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COMMENTS

Default, Transition, and Recovery: The Elevated Weakest Links Tally May Signal Sustained Default Pressure In 2021

COMMENTS

Credit Trends: U.S. Public Finance Ended 2020 With A Rise In Downgrades

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Default, Transition, and Recovery: Three Distressed Exchanges Push The 2021 Corporate Default Tally To 14

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Default, Transition, and Recovery: The European Speculative-Grade Corporate Default Rate Could Reach 6.5% By December 2021

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ESG Concerns In Oil And Gas Sectors Led To A Surge In Downgrade Pressure In January, Which Was Realized By Mid-February


Default, Transition, and Recovery: The Elevated Weakest Links Tally May Signal Sustained Default Pressure In 2021

Chart 1

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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) decreased in the second half of 2020 as financing conditions continued to improve, even for the lowest-rated issuers, but were still elevated by historical standards. While the global weakest links tally has declined since our last report (to 482 on Dec. 28 from 515 on Nov. 19), it remains well above its December 2019 level of 292.

As we move into the first half of 2021, renewed COVID-19 containment measures in Europe and the U.S. may harm a fragile economic recovery and lead to further credit deterioration, particularly in sectors most exposed to social distancing and travel restrictions. This is particularly pronounced in markets facing renewed lockdown pressures, potentially harming revenue growth for many companies in these markets.

Although we expect central banks to preserve very low funding costs through 2021, higher leverage mixed with an unprecedented number of vulnerable issuers is likely to induce further defaults as weakest links typically default 8x more frequently than speculative-grade companies. We expect the 12-month speculative-grade default rate to rise to around 9% in the U.S. and 8% in Europe by September 2021, versus 6.3% and 4.3% in September 2020 as companies in these sectors remain under significant revenue and earnings pressures triggered by the economic recession and global pandemic (see " Global Credit Outlook: Back On Track?" Dec. 3, 2020).

A Shift In Ratings Among Sectors In 2020 Versus 2019

There has been a dramatic shift in credit ratings of weakest link issuers between December 2019 and December 2020 (see chart 2).

Chart 2

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Much of this can be contributed to variation in sector impact as more issuers in the media, entertainment, lodging, leisure, consumer and retail sectors remain under significant revenue and earnings pressures triggered by the economic recession and global pandemic. The media and entertainment, midstream, capital goods, oil and gas, transportation, retail and restaurants weakest link issuers have seen the greatest percent increases year-over-year. The only sector that experienced a drop in weakest links between 2019 and 2020 is the telecom sector, which remained relatively resilient to pandemic and oil price shock pressures.

Leisure, Lodging, And Oil And Gas Lead In December

Media and entertainment (which includes lodging and leisure) and oil and gas had the most additions to December's weakest links tally, with four issuers each, bringing their overall sector totals to 101 and 39 weakest links, respectively. The U.S. recovery in business and group travel and hotel demand will be slower than we expected and may not take hold until the second half of 2021. A prolonged period of low oil prices and industry challenges will continue to strain the creditworthiness of many oil and gas issuers, even as demand picks up after it plunged during lockdowns.

Chart 3

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Additional Exhibits:

Chart 4

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Chart 5

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Table 1

Weakest Links By Region
Number of weakest links (B- and below Neg/Negative) 5-year averages 10-year averages Total rated speculative issuers % of weakest links to total speculative-rated issuers Current distribution by region (%) Distribution by region 12-months prior (%)
U.S. 338 174 128 1501 22.5 70.1 67.4
Europe 85 32 25 529 16.1 17.6 15.2
Latin America 18 14 15 114 15.8 3.7 9.6
Canada 20 9 7 87 23.0 4.1 2.5
Asia-Pacific 14 8 7 99 14.1 2.9 4.6
EEMEA 7 14 11 119 5.9 1.5 0.7
Data as of Dec. 28, 2020. EEMAA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Research.

