook negative Consumer products Boardriders Inc. 861 U.S. U.S.
CCC Outlook negative Consumer products

Grupo Kaltex, S.A. de C.V.

320 Mexico Latin America
CCC Outlook negative Consumer products Isagenix Worldwide Inc. - U.S. U.S.
CCC Outlook negative Consumer products

KC Culinarte Holdings LP

313 U.S. U.S.
CCC Outlook negative Consumer products

KCIBT Holdings LP

1,050 U.S. U.S.
CCC Outlook negative Consumer products Lanai Holdings III Inc. 2,655 U.S. U.S.
CCC Outlook negative Consumer products Output Services Group Inc. 498 U.S. U.S.
CCC Outlook negative Consumer products

Premier Brands Group Holdings LLC

325 U.S. U.S.
CCC Outlook negative Consumer products

StoneMor Partners L.P.

385 U.S. U.S.
CCC Outlook negative Consumer products TMK Hawk Parent, Corp. 1,248 U.S. U.S.
CCC Outlook negative Consumer products Winebow Group, LLC 360 U.S. U.S.
CCC Outlook negative Financial institutions

CCF Holdings LLC

317 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 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. 829 U.K. Europe
CCC Outlook negative High technology Optiv Inc. 1,030 U.S. U.S.
CCC Outlook negative High technology SuperMoose Newco Inc. 1,335 U.S. U.S.
CCC Outlook negative Homebuilders/real estate companies

PT Alam Sutera Realty Tbk.

545 Indonesia Asia/Pacific
CCC Outlook negative Media and entertainment Bioplan USA Inc. 1,040 U.S. U.S.
CCC Outlook negative Media and entertainment

Codere S.A.

Yes 1,096 Spain Europe
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. 298 U.K. Europe
CCC Outlook negative Media and entertainment

Safari Beteiligungs Gmbh

416 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 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 Oil and gas

Athabasca Oil Corp.

450 Canada Canada
CCC Outlook negative Oil and gas

Compania General de Combustibles S.A.

585 Argentina Latin America
CCC Outlook negative Oil and gas Nine Energy Service Inc. Yes 400 U.S. U.S.
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

Vesta Energy Corp.

153 Canada Canada
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

IPC Corp.

1,462 U.S. U.S.
CCC Outlook negative Telecommunications

Logix Intermediate Holding Corp.

250 U.S. U.S.
CCC- CreditWatch negative Metals, mining, and steel

Peabody Energy Corp.

Yes 1,400 U.S. U.S.
CCC- CreditWatch negative Oil and gas

Petroquimica Comodoro Rivadavia S.A.

- Argentina Latin America
CCC- CreditWatch negative Oil and gas YPF S.A 2,958 Argentina Latin America
CCC- CreditWatch negative Telecommunications

Alorica Inc.

895 U.S. U.S.
CCC- CreditWatch negative Utilities

AES Argentina Generacion S.A

AES Corp. (The)

300 Argentina Latin America
CCC- Outlook negative Consumer products

Iconix Brand Group Inc.

- 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.

603 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.

606 Luxembourg Europe
CCC- Outlook negative Homebuilders/real estate companies

Sunshine 100 China Holdings Ltd.

- Cayman Islands U.S.
CCC- Outlook negative Media and entertainment

AMC Entertainment Holdings Inc.

6,018 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

Cineworld Group PLC

4,697 U.K. Europe
CCC- Outlook negative Media and entertainment

Exela Technologies Inc.

2,396 U.S. U.S.
CCC- Outlook negative Media and entertainment Hornblower HoldCo, LLC 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

Great Western Petroleum LLC

600 U.S. U.S.
CCC- Outlook negative Oil and gas

Vallourec

1,722 France Europe
CCC- Outlook negative Oil and gas

Vine Oil & Gas LP

1,760 U.S. U.S.
CCC- Outlook negative Retail/restaurants

Distribuidora Internacional de Alimentacion S.A.

713 Spain Europe
CCC- Outlook negative Retail/restaurants

Foodco Bondco SAU

796 Spain Europe
CCC- Outlook negative Retail/restaurants

Steak n Shake Inc.

Biglari Holdings Inc.

220 U.S. U.S.
CCC- Outlook negative Telecommunications Maxcom Telecomunicaciones, S.A.B. de C.V. Yes 57 Mexico Latin America
CCC- Outlook negative Transportation

Azul S.A.

- Brazil Latin America
CCC- Outlook negative Utilities

Empresa Distribuidora Y Comercializadora Norte S.A.

300 Argentina Latin America
CCC- Outlook negative Utilities

Investimentos e Participacoes em Infraestrutura S.A. - Invepar

- Brazil Latin America
CC CreditWatch negative Consumer products

Haya Real Estate S.A.U

Yes 564 Spain Europe
CC Outlook negative Health care

Community Health Systems Inc.

17,194 U.S. U.S.
CC Outlook negative Homebuilders/real estate companies

Washington Prime Group Inc.

1,643 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 Europcar Mobility Group S.A. 1,841 France Europe
CC Outlook negative Media and entertainment

Promotora de Informaciones S.A.

- Spain Europe
CC Outlook negative Media and entertainment Town Sports International Holdings Inc. - U.S. U.S.
CC Outlook negative Oil and gas

Basic Energy Services Inc.

300 U.S. U.S.
CC Outlook negative Oil and gas

Callon Petroleum Co.

1,900 U.S. U.S.
CC Outlook negative Oil and gas

HighPoint Resources Corp.

675 U.S. U.S.
CC Outlook negative Oil and gas

Superior Energy Services Inc.

1,300 U.S. U.S.
CC Outlook negative Utilities

Ferrellgas L.P.

Ferrellgas Partners L.P.

4,350 U.S. U.S.
Data as of Nov. 19, 2020. Source: S&P Global Ratings Research.

For additional information regarding weakest links, please see our most recent quarterly publication, "Default Rates Continue To Climb As Weakest Links Remain Elevated," published Nov. 23, 2020.

Related Research

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, Associate, New York + 1 (212) 438 1396;
nicole.serino@spglobal.com
Sudeep K Kesh, Senior Director, New York + 1 (212) 438 7982;
sudeep.kesh@spglobal.com
Research Contributor:Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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