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

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 was still elevated by historical standards. Default rates among weakest links are, on average, about 8x higher globally, thus we expect the high count of weakest links to lead to elevated defaults.

Chart 1

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By sector, there has been dramatic shift in credit ratings on weakest links over the past year, as more issuers in the consumer, media, entertainment, lodging, leisure, and retail sectors tackle revenue and earnings difficulties triggered by the pandemic and global recession. For consumer goods companies, in particular, the ability to facilitate e-commerce has become critical. The largest number of weakest links are in the discretionary consumer and retail sectors, where recovery could be prolonged if government mandates or fiscal stimulus measures taper off. Additionally, margins could come under pressure if consumers trade down to less expensive options and there are delays in vaccine availability (see "Industry Top Trends 2021 Consumer Products," Dec. 10, 2020).

Consumer product weakest links are down from a high of 82 in April but began increasing again over the past few months as many countries have instituted more restrictive social distancing measures in response to rising COVID-19 cases. The global 12-month-trailing speculative-grade consumer services default rate peaked in November at 9.5% but has decreased slightly to 9% as of Dec. 31. This is still well above the previous record of 7.8% set in 2009 during the great financial crisis (chart 2). The sector's speculative-grade negative bias (issuers with negative rating outlooks or ratings on CreditWatch negative) is above pre-pandemic levels across all regions and is the highest in the U.S. and Canada (chart 3). However, this reflects the larger proportion of discretionary product manufacturers in those regions rather than greater downgrade pressure. Negative rating actions in the sector will depend largely on broader economic conditions and individual companies' abilities to shift product offerings and align cost structures to the new normal.

Chart 2

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Chart 3

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Additional Exhibits

Chart 4

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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. 322 187 135 1,499 21.5 69.1 67.4
Europe 84 35 26 524 16.0 18.0 15.2
Canada 21 10 8 86 24.4 4.5 2.5
Latin America 19 14 16 128 14.8 4.1 9.6
Asia-Pacific 13 9 7 106 12.3 2.8 4.6
EEMEA 7 13 11 137 5.1 1.5 0.7
Data as of Jan. 31, 2021. EEMEA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Research.

Chart 5

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Chart 6

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Chart 7

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Chart 8

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Chart 9

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Table 2

Global Corporate Defaults Through Jan. 31, 2021
Company Country Industry Debt (Mil.$) Default date From To Weakest Link
HGIM Corp. U.S. Energy and Natural Resources 350 1/5/2021 CC SD Yes
Promotora de Informaciones S.A. Spain Leisure Time/Media 0 1/6/2021 CC SD Yes
Burger BossCo Intermediate Inc., U.S. Consumer/Service Sector 193 1/8/2021 CCC SD Yes
Riverbed Parent Inc., U.S. High Tech/Computers/Office Equipment 0 1/8/2021 CC SD Yes
AMC Entertainment Holdings Inc. U.S. Leisure Time/Media 4,576 1/21/2021 CC SD Yes
Imagine Group LLC (The) U.S. Leisure Time/Media 524 1/27/2021 CCC D Yes
Data as of Jan. 31, 2021. 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 25.01 5.29
U.S. 26.63 6.38
Europe 26.24 4.90
Emerging Markets 18.46 3.14
Other Developed 30.17 5.96
Data as of Dec. 31, 2020. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 4