Chart 6

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Chart 7

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Chart 8

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Chart 9

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Chart 10

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Chart 11

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Chart 12

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Table 2

Global Corporate Defaults (Through Dec. 28, 2020)
Company Country Industry Debt (mil. $) Default date From To Weakest link
Constellis Holdings, LLC U.S. Aerospace/Automotive/Capital Goods/Metal 1272.00 1/2/2020 CC SD Yes
TOMS Shoes, LLC U.S. Consumer/Service Sector 306.50 1/7/2020 CCC D Yes
SAL Acquisition Corp. U.S. Consumer/Service Sector 740.00 1/9/2020 CCC SD Yes
Lecta S.A. Luxembourg Forest & Building Products/Homebuilders 668.39 1/13/2020 CC SD Yes
Qinghai Provincial Investment Group Co. Ltd. China Energy and Natural Resources 850.00 1/14/2020 CCC- D Yes
Krystal Co. (The) U.S. Consumer/Service Sector 0.00 1/19/2020 NR D No
Panda Green Energy Group Ltd. Bermuda Utility 350.00 1/21/2020 CC SD Yes
Deoleo S.A. Spain Consumer/Service Sector 665.10 1/22/2020 CC SD Yes
Doncasters Group Ltd. U.K. Aerospace/Automotive/Capital Goods/Metal 1118.14 1/29/2020 CCC- SD Yes
Pinnacle Operating Corp. U.S. Health Care/Chemicals 846.00 1/30/2020 CCC SD Yes
Commercial Barge Line Co. U.S. Transportation 1150.00 2/7/2020 CC D Yes
RentPath, LLC U.S. Leisure Time/Media 0.00 2/12/2020 NR D No
McClatchy Co. (The) U.S. Leisure Time/Media 710.00 2/13/2020 CC D Yes
Moby SpA Italy Transportation 606.96 2/14/2020 CCC- SD Yes
NPC International Inc. U.S. Consumer/Service Sector 950.00 2/14/2020 CCC- SD Yes
Pier 1 Imports Inc. U.S. Consumer/Service Sector 200.00 2/18/2020 CCC- D Yes
Tunghsu Group Co., Ltd. China High Tech/Computers/Office Equipment 390.00 2/21/2020 CCC- SD Yes
VIP Cinema Holdings, Inc. U.S. Consumer/Service Sector 230.00 2/24/2020 CCC- D Yes
Calfrac Well Services Ltd. (A) Canada Energy and Natural Resources 650.00 2/25/2020 CC SD Yes
PFS Holding Corp. U.S. Consumer/Service Sector 390.00 2/28/2020 CCC- SD Yes
Pioneer Energy Services Corp. U.S. Energy and Natural Resources 425.00 3/3/2020 CCC- D Yes
Bluestem Brands, Inc. U.S. Consumer/Service Sector 0.00 3/9/2020 NR D No
Ascena Retail Group Inc. (A) U.S. Consumer/Service Sector 1800.00 3/12/2020 CCC SD Yes
Optimas OE Solutions Holding, LLC U.S. Aerospace/Automotive/Capital Goods/Metal 0.00 3/12/2020 CCC+ SD Yes
Frontier Communications Corp. U.S. Telecommunications 22452.75 3/16/2020 CCC- SD Yes
Internap Corp. U.S. Telecommunications 470.00 3/17/2020 CCC+ D Yes
Geo Energy Resources Ltd. Singapore Energy and Natural Resources 300.00 3/19/2020 B- SD Yes
Grain Insurance Co. JSC Kazakhstan Insurance 0.00 3/20/2020 B D No
Optiv Inc. U.S. High Tech/Computers/Office Equipment 1030.00 3/27/2020 CCC+ SD No
Yida China Holdings Ltd. Cayman Islands Real Estate 300.00 3/27/2020 CC SD Yes
PGX Holdings Inc. U.S. Consumer/Service Sector 555.00 4/1/2020 CCC D Yes
Steak n Shake Inc. (Biglari Holdings Inc.) U.S. Consumer/Service Sector 220.00 4/1/2020 CCC- SD Yes
Whiting Petroleum Corp. U.S. Energy and Natural Resources 6436.88 4/1/2020 CCC+ D Yes
KCA DEUTAG Alpha Ltd. U.K. Energy and Natural Resources 1685.00 4/2/2020 CCC+ SD Yes
CDS Group Canada Leisure Time/Media 1085.00 4/3/2020 CCC- D Yes
New Millennium Holdco Inc. U.S. Health Care/Chemicals 600.00 4/3/2020 CC D Yes
BW Homecare Holdings LLC U.S. Health Care/Chemicals 935.00 4/6/2020 CCC SD Yes
FE Investments Ltd. (FE Investments Group Ltd.) New Zealand Financial Institutions 0.00 4/6/2020 CCC D No
Gavilan Resources, LLC U.S. Energy and Natural Resources 450.00 4/7/2020 CCC- D Yes
Jason Inc. U.S. Aerospace/Automotive/Capital Goods/Metal 445.50 4/7/2020 CCC SD Yes
Quorum Health Corp. U.S. Health Care/Chemicals 942.50 4/7/2020 CCC- D Yes
Speedcast International Ltd. Australia Telecommunications 600.00 4/7/2020 CCC D Yes
North American Lifting Holdings Inc. U.S. Aerospace/Automotive/Capital Goods/Metal 685.00 4/8/2020 CCC- SD Yes
SPR Holdings, LLC U.S. Energy and Natural Resources 1957.60 4/8/2020 CCC+ D Yes
Vestel Elektronik Sanayi Ve Ticaret A.S. Turkey High Tech/Computers/Office Equipment 0.00 4/10/2020 CCC+ SD No
Pace Industries Inc. U.S. Aerospace/Automotive/Capital Goods/Metal 0.00 4/12/2020 NR D No
