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Default, Transition, and Recovery: The 2020 Global Corporate Default Tally Reached 226

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

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


Default, Transition, and Recovery: The 2020 Global Corporate Default Tally Reached 226

Global corporate defaults in 2020 totaled 226, up by 91% from the previous year's tally of 118. Three companies defaulted since our last report (Dec. 11, 2020) through year-end:

  • Texas-based financial services provider Populus Financial Group Inc.,
  • Pennsylvania-based high-availability infrastructure and disaster recovery services provider Sungard AS New Holdings LLC, and
  • One confidential issuer.

Much of the rise in defaults in 2020 can be attributed to an increase in defaults in both the U.S. and Europe--which account for the largest number of rated issuers globally and have been heavily affected by the COVID-19 pandemic. While the U.S. led the default tally with 146, defaults in Europe reached an all-time high of 42, far surpassing its previous record in 2009 of 22 defaults. However, globally, the 2020 default tally was still well below the 2009 total of 266.

Chart 1

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2020 Observations

  • By region, the U.S. led defaults in 2020, with 146, compared with 78 in 2019 and 192 in 2009.
  • Globally, the oil and gas sector led defaults in 2020, with 50, followed by consumer products and media and entertainment, with 35 and 31 defaults, respectively (see chart 2).
  • Distressed exchange-related defaults led the tally in 2020, with 78, followed by missed principal and interest payments, with 73 (see chart 3).

What We Expect In 2021

So far in 2021, the global corporate default tally has reached two after two issuers defaulted due to distressed exchanges--Louisiana-based offshore vessel provider HGIM Corp. and Spain-based print and audio-visual media services provider Promotora de Informaciones S.A.

Looking ahead, we expect the number of defaults to continue at their elevated pace, with the U.S. trailing-12-month speculative-grade default increasing slightly to 6.6% in December 2020 from 6.4% in November 2020, and the European trailing-12-month speculative-grade default rate remaining at 5.3% in the same period (see table 1).

Chart 2

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Chart 3

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Chart 4

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Chart 5

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Table 1

U.S. And Europe Corporate Default Tally In 2021 Is One Each
Region 12-month-trailing speculative-grade default rate (%) 2021 2020 2019 Weakest links
U.S. 6.6* 1 146 78 365
Emerging markets 3.5 0 28 22 36
Europe 5.3* 1 42 15 88
Other developed 6.0 0 10 3 26
Global 5.5 2 226 118 515
*Trailing-12-month default rates from Dec. 31, 2019-Dec. 31, 2020, are preliminary and subject to change. Year-to-date data as of Jan. 6, 2021. Weakest link data is as of Nov. 19, 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 2021 Global Corporate Default Tally Is Two
Date Parent company Country Subsector To From Reason
1/5/21 HGIM Corp. U.S. Oil and gas SD CC Distressed exchange
1/6/21 Promotora de Informaciones S.A. Spain Media and entertainment SD CC Distressed exchange
SD--Selective default. Data as of Jan. 6, 2021. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 3

The 2020 Global Corporate Default Tally Reached 226
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
12/18/2020 Populus Financial Group Inc U.S. Financial institutions SD CC Distressed exchange
12/22/2020 Sungard AS New Holdings, LLC U.S. High technology SD B- Distressed exchange
12/30/2020 Confidential Confidential Chemicals, packaging, and environmental services D CCC- Confidential
NR--Not rated. SD--Selective default. Data as of Jan. 6, 2021. 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

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