articles Ratings /ratings/en/research/articles/210602-default-transition-and-recovery-the-weakest-links-tally-nears-pre-pandemic-levels-11982067 content esgSubNav
In This List
COMMENTS

Default, Transition, and Recovery: The Weakest Links Tally Nears Pre-Pandemic Levels

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of July 14, 2021

COMMENTS

Default, Transition, and Recovery: Four Defaults Push The 2021 Global Corporate Tally To 52

COMMENTS

Credit Trends: Recovery In Oil And Gas Brings The U.S. Distress Ratio Down To 2.3%

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of July 7, 2021


Default, Transition, and Recovery: The Weakest Links Tally Nears Pre-Pandemic Levels

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 to 353 as of April 30, 2021, as it nears pre-pandemic levels of 282, as of Dec. 31, 2019. Accommodative financing and an economic recovery contributed to an increase in positive rating actions in April, especially for speculative-grade issuers. So far in 2021, the number of speculative-grade upgrades has been more than a third higher than the number of downgrades (see chart 1) as sectors begin to recover from 2020 downward pressure. However, the number of upgrades so far in 2021 is only a small fraction of the total number of downgrades in 2020. Credit ratings overall are structurally lower than pre-pandemic ratings, reflecting relatively higher debt burdens.

Chart 1

image

The oil and gas sector, which has historically held a large percentage of weakest links, had the greatest decline in weakest links since our last report, decreasing by nearly one-third (see chart 2). Oil and gas issuers faced immense pressures from the pandemic-driven recession, however, those issuers are beginning to have positive rating changes owing to oil prices stabilizing. Among the non-financial sectors, oil and gas have the highest year-over-year decrease in weakest link issuers, declining from 19 issuers as of April 2021, from 63 one year ago. Much of the decrease can be attributed to a steady decline in negative bias as the sector had an uptick in issuers rating outlooks moving from negative to stable (see chart 3).

Chart 2

image

Chart 3

image

Chart 4

image

Additional Exhibits

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. 235 195 139 1548 15.2% 66.6% 70.6%
Europe 71 38 28 533 13.3% 20.1% 16.6%
Canada 16 10 8 84 19.0% 4.5% 4.5%
Latin America 14 14 16 114 12.3% 4.0% 5.4%
Asia/Pacific 12 9 7 95 12.6% 3.4% 2.6%
EEMEA 5 12 11 114 4.4% 1.4% 0.3%
Data as of April 30, 2021. Source: S&P Global Ratings Research. EEMEA--Eastern Europe/Middle East/Africa