LSC Communications, Inc. U.S. Leisure Time/Media 1062.50 4/14/2020 CC D Yes
Libbey Inc. U.S. Consumer/Service Sector 440.00 4/14/2020 CCC SD Yes
NMC Health PLC U.A.E. Health Care/Chemicals 400.00 4/14/2020 CCC- D Yes
Intelsat S.A. Luxembourg Telecommunications 18535.00 4/15/2020 CCC+ SD Yes
O1 Properties Ltd. Cyprus Real Estate 552.12 4/16/2020 CC D Yes
Penney (J.C.) Co. Inc. U.S. Consumer/Service Sector 4768.08 4/16/2020 CCC D Yes
Mister Car Wash Holdings, Inc. U.S. Consumer/Service Sector 875.00 4/17/2020 CCC+ SD Yes
Ultra Petroleum Corp. U.S. Energy and Natural Resources 3147.00 4/17/2020 CCC- D Yes
Engine Holding LLC U.S. Leisure Time/Media 259.00 4/21/2020 CCC- D Yes
Neiman Marcus Group LTD LLC U.S. Consumer/Service Sector 6251.08 4/22/2020 CCC- D Yes
Northwest Acquisitions ULC Canada Energy and Natural Resources 750.00 4/23/2020 CCC+ D Yes
Diamond Offshore Drilling Inc. U.S. Energy and Natural Resources 4350.00 4/24/2020 CC D Yes
Enjoy S.A. Chile Leisure Time/Media 300.00 4/24/2020 B- D Yes
Envision Healthcare Corp. (Envision Healthcare Holdings Inc.) U.S. Health Care/Chemicals 6975.00 4/28/2020 CC SD Yes
CSM Bakery Solutions LLC U.S. Consumer/Service Sector 1060.00 4/29/2020 CCC SD Yes
Virgin Australia Holdings Ltd. Australia Transportation 1035.96 4/30/2020 CC D Yes
J. Crew Group Inc. (Chinos Intermediate Holdings A, Inc.) U.S. Consumer/Service Sector 1817.00 5/4/2020 CCC- D Yes
Evergreen Skills Lux S.ar.l. (Evergreen Skills Intermediate Lux S.ar.l.) Luxembourg High Tech/Computers/Office Equipment 2115.00 5/5/2020 CCC- D Yes
Hertz Global Holdings Inc. U.S. Transportation 8033.84 5/7/2020 CCC- SD Yes
Petra Diamonds Ltd. Bermuda Energy and Natural Resources 650.00 5/8/2020 CCC+ D Yes
Avianca Holdings S.A. Panama Transportation 1595.00 5/11/2020 CCC- D Yes
Yihua Enterprise (Group) Co. Ltd. China Consumer/Service Sector 0.00 5/11/2020 CCC SD Yes
Fieldwood Energy LLC U.S. Energy and Natural Resources 1660.19 5/12/2020 CCC D Yes
Revlon Inc. (A) U.S. Consumer/Service Sector 2750.00 5/12/2020 CC SD Yes
Outerstuff LLC U.S. Consumer/Service Sector 255.00 5/13/2020 CCC SD Yes
Extraction Oil & Gas Inc. (Extraction Oil & Gas Holdings, LLC) U.S. Energy and Natural Resources 950.00 5/15/2020 CC D Yes
Forum Energy Technologies Inc. (A) U.S. Energy and Natural Resources 715.50 5/15/2020 CC SD Yes
Aeropuertos Argentina 2000 S.A. Argentina Transportation 750.00 5/19/2020 CC SD Yes
Takko Fashion S.a.r.l. Luxembourg Consumer/Service Sector 557.80 5/19/2020 CCC+ SD Yes
Downstream Development Authority U.S. Leisure Time/Media 555.00 5/20/2020 CCC SD Yes
Equinox Holdings Inc. U.S. Leisure Time/Media 1361.05 5/20/2020 CCC SD Yes
Akorn Inc. U.S. Health Care/Chemicals 1045.00 5/21/2020 CC D Yes
Centennial Resource Development Inc. U.S. Energy and Natural Resources 1027.07 5/21/2020 CC SD Yes
Guitar Center Inc. (Guitar Center Holdings Inc.) (A) U.S. Consumer/Service Sector 946.00 5/21/2020 CCC SD Yes
Travelex Holdings Ltd. U.K. Leisure Time/Media 502.02 5/25/2020 CC SD Yes
Unit Corp. U.S. Energy and Natural Resources 650.00 5/26/2020 CC D Yes
Latam Airlines Group S.A. Chile Transportation 1800.00 5/27/2020 CCC- D Yes
Tuesday Morning Corp. U.S. Consumer/Service Sector 0.00 5/27/2020 NR D No
Grupo Famsa, S.A.B. de C.V. Mexico Consumer/Service Sector 80.92 6/2/2020 CCC- SD Yes
Noble Corporation PLC (A) U.K. Energy and Natural Resources 5200.00 6/2/2020 CCC- SD Yes
Valaris plc U.K. Energy and Natural Resources 11050.00 6/3/2020 CCC- D Yes
California Pizza Kitchen, Inc. U.S. Consumer/Service Sector 395.00 6/4/2020 CCC- D Yes
24 Hour Fitness Worldwide Inc. U.S. Leisure Time/Media 1470.00 6/5/2020 CCC+ D Yes
APC Automotive Technologies Intermediate Holdings, LLC U.S. Aerospace/Automotive/Capital Goods/Metal 347.91 6/5/2020 CCC D Yes
Techniplas LLC U.S. Aerospace/Automotive/Capital Goods/Metal 0.00 5/6/2020 NR D No
RGIS Holdings LLC U.S. Consumer/Service Sector 695.00 6/10/2020 CCC- D Yes
Calfrac Well Services Ltd. (B) Canada Energy and Natural Resources 650.00 6/15/2020 CCC- D Yes
Pyxus International, Inc. U.S. Consumer/Service Sector 1055.00 6/15/2020 CCC- D Yes
SM Energy Company (A) U.S. Energy and Natural Resources 3097.00 6/15/2020 CC SD Yes
Briggs & Stratton Corp. U.S. Aerospace/Automotive/Capital Goods/Metal 225.00 6/16/2020 CCC- SD Yes
CSI Compressco LP U.S. Energy and Natural Resources 905.53 6/16/2020 CC SD Yes
Ferrellgas Partners L.P. U.S. Utility 2532.00 6/16/2020 CC SD Yes