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. 11 Negative B- Transportation
Intrado Corp. 58 Negative B- Telecommunications
Brand Industrial Services Inc., 62 Negative B- Capital goods
Wand NewCo 3 Inc., 76 Negative B- Automotive
Team Health Holdings Inc., 88 Negative B- Health care
Dynasty Acquisition Co. Inc., 97 Negative B- Aerospace and defense
Golden Nugget Inc. 98 Negative B- Retail/restaurants
Cineworld Group PLC 101 Negative CCC Media and entertainment
GTT Communications Inc., 113 Negative CCC Telecommunications
Finastra Ltd. 121 Negative CCC+ High technology
SeaWorld Parks & Entertainment Inc. 127 Negative B- Media and entertainment
Pugnacious Endeavors Inc. 135 Negative B- Media and entertainment
SK Blue Holdings, LP 136 Negative B- Chemicals, packaging, and environmental services
Oryx Midstream Holdings LLC 137 Negative B- Midstream
WestJet Airlines Ltd. 139 Negative B- Transportation
Solera Parent Holding, LLC 140 Negative B- High technology
Project Boost Purchaser LLC 141 Negative B- High technology
Toro Private Holdings I, Ltd. 208 Negative CCC+ Transportation
Syniverse Holdings Inc., 242 Negative CCC+ Telecommunications
KUEHG Corp. 250 Negative CCC+ Media and entertainment
Data as of Jan. 31, 2021. 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)
(%) December 31, 2020 November 30, 2020 6 months ago 12 months ago
Financial
Financial Institutions 1.03 0.00 0.00 3.03
Insurance 0.00 0.00 1.52 1.61
Non-Financial
Aerospace/automotive/capital goods/metal 3.47 3.47 3.49 1.16
Consumer/service sector 11.82 12.07 11.24 5.09
Energy and natural resources 18.75 17.09 13.73 8.13
Forest and building products/homebuilders 2.17 2.15 1.03 1.00
Health care/chemicals 4.19 3.72 4.13 2.33
High technology/computers/office equipment 1.13 1.11 1.59 2.73
Leisure time/media 6.45 6.42 5.96 1.77
Real estate 3.45 3.45 1.75 0.00
Telecommunications 4.48 4.48 5.97 4.41
Transportation 4.17 4.17 4.35 0.00
Utility 7.50 7.50 5.71 2.86
Data as of Dec. 31, 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 Placement Subsector Issuer Parent company New to the list this month Outlook/CreditWatch Change Debt (mil. US$) Country Region
B- CreditWatch Negative Capital goods Arvos LuxCo S.a.r.l. 591 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. 3,149 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 Spectacle Gary Holdings, LLC 370 U.S. U.S.
B- CreditWatch Negative Retail/restaurants Mabel Topco Ltd. The Restaurant Group PLC 309 U.K. Europe
B- CreditWatch Negative Transportation Transportes Aereos Portugueses, SGPS, S.A. 456 Portugal Europe
B- CreditWatch Negative Utilities Delhi International Airport Ltd. 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 1,276 Spain Europe
B- Outlook Negative Automotive Kongsberg Automotive ASA 334 Norway Europe
B- Outlook Negative Automotive Parts Holding Europe SAS Dakar Finance S.A. 1,765 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. 0 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. 0 U.K. Europe
B- Outlook Negative Capital goods Infrastructure and Energy Alternatives Inc., 0 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 413 Denmark Europe
B- Outlook Negative Capital goods QualTek USA, LLC 380 U.S. U.S.
B- Outlook Negative Capital goods Rubix Group Holdings Ltd. 2,077 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. 0 U.S. U.S.
B- Outlook Negative Capital goods TNT Crane & Rigging LLC 325 U.S. U.S.
B- Outlook Negative Capital goods USIC Holdings Inc. 1,892 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services ASP Chromaflo Holdings LP 960 Cayman Islands U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Ball Metalpack Finco LLC 540 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Cornerstone Chemical Co. 450 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services EnergySolutions Inc. 650 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Fort Dearborn Holding Co. Inc. 625 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Hexion Inc. 1,691 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Kronos Worldwide Inc. 486 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Perstorp Holding AB (publ) 1,006 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. 304 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 Trident TPI Holdings Inc., 2,468 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 504 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. 4,954 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 243 France Europe
B- Outlook Negative Consumer products Kiwi VFS SUB I S.ar.l 1,818 Luxembourg Europe
B- Outlook Negative Consumer products KLDiscovery Inc. 680 U.S. U.S.