Chart 5

image

Chart 6

image

Chart 7

image

Chart 8

image

Table 2

Global Corporate Defaults (Through April 30, 2021): Almost One- Third Issuers Are From Energy And Natural Resources Sector
Company Country Industry Debt (Mil. $) Default date From To Weakest Link
HGIM Corp. U.S. Energy and natural resources $350.00 1/5/2021 CC SD Yes
Promotora de Informaciones S.A. Spain Leisure time/media $0.00 1/6/2021 CC SD Yes
Burger BossCo Intermediate Inc., U.S. Consumer/service sector $217.50 1/8/2021 CCC SD Yes
Riverbed Parent Inc., U.S. High tech/computers/office equipment $1,672.00 1/8/2021 CC SD Yes
AMC Entertainment Holdings Inc. U.S. Leisure time/media $6,741.01 1/21/2021 CC SD Yes
Awesome Acquisition Co. L.P. U.S. Consumer/service sector $0.00 1/25/2021 NR D No
Alpha Media LLC U.S. Leisure Time/Media $0.00 1/25/2021 NR D No
Imagine Group LLC (The) U.S. Leisure Time/Media $554.00 1/27/2021 CCC D Yes
Belk Inc., U.S. Consumer/Service Sector $1,057.60 2/2/2021 CC D Yes
Peabody Energy Corp. U.S. Energy and Natural Resources $2,858.00 2/3/2021 CC SD Yes
Vallourec France Energy and Natural Resources $1,758.14 2/11/2021 CC SD Yes
Renfro Corp. U.S. Consumer/Service Sector $240.10 2/19/2021 CCC- SD Yes
CatLuxe Sarl (CatLuxe Acquistion Sarl) Luxembourg Consumer/Service Sector $315.92 2/22/2021 CCC+ SD Yes
Form Technologies LLC U.S. Aerospace/Automotive/Capital Goods/Metal $2,118.00 2/22/2021 CC SD Yes
YPF S.A Argentina Energy and Natural Resources $2,900.00 2/26/2021 CC SD Yes
Sunshine 100 China Holdings Ltd. Cayman Islands Real Estate $0.00 3/2/2021 CCC- SD Yes
Ensign Drilling Inc. (Ensign Energy Services Inc.) Canada Energy and Natural Resources $700.00 3/16/2021 CCC+ SD Yes
HighPoint Resources Corp. U.S. Energy and Natural Resources $0.00 3/16/2021 CC D Yes
Washington Prime Group Inc. U.S. Real Estate $2,090.00 3/17/2021 CC D Yes
Al Mistral Holdco Ltd. U.K. Transportation $687.50 3/23/2021 CCC+ SD No
Avation PLC U.K. Transportation $0.00 3/26/2021 CC SD Yes
YPF Energia Electrica S.A. (YPF S.A) Argentina Energy and Natural Resources $400.00 4/13/2021 CCC- SD Yes
ION Geophysical Corp. U.S. Energy and Natural Resources $121.00 4/14/2021 CC SD Yes
Summit Midstream Partners, LP U.S. Energy and Natural Resources $1,600.00 4/15/2021 CC SD Yes
Basic Energy Services Inc. U.S. Energy and Natural Resources $300.00 4/16/2021 CCC- D Yes
Medical Depot Holdings Inc., U.S. Health Care/Chemicals $457.00 4/19/2021 CCC+ SD Yes
Serta Simmons Bedding LLC U.S. Consumer/Service Sector $8,851.00 4/19/2021 CC SD Yes
Isagenix Worldwide Inc., U.S. Consumer/Service Sector $0.00 4/23/2021 CCC SD Yes
Maxcom Telecomunicaciones, S.A.B. de C.V. Mexico Telecommunications $57.00 4/27/2021 CCC- D Yes
Future Retail Ltd. India Consumer/Service Sector $500.00 4/28/2021 CCC- SD No
Codere S.A. Spain Leisure Time/Media $905.00 4/30/2021 CC SD Yes
Excludes confidential entities. Data as of April 30, 2021. Source: S&P Global Market Intelligence’s CreditPro®.

Table 3

12-month Default Rates By Region
Region Weakest links default rate All SG default rate
Global 25.06% 4.55%
U.S. 26.67% 5.17%
Europe 26.28% 5.65%
Emerging markets 18.59% 2.46%
Other developed 30.01% 3.50%
Data as of March 31, 2021. Source: 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 With Media And Entertainment Having The Most With Three Issuers
Organization Rank in U.S. CLO transactions Outlook/CreditWatch Applied rating Sector/subsector
American Airlines Group Inc. 10 Negative B- Transportation
Intrado Corp. 76 Negative B- Telecommunications
Team Health Holdings Inc., 86 Negative B- Health care
Brand Industrial Services Inc., 95 Negative B- Capital goods
Dynasty Acquisition Co. Inc., 99 Negative B- Aerospace and defense
GTT Communications Inc., 119 Negative CCC- Telecommunications
Cineworld Group PLC 121 Negative CCC Media and entertainment
Pugnacious Endeavors Inc. 122 Negative B- Media and entertainment
SeaWorld Parks & Entertainment Inc. 138 Negative B- Media and entertainment
Project Boost Purchaser LLC 141 Negative B- High technology
Finastra Ltd. 147 Negative CCC+ High technology
WestJet Airlines Ltd. 160 Negative B- Transportation
Knowlton Development HoldCo Inc., 246 Negative B- Consumer products
CLO--Collateralized loan obligation. Data as of April 30, 2021. Source: S&P Global Ratings Research.