Source Energy Services Ltd. Canada Energy and Natural Resources 158.00 6/16/2020 CCC- D Yes
ASP MCS Acquisition Corp. U.S. Consumer/Service Sector 490.00 6/18/2020 CCC D Yes
Jo-ann Stores, LLC (Jo-Ann Stores Holdings Inc) U.S. Consumer/Service Sector 1130.00 6/18/2020 CCC SD Yes
Chesapeake Energy Corp. U.S. Energy and Natural Resources 11629.84 6/19/2020 CC D Yes
GK Holdings, Inc. U.S. Leisure Time/Media 245.00 6/19/2020 CC D Yes
Boart Longyear Limited Australia Energy and Natural Resources 488.00 6/23/2020 CC SD Yes
Serta Simmons Bedding LLC U.S. Consumer/Service Sector 2400.00 6/23/2020 CC SD Yes
Summit Midstream Partners, LP (A) U.S. Energy and Natural Resources 1100.00 6/23/2020 CCC SD Yes
GNC Holdings Inc. U.S. Consumer/Service Sector 1354.33 6/24/2020 CC D Yes
CEC Entertainment Inc. U.S. Consumer/Service Sector 1129.00 6/25/2020 CC D Yes
W&T Offshore Inc U.S. Energy and Natural Resources 0.00 6/25/2020 CCC+ SD Yes
Covia Holdings Corp (SCR-Sibelco NV) U.S. Energy and Natural Resources 1650.00 6/30/2020 CCC+ D Yes
California Resources Corp. U.S. Energy and Natural Resources 8429.00 7/1/2020 CC D Yes
Grupo Aeromexico, S.A.B. de C.V. Mexico Transportation 400.00 7/1/2020 B- D Yes
Grupo Posadas, S. A. B. de C. V. Mexico Leisure Time/Media 400.00 7/1/2020 CC D Yes
Denbury Resources Inc. U.S. Energy and Natural Resources 8169.77 7/2/2020 CCC+ D Yes
Lonestar Resources U.S., Inc. U.S. Energy and Natural Resources 250.00 7/2/2020 CCC- D Yes
Tailored Brands, Inc. U.S. Consumer/Service Sector 1500.00 7/2/2020 CCC+ D Yes
PT Modernland Realty Tbk. Indonesia Real Estate 390.00 7/8/2020 CCC- SD Yes
Tupperware Brands Corporation U.S. Consumer/Service Sector 600.00 7/10/2020 CC SD Yes
Hi- Crush Inc. U.S. Energy and Natural Resources 450.00 7/13/2020 CC D Yes
Chaparral Energy Inc. U.S. Energy and Natural Resources 300.00 7/16/2020 CCC- D Yes
Bruin E&P Partners, LLC U.S. Energy and Natural Resources 600.00 7/17/2020 CC D Yes
Noble Corporation PLC (B) U.K. Energy and Natural Resources 5200.00 7/17/2020 CCC- D Yes
Seadrill Partners LLC Marshall Islands Energy and Natural Resources 2900.00 7/17/2020 CCC SD Yes
Renfro Corp. U.S. Consumer/Service Sector 230.10 7/20/2020 CCC- SD Yes
Global Eagle Entertainment Inc. U.S. Telecommunications 585.00 7/22/2020 CCC- D Yes
Ascena Retail Group Inc. (B) U.S. Consumer/Service Sector 1800.00 7/23/2020 CCC- D Yes
Lakeland Holdings, LLC U.S. Leisure Time/Media 655.00 7/23/2020 CCC- D Yes
Party City Holdings Inc. (PC Nextco Holdings LLC) U.S. Consumer/Service Sector 2222.97 7/27/2020 CC SD Yes
CB Poly Investments, LLC U.S. Consumer/Service Sector 917.04 7/28/2020 B- SD Yes
Never Slip Topco Inc. U.S. Consumer/Service Sector 283.00 7/28/2020 CCC D Yes
Missouri TopCo Ltd. U.K. Consumer/Service Sector 593.18 7/30/2020 CCC- SD Yes
Nostrum Oil and Gas PLC U.K. Energy and Natural Resources 2085.00 7/30/2020 CCC- SD Yes
Mood Media Corp. U.S. Leisure Time/Media 0.00 7/30/2020 NR D No
AMC Entertainment Holdings Inc. U.S. Leisure Time/Media 6707.54 8/3/2020 CC SD Yes
Forum Energy Technologies Inc. (B) U.S. Energy and Natural Resources 715.50 8/4/2020 CC SD Yes
PIZZAEXPRESS FINANCING 1 PLC U.K. Consumer/Service Sector 874.05 8/6/2020 CC D Yes
Transocean Ltd. (A) Switzerland Energy and Natural Resources 11006.00 8/6/2020 CCC SD Yes
UTEX Industries Inc. U.S. Energy and Natural Resources 742.00 8/10/2020 CCC D Yes
Martin Midstream Partners L.P. U.S. Energy and Natural Resources 745.72 8/14/2020 CC SD Yes
Omnimax International, Inc. U.S. Forest & Building Products/Homebuilders 385.00 8/19/2020 CCC- D Yes
Northwest Hardwoods Inc. U.S. Forest & Building Products/Homebuilders 435.00 8/21/2020 CCC- SD Yes
KCIBT Holdings LP U.S. Consumer/Service Sector 600.00 8/24/2020 CCC+ SD Yes
Town Sports International Holdings Inc. U.S. Leisure Time/Media 340.00 8/26/2020 CC SD Yes
SAExploration Holdings, Inc. U.S. Energy and Natural Resources 0.00 8/27/2020 NR D No
Shiloh Industries Inc. U.S. Aerospace/Automotive/Capital Goods/Metal 0.00 8/30/2020 NR D No
Boardriders, Inc. U.S. Consumer/Service Sector 861.00 9/4/2020 CCC+ SD Yes
Premier Brands Group Holdings LLC U.S. Consumer/Service Sector 325.00 9/4/2020 B- SD Yes
MAI Holdings, Inc. U.S. Aerospace/Automotive/Capital Goods/Metal 135.00 9/9/2020 CCC- SD Yes
Swissport Group S.a.r.l Luxembourg Transportation 1868.50 9/9/2020 CCC SD Yes
iQor Holdings Inc. U.S. Telecommunications 820.00 9/10/2020 CC D Yes