B- Outlook Negative Consumer products Knowlton Development HoldCo Inc., Yes 3,221 Canada Canada
B- Outlook Negative Consumer products Livingston International Inc. 344 Canada Canada
B- Outlook Negative Consumer products LSF9 Balta Issuer S.A. 451 Belgium Europe
B- Outlook Negative Consumer products Marcolin SpA 304 Italy Europe
B- Outlook Negative Consumer products Oak Holdings, LLC 389 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 Vincent Topco BV (NL) Yes 522 Netherlands Europe
B- Outlook Negative Financial institutions Altisource Portfolio Solutions S.A. 412 Luxembourg Europe
B- Outlook Negative Financial institutions Asset Finance Ltd. 0 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 0 Uzbekistan Eastern Europe/Middle East/Africa
B- Outlook Negative Financial institutions World Acceptance Corp. 0 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 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. 0 Ireland Europe
B- Outlook Negative High technology Idemia France SAS 7,327 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. 678 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 11,638 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 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. 0 Kuwait Eastern Europe/Middle East/Africa
B- Outlook Negative Media and entertainment ABC Financial Intermediate, LLC 0 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. 1,199 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., 170 U.S. U.S.
B- Outlook Negative Media and entertainment Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. 2,369 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., 1,887 U.S. U.S.
B- Outlook Negative Media and entertainment Global University Systems Holding BV 1,215 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. 2,622 U.S. U.S.
B- Outlook Negative Media and entertainment Peak Jersey Holdco Ltd. 937 Jersey Europe
B- Outlook Negative Media and entertainment PlayPower Holdings Inc. 400 U.S. U.S.
B- Outlook Negative Media and entertainment POWDR Corp. Yes 300 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. 2,580 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 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 Xenia Hotels & Resorts Inc., 450 U.S. U.S.
B- Outlook Negative Metals, mining, and steel Arch Resources Inc., 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 Ferrexpo PLC 0 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 WireCo WorldGroup Inc. 595 U.S. U.S.
B- Outlook Negative Midstream Associated Asphalt Partners LLC Road Holdings III, LLC 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 6,850 U.S. U.S.
B- Outlook Negative Midstream EagleClaw Midstream Ventures, LLC BCP Raptor HoldCo 0 U.S. U.S.
B- Outlook Negative Midstream Epic Crude Services, 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 0 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. 0 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 BURGER KING France SAS NewCo GB SAS Yes 686 France Europe
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. 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. 770 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. 923 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. 814 Greece Europe
B- Outlook Negative Utilities Ukrainian Railways JSC 500 Ukraine Eastern Europe/Middle East/Africa
CCC+ CreditWatch Negative Consumer products PetroChoice Holdings Inc., Yes 435 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 0 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 Automotive SK HoldCo LLC Yes 1,525 U.S. U.S.
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., 1,327 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., 1,195 U.S. U.S.
CCC+ Outlook Negative Capital goods Jason Holdings Inc. 0 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 749 Luxembourg Europe
CCC+ Outlook Negative Capital goods Neenah Enterprises Inc., 120 U.S. U.S.
CCC+ Outlook Negative Capital goods Praesidiad Group Ltd. 382 U.K. Europe
CCC+ Outlook Negative Capital goods Range Parent Inc. 620 U.S. U.S.
CCC+ Outlook Negative Capital goods Shape Technologies Group Inc., 350 U.S. U.S.
CCC+ Outlook Negative Capital goods Titan International Inc. 400 U.S. U.S.
CCC+ Outlook Negative Capital goods Yak Access, LLC 860 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Anchor Glass Container Corp. 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. 2,847 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 Consumer products ABB/Con-Cise Optical Group LLC 578 U.S. U.S.