Table 5

Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only*)
(%) Mar. 31, 2021 Feb. 28, 2021 6 months ago 12 months ago
Financial
Financial Institutions 1.05 1.05 0.00 3.16
Insurance 0.00 0.00 1.61 1.59
Non-Financial
Aerospace/automotive/capital goods/metal 3.31 3.41 3.83 1.96
Consumer/service sector 10.47 10.47 12.18 5.60
Energy and natural resources 20.97 21.79 14.14 7.32
Forest and building products/homebuilders 2.08 2.13 3.13 1.02
Health care/chemicals 3.74 3.77 4.17 2.38
High technology/computers/office equipment 1.12 1.68 1.09 2.66
Leisure time/media 6.51 6.07 6.91 1.82
Real estate 3.70 3.57 1.75 1.82
Telecommunications 1.49 4.35 5.97 6.06
Transportation 2.08 2.13 4.26 2.00
Utility 5.41 5.41 5.56 2.86
U.S. default rate includes issuers incorporated in U.S. tax havens--e.g., Bermuda and the Cayman Islands. Data as of March 31, 2021. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 6

Issuers Rated 'B-' Or Lower With Negative Outlooks Or On CreditWatch With Negative Implications
Rating Outlook/CreditWatch Subsector Issuer Parent company New to the list this month Outlook/CreditWatch change Debt (mil. US$) Country Region
B- CreditWatch Negative 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 313 U.K.. Europe
B- CreditWatch Negative Transportation Transportes Aereos Portugueses, SGPS, S.A. 453 Portugal Europe
B- Outlook Negative Aerospace and defense API Holdings III Corp. Yes 245 U.S. U.S.
B- Outlook Negative Aerospace and defense Dynasty Acquisition Co. Inc., 2,340 U.S. U.S.
B- Outlook Negative Aerospace and defense F-Brasile S.p.A 1,010 Italy Europe
B- Outlook Negative Aerospace and defense 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 1,270 Spain Europe
B- Outlook Negative Automotive Kongsberg Automotive ASA 333 Norway Europe
B- Outlook Negative Automotive Parts Holding Europe SAS Dakar Finance S.A. 1,757 France Europe
B- Outlook Negative Automotive TPro Acquisition Corp. 300 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., 2,194 Cayman Islands U.S.
B- Outlook Negative Capital goods Infrastructure and Energy Alternatives Inc., 0 U.S. U.S.
B- Outlook Negative Capital goods JSG I Inc. 460 U.S. U.S.
B- Outlook Negative Capital goods LJ Ruby Holdings, LLC 435 U.S. U.S.
B- Outlook Negative Capital goods Norican Global A/S 411 Denmark Europe
B- Outlook Negative Capital goods QualTek LLC 380 U.S. U.S.
B- Outlook Negative Capital goods Rubix Group Holdings Ltd. 2,068 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 Chemicals, packaging, and environmental services Ball Metalpack Finco LLC 540 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. 715 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Perstorp Holding AB (publ) 1,003 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 Schoeller Packaging B.V. 302 Netherlands Europe
B- Outlook Negative Chemicals, packaging, and environmental services Trident TPI Holdings Inc., 2,465 U.S. U.S.
B- Outlook Negative Consumer products 361 Degrees International Ltd. 400 Cayman Islands U.S.
B- Outlook Negative Consumer products Calceus Acquisition Inc., 290 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 Coty Inc. 5,845 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 242 France Europe
B- Outlook Negative Consumer products Isagenix Worldwide Inc., 0 U.S. U.S.
B- Outlook Negative Consumer products Kiwi VFS SUB I S.ar.l 2,008 Luxembourg Europe
B- Outlook Negative Consumer products Knowlton Development HoldCo Inc., 3,214 Canada Canada
B- Outlook Negative Consumer products Marcolin SpA 302 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 Topgolf International Inc., Callaway Golf Co. Yes 350 U.S. U.S.
B- Outlook Negative Consumer products Vincent Topco BV (NL) 520 Netherlands Europe
B- Outlook Negative Financial institutions Avison Young (Canada) Inc. 325 Canada Canada
B- Outlook Negative Financial institutions Ravnaq-bank Private Open Joint-Stock Commercial Bank 0 Uzbekistan Eastern Europe/Middle East/Africa
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 Arbor Pharmaceuticals Inc. 500 U.S. U.S.
B- Outlook Negative Health care Dentalcorp Health Services ULC 1,302 Canada Canada
B- Outlook Negative Health care Greenway Health, LLC 530 U.S. U.S.
B- Outlook Negative Health care Lannett Co. Inc., 1,135 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 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 MYOB Invest Co Pty Ltd. 680 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 QBS Parent Inc., Project Quarterback Parent, LLC 420 U.S. U.S.