Distribuidora Internacional de Alimentacion S.A. Spain Consumer/Service Sector 710.90 9/15/2020 CC SD Yes
Oasis Petroleum Inc. U.S. Energy and Natural Resources 2475.00 9/18/2020 CCC- D Yes
PGS ASA Norway Energy and Natural Resources 0.00 9/21/2020 CCC SD Yes
FTS International, Inc. U.S. Energy and Natural Resources 1050.00 9/23/2020 CC D Yes
Technicolor S.A. France High Tech/Computers/Office Equipment 1674.55 9/23/2020 CC SD Yes
Garrett Motion Inc. U.S. Aerospace/Automotive/Capital Goods/Metal 2157.08 9/24/2020 B D No
Summit Midstream Partners, LP (B) U.S. Energy and Natural Resources 1100.00 9/25/2020 CC SD Yes
Cassini SAS France Leisure Time/Media 767.04 9/28/2020 CCC D Yes
Jill Acquisition LLC (Jill Holdings LLC) U.S. Consumer/Service Sector 290.00 10/1/2020 CC SD Yes
Toro Private Holdings I, Ltd U.K. Transportation 4330.00 10/1/2020 CC SD Yes
TMK Hawk Parent Corp. U.S. Consumer/Service Sector 820.00 10/7/2020 CCC SD Yes
Ruby Tuesday Inc. U.S. Consumer/Service Sector 0.00 10/7/2020 NR D No
Ascent Resources Utica Holdings, LLC U.S. Energy and Natural Resources 2100.00 10/8/2020 CC SD Yes
Anchor Glass Container Corp. U.S. Aerospace/Automotive/Capital Goods/Metal 800.00 10/9/2020 CC SD Yes
Oi S.A. Brazil Telecommunications 1653.60 10/9/2020 CC SD Yes
MD America Energy LLC U.S. Energy and Natural Resources 0.00 10/12/2020 NR D No
Mallinckrodt plc Ireland Health Care/Chemicals 6312.00 10/13/2020 CCC- D Yes
Banco Hipotecario S.A. Argentina Financial Institutions 350.00 10/14/2020 CC SD Yes
Codere S.A. Spain Leisure Time/Media 984.67 10/15/2020 CC SD Yes
Corp Group Banking S.A. (Inversiones CorpGroup Interhold, Ltda.) Chile Financial Institutions 500.00 10/16/2020 CC D Yes
Gulfport Energy Corp. U.S. Energy and Natural Resources 2050.00 10/16/2020 CCC- D Yes
Alliance HealthCare Services U.S. Health Care/Chemicals 650.00 10/19/2020 B- SD Yes
Central Security Group, Inc. U.S. Consumer/Service Sector 450.00 10/19/2020 CCC- SD Yes
PT Alam Sutera Realty Tbk. Indonesia Real Estate 545.00 10/28/2020 CC D Yes
SAS AB Sweden Transportation 0.00 10/28/2020 CC SD Yes
Selecta Group B.V. Netherlands Consumer/Service Sector 1731.48 10/28/2020 CC SD Yes
Hema B.V. (AMEH XXVI B.V.) Netherlands Consumer/Service Sector 990.00 10/30/2020 CC SD Yes
Pacific Drilling S.A. Luxembourg Energy and Natural Resources 0.00 10/30/2020 NR D No
Nabors Industries Ltd Bermuda Energy and Natural Resources 5242.00 10/30/2020 CCC+ SD Yes
CBL & Associates Properties Inc. U.S. Real Estate 0.00 11/2/2020 NR D No
Nine Energy Service, Inc. U.S. Energy and Natural Resources 400.00 11/5/2020 CCC+ SD No
CDRH Parent, Inc. U.S. Health Care/Chemicals 895.00 11/6/2020 CCC- SD Yes
Bahia de las Isletas, S.L. Spain Transportation 691.72 11/11/2020 B- SD Yes
IRSA Inversiones y Representaciones S.A. (Cresud S.A.C.I.F. y A.) Argentina Real Estate 360.00 11/12/2020 CC SD Yes
Transocean Ltd. (B) Switzerland Energy and Natural Resources 12944.00 11/16/2020 CC SD Yes
Jonah Energy LLC U.S. Energy and Natural Resources 2100.00 11/17/2020 CCC- D Yes
Guitar Center Inc. (Guitar Center Holdings Inc.) (B) U.S. Consumer/Service Sector 946.00 11/18/2020 CCC- D Yes
Summit Midstream Partners Holdings, LLC U.S. Utility 300.00 11/18/2020 CC D Yes
Revlon Inc. (B) U.S. Consumer/Service Sector 3567.00 11/19/2020 CC SD Yes
Northern Oil and Gas Inc. U.S. Energy and Natural Resources 344.28 11/20/2020 CCC+ SD Yes
SM Energy Company (B) U.S. Energy and Natural Resources 2747.00 11/25/2020 CCC+ SD Yes
Cineworld Group PLC U.K. Leisure Time/Media 5721.95 11/26/2020 CCC- SD Yes
Haya Real Estate S.A.U Spain Consumer/Service Sector 595.46 11/26/2020 CC SD Yes
Callon Petroleum Co. U.S. Energy and Natural Resources 1900.00 12/2/2020 CC SD Yes
Europcar Mobility Group S.A. France Leisure Time/Media 599.00 12/2/2020 CC SD Yes
Zellis Holdings Ltd. U.K. High Tech/Computers/Office Equipment 347.00 12/2/2020 CCC+ SD No
Superior Energy Services Inc. U.S. Energy and Natural Resources 0.00 12/7/2020 CC D Yes
Community Health Systems Inc. U.S. Health Care/Chemicals 15494.00 12/9/2020 CC SD Yes
Populus Financial Group Inc U.S. Financial Institutions 350.00 12/18/2020 CC SD Yes
Sungard AS New Holdings, LLC U.S. High Tech/Computers/Office Equipment 0.00 12/22/2020 B- SD Yes
Data as of Nov. 19, 2020. (A)--Issuers' first default in 2020. (B)--Issuers' second default in 2020. Excludes confidential entities. Source: S&P Global Market Intelligence’s CreditPro®.