CCC+ Outlook Negative Consumer products Acropole Holding 589 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 261 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 577 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 New TMW LLC Yes 440 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. 850 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 Financial institutions Amigo Loans Ltd. 396 U.K. Europe
CCC+ Outlook Negative Financial institutions Muganbank OJSC 0 Azerbaijan Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Financial institutions Mulhacen Pte. Ltd. 626 Singapore Asia-Pacific
CCC+ Outlook Negative Financial institutions Turkiston Bank 0 Uzbekistan Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Forest products and building materials Apex Tool Group, LLC 1,524 U.S. U.S.
CCC+ Outlook Negative Forest products and building materials Distribution International Inc. DI Purchaser Inc., 0 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 607 Italy Europe
CCC+ Outlook Negative Forest products and building materials PT Sawit Sumbermas Sarana Tbk 0 Indonesia Asia-Pacific
CCC+ Outlook Negative Health care Affordable Care Holding Corp. 516 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 Vyaire Medical Inc., 360 U.S. U.S.
CCC+ Outlook Negative High technology Eastman Kodak Co. 0 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. 36,834 Cayman Islands U.S.
CCC+ Outlook Negative High technology Natel Engineering Co. Inc., Natel Engineering Holdings Inc., 325 U.S. U.S.
CCC+ Outlook Negative High technology Riverbed Parent Inc., 1,672 U.S. U.S.
CCC+ Outlook Negative High technology Transact Holdings Inc., 260 U.S. U.S.
CCC+ Outlook Negative Homebuilders/real estate companies IRSA Propiedades Comerciales S.A. Cresud S.A.C.I.F. y A. Yes 360 Argentina Latin America
CCC+ Outlook Negative Media and entertainment Aimbridge Acquisition Co. Inc. 995 U.S. U.S.
CCC+ Outlook Negative Media and entertainment 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. 853 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 Diamond Sports Holdings LLC Sinclair Broadcast Group Inc. Yes 8,206 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. 729 Luxembourg Europe
CCC+ Outlook Negative Media and entertainment Endeavor Operating Co., LLC 13,963 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. 344 Korea, Republic of Asia-Pacific
CCC+ Outlook Negative Media and entertainment HNVR Midco Ltd. 2,934 U.K. Europe
CCC+ Outlook Negative Media and entertainment Hurtigruten Group AS Silk Holdings Sarl 1,263 Norway Europe
CCC+ Outlook Negative Media and entertainment International Park Holdings B.V. 814 Spain Europe
CCC+ Outlook Negative Media and entertainment iQor Holdings Inc. 395 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Joye Media SLU 1,118 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., 4,217 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 National CineMedia Inc. 1,170 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Odyssey Europe Holdco S.a r.l. 243 Luxembourg Europe
CCC+ Outlook Negative Media and entertainment Piolin Bidco S.A.U. 1,178 Spain Europe
CCC+ Outlook Negative Media and entertainment Playa Hotels & Resorts N.V. 1,010 Netherlands Europe
CCC+ Outlook Negative Media and entertainment Promotora de Informaciones S.A. 0 Spain 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. 1,854 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. 1,232 Canada Canada
CCC+ Outlook Negative Media and entertainment Thame and London Ltd. 1,497 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 364 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. 2,955 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Viking Cruises Ltd. Viking Holdings Ltd 3,225 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Vue International Bidco plc 859 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 Summit Midstream Partners, LP Yes 1,900 U.S. U.S.
CCC+ Outlook Negative Oil and gas BlackBrush Oil & Gas, L.P. 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. 235 Canada Canada
CCC+ Outlook Negative Oil and gas Ensign Drilling Inc. Ensign Energy Services Inc. 700 Canada Canada
CCC+ Outlook Negative Oil and gas Forum Energy Technologies Inc., 728 U.S. U.S.
CCC+ Outlook Negative Oil and gas HGIM Corp. 350 U.S. U.S.
CCC+ Outlook Negative Oil and gas Moss Creek Resources Holdings Inc., 1,200 U.S. U.S.
CCC+ Outlook Negative Oil and gas Nabors Industries Ltd. 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. 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 Vine Oil & Gas LP 1,760 U.S. U.S.
CCC+ Outlook Negative Oil and gas W&T Offshore Inc. 625 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants California Pizza Kitchen Inc., 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 Hema B.V. AMEH XXVI B.V. 197 Netherlands Europe