B- Outlook Negative Homebuilders/real estate companies PT Lippo Karawaci Tbk. 1,160 Indonesia Asia/Pacific
B- Outlook Negative Insurance Genworth Financial Inc. 2,753 U.S. U.S.
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 ASM Global Parent Inc., 1,210 U.S. U.S.
B- Outlook Negative Media and entertainment Awaze Ltd. 1,193 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. 5,414 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. 2,361 Spain Europe
B- Outlook Negative Media and entertainment ConvergeOne Holdings Inc. 1,235 U.S. U.S.
B- Outlook Negative Media and entertainment EagleView Technology Corp. 800 U.S. U.S.
B- Outlook Negative Media and entertainment Global University Systems Holding BV 1,209 Netherlands Europe
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. 2,618 U.S. U.S.
B- Outlook Negative Media and entertainment Peak Jersey Holdco Ltd. 939 Jersey Europe
B- Outlook Negative Media and entertainment PlayPower Holdings Inc. 400 U.S. U.S.
B- Outlook Negative Media and entertainment POWDR Corp. 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. 2,577 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., 3,800 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 CONSOL Energy Inc. 675 U.S. U.S.
B- Outlook Negative Metals, mining, and steel Coronado Global Resources Inc. 0 Australia Asia/Pacific
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 Petra Diamonds Ltd. Yes 0 Bermuda 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 Martin Midstream Partners L.P. 691 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 DTEK Renewables B.V. 0 Netherlands Europe
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 683 France Europe
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 Guitar Center Inc. Guitar Center Holdings Inc. 350 U.S. U.S.
B- Outlook Negative Retail/restaurants Kirk Beauty One GmbH Yes 3,313 Germany Europe
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 HC2 Holdings Inc. 300 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. 919 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 Utilities Calumet Specialty Products Partners LP 2,850 U.S. U.S.
CCC+ CreditWatch Negative Consumer products MVK Intermediate Holdings, LLC 335 U.S. U.S.
CCC+ CreditWatch Negative Consumer products PetroChoice Holdings Inc., 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 Transportation Navios Maritime Holdings Inc. 2,995 Marshall Islands Asia/Pacific
CCC+ Outlook Negative Aerospace and defense Bombardier Inc. 9,469 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 PT Gajah Tunggal Tbk. 250 Indonesia Asia/Pacific
CCC+ Outlook Negative Automotive SK HoldCo LLC 1,525 U.S. U.S.
CCC+ Outlook Negative Capital goods Ahern Rentals Inc. 550 U.S. U.S.
CCC+ Outlook Negative Capital goods ASP Unifrax Holdings Inc., 1,325 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 745 Luxembourg Europe
CCC+ Outlook Negative Capital goods Neenah Enterprises Inc., 120 U.S. U.S.
CCC+ Outlook Negative Capital goods Praesidiad Group Ltd. 381 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 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 Cornerstone Chemical Co. 450 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 Consumer products ABB/Con-Cise Optical Group LLC 578 U.S. U.S.
CCC+ Outlook Negative Consumer products Acropole Holding 586 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 Brill Bakery Solutions LLC 210 U.S. U.S.
CCC+ Outlook Negative Consumer products Brown Jordan Inc. 165 U.S. U.S.
CCC+ Outlook Negative Consumer products CB Poly Investments, LLC 1,658 U.S. U.S.
CCC+ Outlook Negative Consumer products Haya Real Estate S.A.U 574 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 465 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 SIRVA Inc. 850 U.S. U.S.
CCC+ Outlook Negative Consumer products Transcom TopCo AB 218 Sweden Europe
CCC+ Outlook Negative Consumer products Varsity Brands Holding Co. Inc. 3,000 U.S. U.S.
CCC+ Outlook Negative Financial institutions Altisource Portfolio Solutions S.A. 412 Luxembourg Europe
CCC+ Outlook Negative Financial institutions Amigo Loans Ltd. 401 U.K.. Europe
CCC+ Outlook Negative Financial institutions Mulhacen Pte. Ltd. 623 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. 121 Canada Canada