Table 3

12-Month Default Rates By Region
Region Weakest links default rate (%) All speculative-grade default rate (%)
Global 24.74 5.47
U.S. 26.33 6.43
Europe 26.14 5.28
Emerging markets 18.26 3.45
Other developed 30.06 6.00
Data as of Nov. 30, 2020. Source: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 4

Media And Entertainment Has 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, LP 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
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
Data as of Dec. 28, 2020. CLO--Collateralized loan obligation. Source: S&P Global Ratings Research.

Table 5

Trailing 12-Month Corporate Default Rates* By Industry (U.S. Speculative-Grade Issuers Only) (%)
Nov. 30, 2020 Oct. 31, 2020 6 months ago 12 months ago
Financial
Financial institutions 0.00 0.00 1.06 4.00
Insurance 0.00 0.00 1.54 1.56
Non-Financial
Aerospace/automotive/capital goods/metal 3.56 3.60 3.23 1.19
Consumer/service sector 11.92 12.21 7.96 4.50
Energy and natural resources 17.35 15.38 10.19 9.13
Forest and building products/homebuilders 2.11 3.06 1.00 0.98
Health care/chemicals 3.72 4.17 4.21 1.86
High technology/computers/office equipment 1.08 1.05 1.54 2.63
Leisure time/media 6.42 6.45 4.61 1.79
Real estate 3.39 1.69 1.75 0.00
Telecommunications 5.97 7.46 4.62 4.35
Transportation 4.08 4.08 4.17 0.00
Utility 7.32 5.13 2.78 0.00
Data as of Nov. 30, 2020. *U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 6