CCC+ Outlook Negative Retail/restaurants Kirk Beauty One GmbH 2,800 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 1,276 Spain Europe
CCC+ Outlook Negative Retail/restaurants PHD Group Holdings LLC 487 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Punch Taverns Ltd. 708 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. 0 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., 747 U.S. U.S.
CCC+ Outlook Negative Utilities CAPEX S.A. 300 Argentina Latin America
CCC+ Outlook Negative Utilities ESKOM Holdings SOC Ltd. 6,397 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 Transportation gategroup Holding AG 0 Switzerland Europe
CCC Outlook Negative Automotive Aston Martin Holdings (UK) Ltd. 2,652 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. 858 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 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 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 0 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., 0 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 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. 0 U.S. U.S.
CCC Outlook Negative Consumer products TMK Hawk Parent, Corp. 1,248 U.S. U.S.
CCC Outlook Negative Consumer products Winebow Group, LLC 360 U.S. U.S.
CCC Outlook Negative Financial institutions CCF Holdings LLC 317 U.S. U.S.
CCC Outlook Negative Forest products and building materials InterCement Brasil S.A. InterCement Participacoes S.A. 0 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. 858 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 5,274 U.K. Europe
CCC Outlook Negative Media and entertainment Codere S.A. 1,314 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 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. 309 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 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. 157 Canada Canada
CCC Outlook Negative Oil and gas Weatherford International plc 2,990 Ireland Europe
CCC Outlook Negative Retail/restaurants Burger BossCo Intermediate Inc., 193 U.S. U.S.
CCC Outlook Negative Retail/restaurants CEC Entertainment, LLC Yes 375 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 GTT Communications Inc., Yes 3,786 U.S. U.S.
CCC Outlook Negative Telecommunications IPC Corp. 1,466 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 1,000 U.S. U.S.
CCC- CreditWatch Negative Metals, mining, and steel Peabody Energy Corp. 2,318 U.S. U.S.
CCC- CreditWatch Negative Oil and gas Petroquimica Comodoro Rivadavia S.A. 0 Argentina Latin America
CCC- CreditWatch Negative Transportation Avation PLC 0 U.K. Europe
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. 0 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. 625 U.K. Europe
CCC- Outlook Negative Consumer products Renfro Corp. 230 U.S. U.S.
CCC- Outlook Negative Consumer products Revlon Inc. 2,750 U.S. U.S.
CCC- Outlook Negative Consumer products Takko Fashion S.a.r.l. 620 Luxembourg Europe
CCC- Outlook Negative Consumer products The Talbots Inc. 410 U.S. U.S.
CCC- Outlook Negative Health care CDRH Parent Inc., 1,590 U.S. U.S.
CCC- Outlook Negative Homebuilders/real estate companies Sunshine 100 China Holdings Ltd. 0 Cayman Islands U.S.
CCC- Outlook Negative Media and entertainment AMC Entertainment Holdings Inc. 6,042 U.S. 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. 9,734 Switzerland Europe
CCC- Outlook Negative Retail/restaurants Distribuidora Internacional de Alimentacion S.A. 729 Spain Europe
CCC- Outlook Negative Retail/restaurants Foodco Bondco SAU 814 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 0 Brazil Latin America
CC Outlook Negative Homebuilders/real estate companies Washington Prime Group Inc. 1,643 U.S. U.S.
CC Outlook Negative Media and entertainment Buena Vista Gaming Authority 205 U.S. U.S.
CC Outlook Negative Media and entertainment Europcar International S.A.S.U Europcar Mobility Group S.A. 0 France Europe
CC Outlook Negative Oil and gas HighPoint Resources Corp. 675 U.S. U.S.
CC Outlook Negative Oil and gas ION Geophysical Corp. 121 U.S. U.S.
CC Outlook Negative Oil and gas Vallourec 1,761 France Europe
CC Outlook Negative Oil and gas YPF S.A Yes 2,953 Argentina Latin America
CC Outlook Negative Retail/restaurants Belk Inc., 1,058 U.S. U.S.
CC Outlook Negative Utilities Ferrellgas L.P. Ferrellgas Partners L.P. 4,350 U.S. U.S.
Data as of Jan. 31, 2021. Source: S&P Global Ratings Research.

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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