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., 579 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 Electronics for Imaging Inc., 1,100 U.S. U.S.
CCC+ Outlook Negative High technology Finastra Ltd. 36,798 Cayman Islands U.S.
CCC+ Outlook Negative High technology Mitel Networks (International) Ltd. 1,380 U.K.. Europe
CCC+ Outlook Negative High technology Natel Engineering Co., LLC 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. 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 Bioplan USA Inc., 1,040 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 Casper MidCo SAS 1,173 France Europe
CCC+ Outlook Negative Media and entertainment ClubCorp Holdings Inc., 1,600 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Comet Bidco Ltd. 858 U.K.. Europe
CCC+ Outlook Negative Media and entertainment Diamond Sports Holdings LLC Sinclair Broadcast Group Inc. 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. 726 Luxembourg Europe
CCC+ Outlook Negative Media and entertainment Europcar Mobility Group S.A. Yes 605 France Europe
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. 2,920 U.K.. Europe
CCC+ Outlook Negative Media and entertainment Hurtigruten Group AS Silk Holdings Sarl 1,258 Norway Europe
CCC+ Outlook Negative Media and entertainment International Park Holdings B.V. 810 Spain Europe
CCC+ Outlook Negative Media and entertainment iQor Holdings Inc. 395 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., 2,250 U.S. U.S.
CCC+ Outlook Negative Media and entertainment National CineMedia Inc. 1,220 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Odyssey Europe Holdco S.a r.l. 242 Luxembourg Europe
CCC+ Outlook Negative Media and entertainment Piolin Bidco S.A.U. 1,173 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. 1,877 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 Spectacle Bidco Holdings Inc. 1,232 Canada Canada
CCC+ Outlook Negative Media and entertainment Thame and London Ltd. 1,516 U.K.. Europe
CCC+ Outlook Negative Media and entertainment Tribe Buyer LLC 400 U.S. U.S.
CCC+ Outlook Negative Media and entertainment United PF Holdings, LLC 706 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Vericast Corp. 2,905 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 857 U.K.. Europe
CCC+ Outlook Negative Media and entertainment WeWork Companies LLC 702 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Alpha Metallurgical Resources 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 Peabody Energy Corp. 2,318 U.S. U.S.
CCC+ Outlook Negative Midstream Altera Infrastructure L.P. Brookfield Asset Management Inc. 1,000 Marshall Islands Asia/Pacific
CCC+ Outlook Negative Midstream Epic Crude Services, LP 1,175 U.S. U.S.
CCC+ Outlook Negative Midstream Epic Y Grade Services, LP 950 U.S. U.S.
CCC+ Outlook Negative Midstream Gulf Finance, LLC 1,150 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 Callon Petroleum Co. 1,900 U.S. U.S.
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 Nabors Industries Ltd. 5,101 Bermuda U.S.
CCC+ Outlook Negative Oil and gas Petroquimica Comodoro Rivadavia S.A. 0 Argentina Latin America
CCC+ Outlook Negative Oil and gas PGS ASA 0 Norway Europe
CCC+ Outlook Negative Oil and gas Shelf Drilling Holdings Ltd. 1,435 Cayman Islands U.S.
CCC+ Outlook Negative Oil and gas W&T Offshore Inc. 625 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Belk Inc., 1,223 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 Main Event Entertainment Inc., Ardent Leisure Ltd. 200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants NMG Holding Co. Inc., 1,750 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants PAX Midco Spain 1,270 Spain Europe
CCC+ Outlook Negative Retail/restaurants PHD Group Holdings LLC 487 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Punch Taverns Ltd. 718 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 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 URS Holdco Inc., 747 U.S. U.S.
CCC+ Outlook Negative Utilities Aeropuertos Argentina 2000 S.A. 750 Argentina Latin America
CCC+ Outlook Negative Utilities AES Argentina Generacion S.A AES Corp. (The) 300 Argentina Latin America
CCC+ Outlook Negative Utilities Ellaktor S.A. 810 Greece Europe
CCC+ Outlook Negative Utilities ESKOM Holdings SOC Ltd. 4,694 South Africa Eastern Europe/Middle East/Africa
CCC+ Outlook Negative Utilities Pampa Energia S.A. 1,550 Argentina Latin America
CCC CreditWatch Negative Financial institutions Alpha Holding S.A. de C.V. Yes 300 Mexico Latin America