Issuers Rated ‘B-’ Or Lower With A Negative Outlook Or On CreditWatch With Negative Implications
Rating Outlook /CreditWatch Subsector Issuer Parent company New to the list this month Outlook/Credit Watch change Debt (Mil. US$) Country Region
B- CreditWatch Negative Capital goods Arvos LuxCo S.a.r.l. 592 Luxembourg Europe
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. 3,147 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 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 Spectacle Gary Holdings, LLC 370 U.S. U.S.
B- CreditWatch Negative Retail/restaurants Mabel Topco Ltd. The Restaurant Group PLC 305 U.K. Europe
B- CreditWatch Negative Transportation Transportes Aereos Portugueses, SGPS, S.A. 457 Portugal Europe
B- CreditWatch Negative Utilities Delhi International Airport Ltd. Yes 1,311 India Asia/Pacific
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 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 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 1,280 Spain Europe
B- Outlook Negative Automotive Kongsberg Automotive ASA 335 Norway Europe
B- Outlook Negative Automotive Parts Holding Europe SAS Dakar Finance S.A. 1,771 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 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 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 414 Denmark Europe
B- Outlook Negative Capital goods QualTek USA, LLC 380 U.S. U.S.
B- Outlook Negative Capital goods Rubix Group Holdings Ltd. 2,084 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 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 Consumer products 361 Degrees International Ltd. 400 Cayman Islands U.S.
B- Outlook Negative Consumer products Afflelou SAS 506 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. 4,961 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 244 France Europe
B- Outlook Negative Consumer products Kiwi VFS SUB I S.ar.l Yes 1,809 Luxembourg 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. 452 Belgium Europe
B- Outlook Negative Consumer products Marcolin SpA 305 Italy Europe
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 YS Garments LLC 330 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. 1,693 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Kronos Worldwide Inc. 487 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Perstorp Holding AB (publ) 1,008 Sweden Europe
B- Outlook Negative Chemicals, packaging, and environmental services Pregis TopCo Corp. 848 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. 305 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. 5,032 U.K. Europe
B- Outlook Negative Chemicals, packaging, and environmental services Trident TPI Holdings Inc., 2,470 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 OCWEN Financial Corp. 550 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 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 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., 785 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 7,343 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. 676 Australia Asia/Pacific
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 11,645 U.S. U.S.
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 Homebuilders/real estate companies Xinjiang Guanghui Industry Investment (Group) Co. Ltd. Yes 59 China 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. 1,203 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 Century Casinos Inc., Yes 170 U.S. U.S.
B- Outlook Negative Media and entertainment Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. Yes 2,375 Spain Europe
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 Getty Images Inc. Abe Investment Holdings Inc., 1,888 U.S. U.S.
B- Outlook Negative Media and entertainment Global University Systems Holding BV Yes 1,219 Netherlands Europe
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 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. 2,626 U.S. U.S.
B- Outlook Negative Media and entertainment Peak Jersey Holdco Ltd. 935 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. 2,581 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 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 Arch Resources Inc., Yes 300 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 Associated Asphalt Partners LLC Road Holdings III, LLC Yes 350 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 5,450 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 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 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., 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 Guitar Center Inc. Guitar Center Holdings Inc. Yes 350 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 Dawn Acquisitions LLC Infra Colodata Holdings LLC 550 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 Promontoria Holding 264 B.V. 926 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. 816 Greece Europe
B- Outlook Negative Utilities Ukrainian Railways JSC 500 Ukraine Eastern Europe/Middle East/Africa
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 Retail/restaurants Red Lobster Intermediate Holdings LLC 380 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. 9,456 Canada Canada
CCC+ Outlook Negative Aerospace and defense Forming Machining Industries Holdings, LLC 320 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense Jazz Acquisition Inc. Wencor Group LLC 610 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 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., 1,328 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 Mangrove Luxco III Sarl Yes 751 Luxembourg Europe
CCC+ Outlook Negative Capital goods Neenah Enterprises Inc., 120 U.S. U.S.
CCC+ Outlook Negative Capital goods Praesidiad Group Ltd. 383 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 Consumer products ABB/Con-Cise Optical Group LLC 578 U.S. U.S.
CCC+ Outlook Negative Consumer products Acropole Holding 591 France Europe
CCC+ Outlook Negative Consumer products Alert 360 Opco Inc., 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 Inc. 165 U.S. U.S.
CCC+ Outlook Negative Consumer products CatLuxe Sarl CatLuxe Acquistion Sarl 262 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 Haya Real Estate S.A.U Yes 579 Spain Europe
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 SIRVA Inc. Yes 850 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 219 Sweden Europe
CCC+ Outlook Negative Consumer products Varsity Brands Holding Co. Inc. 3,000 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Anchor Glass Container Corp. 857 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. 2,853 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 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 Financial institutions Amigo Loans Ltd. Yes 391 U.K. Europe
CCC+ Outlook Negative Financial institutions Muganbank OJSC - Azerbaijan Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Financial institutions Mulhacen Pte. Ltd. 628 Singapore Asia/Pacific
CCC+ Outlook Negative Financial institutions Populus Financial Group Inc. 350 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. 117 Canada Canada
CCC+ Outlook Negative Forest products and building materials Pro.Gest SpA 609 Italy Europe
CCC+ Outlook Negative Forest products and building materials PT Sawit Sumbermas Sarana Tbk - Indonesia Asia/Pacific
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 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. 36,859 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 Transact Holdings Inc., 260 U.S. U.S.
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. 847 U.K. Europe
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 eDreams ODIGEO S.A. 731 Luxembourg Europe
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. 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. 2,943 U.K. Europe
CCC+ Outlook Negative Media and entertainment Hurtigruten Group AS Silk Holdings Sarl 1,267 Norway Europe
CCC+ Outlook Negative Media and entertainment International Park Holdings B.V. 816 Spain Europe
CCC+ Outlook Negative Media and entertainment iQor Holdings Inc. Yes 395 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Joye Media SLU 1,121 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 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. 1,170 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Odyssey Europe Holdco S.a r.l. 244 Luxembourg Europe
CCC+ Outlook Negative Media and entertainment Piolin Bidco S.A.U. 1,182 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. 1,829 U.K. Europe
CCC+ Outlook Negative Media and entertainment Screenvision, LLC 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 Spectacle Bidco Holdings Inc. Yes 616 Canada Canada
CCC+ Outlook Negative Media and entertainment Thame and London Ltd. Yes 1,477 U.K. Europe
CCC+ Outlook Negative Media and entertainment Tribe Buyer LLC 400 U.S. U.S.
CCC+ Outlook Negative Media and entertainment TUI AG 366 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 861 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 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 NGL Energy Partners LP Yes 4,100 U.S. U.S.
CCC+ Outlook Negative Midstream Woodford Express, LLC 364 U.S. U.S.
CCC+ Outlook Negative Oil and gas BlackBrush Oil & Gas, L.P. Yes 75 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. 233 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 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 Nabors Industries Ltd. Yes 5,101 Bermuda 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 Shelf Drilling Holdings Ltd. Yes 1,125 Cayman Islands U.S.
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 Beverages & More Inc., 190 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants California Pizza Kitchen Inc., Yes 177 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. 197 Netherlands Europe
CCC+ Outlook Negative Retail/restaurants Kirk Beauty One GmbH 2,809 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 1,280 Spain Europe
CCC+ Outlook Negative Retail/restaurants PHD Group Holdings LLC 487 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Punch Taverns Ltd. 699 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 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 Transportation URS Holdco Inc., Yes 747 U.S. U.S.
CCC+ Outlook Negative Utilities CAPEX S.A. 300 Argentina Latin America
CCC+ Outlook Negative Utilities ESKOM Holdings SOC Ltd. 6,424 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 Telecommunications GTT Communications Inc., 3,514 U.S. U.S.
CCC CreditWatch Negative Transportation Avation PLC - U.K. Europe
CCC CreditWatch Negative Transportation gategroup Holding AG - Switzerland Europe
CCC Outlook Negative Automotive Aston Martin Holdings (UK) Ltd. 2,647 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. 851 U.K. Europe
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 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 Outerstuff LLC Yes 155 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 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 TPC Group Inc., TPC Group LLC 930 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services UFS Holdings Inc., 254 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. 847 U.K. Europe
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 AVSC Holding Corp. 2,506 U.S. U.S.
CCC Outlook Negative Media and entertainment Bioplan USA Inc., 1,040 U.S. U.S.
CCC Outlook Negative Media and entertainment Cineworld Group PLC 5,276 U.K. Europe
CCC Outlook Negative Media and entertainment Codere S.A. 1,116 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 Hornblower HoldCo, LLC 655 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. 305 U.K. 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 Media and entertainment Urban One Inc., Yes 1,047 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., 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. 155 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 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. 1,465 U.S. U.S.
CCC Outlook Negative Telecommunications Logix Intermediate Holding Corp. 250 U.S. U.S.
CCC Outlook Negative Transportation Voyager Aviation Holdings LLC Yes 1,000 U.S. U.S.
CCC- CreditWatch Negative Metals, mining, and steel Peabody Energy Corp. 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 2,955 Argentina Latin America
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. 617 U.K. Europe
CCC- Outlook Negative Consumer products Renfro Corp. 230 U.S. U.S.
CCC- Outlook Negative Consumer products Revlon Inc. Yes 2,750 U.S. U.S.
CCC- Outlook Negative Consumer products Takko Fashion S.a.r.l. 621 Luxembourg Europe
CCC- Outlook Negative Health care CDRH Parent Inc., Yes 1,590 U.S. U.S.
CCC- Outlook Negative Homebuilders/real estate companies Sunshine 100 China Holdings Ltd. - Cayman Islands U.S.
CCC- Outlook Negative Media and entertainment Exela Technologies Inc. 2,396 U.S. U.S.
CCC- Outlook Negative Metals, mining, and steel Mountain Province Diamonds Inc. 660 Canada Canada
CCC- Outlook Negative Oil and gas Basic Energy Services Inc. 300 U.S. U.S.
CCC- Outlook Negative Oil and gas Great Western Petroleum LLC 600 U.S. U.S.
CCC- Outlook Negative Oil and gas Transocean Ltd. Yes 9,734 Switzerland 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. 731 Spain Europe
CCC- Outlook Negative Retail/restaurants Foodco Bondco SAU 816 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. 57 Mexico 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 Outlook Negative High technology Riverbed Parent Inc., 2,150 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 AMC Entertainment Holdings Inc. 6,032 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 International S.A.S.U Europcar Mobility Group S.A. Yes - France Europe
CC Outlook Negative Media and entertainment Promotora de Informaciones S.A. - Spain Europe
CC Outlook Negative Oil and gas HGIM Corp. 350 U.S. U.S.
CC Outlook Negative Oil and gas HighPoint Resources Corp. 675 U.S. U.S.
CC Outlook Negative Oil and gas Vallourec 1,767 France Europe
CC Outlook Negative Utilities Ferrellgas L.P. Ferrellgas Partners L.P. 4,350 U.S. U.S.
Data as of Dec. 28, 2020. Source: S&P Global Ratings Research.

For additional information regarding weakest links, please see our most recent quarterly publication,

Default, Transition, and Recovery: Weakest Links Fall Amid Improved Funding Conditions," Dec. 17, 2020.

Related Research:

"Industry Top Trends 2021: Transportation", Dec. 10, 2020

"Industry Top Trends 2021: Telecommunications"

"Industry Top Trends 2021: Technology"

"Industry Top Trends 2021: Retail and Restaurants"

"Industry Top Trends 2021: Real Estate"

"Industry Top Trends 2021: Oil and Gas"

"Industry Top Trends 2021: Metals and Mining"

"Industry Top Trends 2021: Media and Entertainment"

"Industry Top Trends 2021: Hotels, Gaming, and Leisure"

"Industry Top Trends 2021: Homebuilders and Developers"

"Industry Top Trends 2021: Health Care"

"Industry Top Trends 2021: Consumer Products"

"Industry Top Trends 2021: Chemicals"

"Industry Top Trends 2021: Capital Goods"

"Industry Top Trends 2021: Building Materials"

"Industry Top Trends 2021: Autos"

"Industry Top Trends 2021: Aerospace and Defense"

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:Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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