CCC CreditWatch Negative Transportation gategroup Holding AG 0 Switzerland Europe
CCC CreditWatch Negative Utilities Ukrainian Railways JSC Yes 500 Ukraine Eastern Europe/Middle East/Africa
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. 864 U.K.. Europe
CCC Outlook Negative Capital goods Arvos LuxCo S.a.r.l. 589 Luxembourg Europe
CCC Outlook Negative Capital goods CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. 300 Argentina Latin America
CCC Outlook Negative Chemicals, packaging, and environmental services LSB Industries Inc. 435 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 1,083 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 Boardriders Inc., 861 U.S. U.S.
CCC Outlook Negative Consumer products CatLuxe Sarl CatLuxe Acquistion Sarl 260 Luxembourg Europe
CCC Outlook Negative Consumer products Grupo Kaltex, S.A. de C.V. 320 Mexico Latin America
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 TMK Hawk Parent, Corp. 1,248 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. 869 U.K.. Europe
CCC Outlook Negative High technology SuperMoose Newco Inc., 1,335 U.S. U.S.
CCC Outlook Negative Homebuilders/real estate companies Ezdan Holding Group Q.S.C. 2,000 Qatar Eastern Europe/Middle East/Africa
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 Carlson Travel Inc. Yes 1,314 U.S. U.S.
CCC Outlook Negative Media and entertainment Cineworld Group PLC 5,271 U.K.. 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 Owl Finance Ltd. Hibu Group Ltd. 313 U.K.. Europe
CCC Outlook Negative Media and entertainment Travel Leaders Group, LLC 629 U.S. U.S.
CCC Outlook Negative Midstream Ruby Pipeline LLC Yes 825 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 Vantage Drilling International 300 Cayman Islands U.S.
CCC Outlook Negative Oil and gas Vesta Energy Corp. 162 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 975 U.S. U.S.
CCC Outlook Negative Telecommunications Dawn Acquisitions LLC Infra Colodata Holdings LLC 550 U.S. U.S.
CCC Outlook Negative Telecommunications Logix Intermediate Holding Corp. 250 U.S. U.S.
CCC Outlook Negative Transportation SAS AB Yes 0 Sweden Europe
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. 633 U.K.. Europe
CCC- Outlook Negative Consumer products Renfro Corp. 240 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. 617 Luxembourg Europe
CCC- Outlook Negative Consumer products The Talbots Inc. 410 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 All Day AcquisitionCo LLC 200 U.S. U.S.
CCC- Outlook Negative Media and entertainment AMC Entertainment Holdings Inc. 6,050 U.S. U.S.
CCC- Outlook Negative Media and entertainment Exela Technologies Inc. 2,396 U.S. U.S.
CCC- Outlook Negative Media and entertainment Joye Media SLU 1,112 Spain Europe
CCC- Outlook Negative Media and entertainment Lago Resort & Casino 290 U.S. U.S.
CCC- Outlook Negative Metals, mining, and steel Mountain Province Diamonds Inc. 660 Canada Canada
CCC- Outlook Negative Oil and gas Transocean Ltd. 9,734 Switzerland Europe
CCC- Outlook Negative Retail/restaurants Foodco Bondco SAU 810 Spain Europe
CCC- Outlook Negative Telecommunications GTT Communications Inc., 3,782 U.S. U.S.
CCC- Outlook Negative Telecommunications IPC Corp. 1,467 U.S. U.S.
CCC- Outlook Negative Utilities Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. 99 Argentina Latin America
CCC- Outlook Negative Utilities Empresa Distribuidora Y Comercializadora Norte S.A. 300 Argentina Latin America
CC CreditWatch Negative Health care CDRH Parent Inc., Yes 1,590 U.S. U.S.
CC CreditWatch Negative Metals, mining, and steel Boart Longyear Ltd. 488 Australia Asia/Pacific
CC CreditWatch Negative Transportation Voyager Aviation Holdings LLC 1,000 U.S. U.S.
CC Outlook Negative Midstream Glass Mountain Pipeline, LLC 300 U.S. U.S.
CC Outlook Negative Utilities Investimentos e Participacoes em Infraestrutura S.A. - Invepar 0 Brazil Latin America
Data as of April 30, 2021. Source: S&P Global Ratings Research.

For additional information regarding weakest links, please see our most recent quarterly publication, "Despite A Pickup In Positive Rating Actions, The Weakest Links Tally Remains High," May 6, 2021.

Related 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

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.


Register with S&P Global Ratings

Register now to access exclusive content, events, tools, and more.

Go Back