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Default, Transition, and Recovery: One Default In Latin America Brings The 2021 Global Corporate Tally To 53


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Default, Transition, and Recovery: One Default In Latin America Brings The 2021 Global Corporate Tally To 53

The 2021 corporate default tally increased to 53 after one issuer from the emerging markets defaulted this week. The defaulter is Mexico-based financial services provider Alpha Holding S.A. de C.V.

Defaults have increased in July from the previous month. Half the defaults in July are from the U.S., two from the emerging markets, and one from Europe. However, the global year-to-date 2021 default tally of 53 is materially lower than the 143 defaults during the same period in 2020.

Among the defaults from emerging markets (EM) in 2021, four were confidential issuers, three were triggered by distressed exchanges, and another three because of missed payments. The number of monthly defaults for EM has decreased in recent months, bringing down the region's 12-month-trailing speculative-grade default rate to 2.3% as of May (see chart 1). Overall credit conditions in EM continue to improve, supported by sustained economic recovery in developed countries and in many cases improving domestic demand as EM economies are able to resume activities (see "Credit Conditions Emerging Markets Q3 2021: Slow Vaccination Prevents A Robust Recovery," June 29, 2021).

This Week's Observations

  • The year-to-date 2021 global default total, at 53, remains much lower than the year-to-date tally of 69 and 143 in 2019 and 2020, respectively.
  • By region, the U.S. leads defaults so far this year, with 29, nearly 55% of global defaults (see chart 3).
  • The consumer products sector leads the global default tally this year, with eight, followed by oil and gas and media and entertainment, with seven each (see chart 2).
  • Distressed debt exchanges have been the primary reason for defaults in 2021, with 29 year to date, followed by missed payments, with 10 (see chart 4). In July, four out of six defaults came from missed interest or principal payments.

Chart 1


Chart 2


Chart 3


Chart 4


Chart 5


Table 1

The U.S. Leads 2021 Defaults With 29 Out Of 53
Region 12-month-trailing speculative-grade default rate (%) 2021 YTD 2020 YTD 2020 Weakest links
U.S. 3.8* 29 93 146 213
Emerging markets 2.4 10 22 28 27
Europe 4.7* 12 19 42 66
Other developed 3.6 2 9 10 18
Global 4.3 53 143 226 324
*Trailing-12-month default rates from June 30, 2020-June 30, 2021 are preliminary and subject to change. Year-to-date data as of July 21. Weakest link data is as of May 31, 2021. Other developed region is Australia, Canada, Japan, and New Zealand. Default counts may include confidentially rated issuers. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Table 2

The 2021 Global Corporate Default Tally Is 53
Date Parent company Country Subsector To From Reason

HGIM Corp.

U.S. Oil and gas SD CC Distressed exchange

Promotora de Informaciones S.A.

Spain Media and entertainment SD CC Distressed exchange

Burger BossCo Intermediate Inc.

U.S. Retail/restaurants SD CCC Distressed exchange

Riverbed Parent Inc.

U.S. High technology SD CC Distressed exchange

AMC Entertainment Holdings Inc.

U.S. Media and entertainment SD CC Distressed exchange

Awesome Acquisition Co. L.P.

U.S. Retail/restaurants D NR Chapter 11

Alpha Media LLC

U.S. Media and entertainment D NR Bankruptcy

Imagine Group LLC (The)

U.S. Media and entertainment D CCC Distressed exchange

Belk Inc.

U.S. Retail/restaurants D CC Missed interest payments

Peabody Energy Corp.§

U.S. Metals, mining, and steel SD CC Distressed exchange
2/3/2021 Confidential Confidential Health care SD CCC- Confidential
2/11/2021 Confidential Confidential Automotive D CCC- Confidential


France Oil and gas SD CC Missed principal payments

Renfro Corp.

U.S. Consumer products SD CCC- Distressed exchange

CatLuxe Sarl (CatLuxe Acquisition Sarl)

Luxembourg Consumer products SD CCC+ Distressed exchange

Form Technologies LLC

U.S. Capital goods SD CC Distressed exchange


Argentina Oil and gas SD CC Distressed exchange

Sunshine 100 China Holdings Ltd.*

Cayman Islands Homebuilders/real estate companies SD CCC- Distressed exchange
3/7/2021 Confidential Confidential Financial institutions D NR Confidential
3/8/2021 Confidential Confidential Financial institutions D B+ Confidential

Ensign Drilling Inc. (Ensign Energy Services Inc.)

Canada Oil and gas SD CCC+ Distressed exchange

HighPoint Resources Corp.

U.S. Oil and gas D CC Chapter 11

Washington Prime Group Inc.

U.S. Homebuilders/real estate companies D CC Missed interest payments
3/18/2021 Confidential Confidential Consumer products D CCC Confidential

AI Mistral Holdco Ltd.

U.K. Transportation SD CCC+ Distressed exchange

Avation PLC

U.K. Transportation SD CC Distressed exchange

YPF Energia Electrica S.A. (YPF S.A)

Argentina Utilities SD CCC- Distressed exchange

ION Geophysical Corp.

U.S. Oil and gas SD CC Distressed exchange

Summit Midstream Partners L.P.

U.S. Midstream SD CC Distressed exchange

Basic Energy Services Inc.

U.S. Oil and gas D CCC- Missed interest payments

Medical Depot Holdings Inc.

U.S. Health care SD CCC+ Distressed exchange

Serta Simmons Bedding LLC

U.S. Consumer products SD CC Distressed exchange

Isagenix Worldwide, Inc

U.S. Consumer products SD CCC Distressed exchange
4/26/2021 Confidential Confidential High technology SD CCC+ Confidential

Maxcom Telecomunicaciones S.A.B. de C.V.

Mexico Telecommunications D CCC- Missed interest payments

Future Retail Ltd.

India Retail/restaurants SD CCC- Distressed exchange
4/28/2021 Confidential Confidential Consumer products SD CCC- Confidential

Codere S.A.

Spain Media and entertainment SD CC Distressed exchange
5/3/2021 Confidential Confidential Transportation D CC Confidential

gategroup Holding AG

Switzerland Transportation SD CCC Distressed exchange

Voyager Aviation Holdings LLC

U.S. Transportation SD CC Distressed exchange

CDRH Parent Inc.

U.S. Health care D CC Distressed exchange

Boart Longyear Ltd.

Australia Metals, mining, and steel D CC Bankruptcy
5/25/2021 Confidential Confidential Homebuilders/real estate companies D CCC- Confidential

Peabody Energy Corp.§

U.S. Metals, mining, and steel SD CCC+ Distressed exchange

Carlson Travel Inc

U.S. Media and entertainment D CCC Missed interest payments
6/23/2021 Confidential Confidential Consumer products D CCC- Confidential

GTT Communications Inc.

U.S. Telecommunications SD CCC- Missed interest payments

KCIBT Holdings LP

U.S. Consumer products SD CCC Distressed exchange

Joye Media SLU

Spain Media and entertainment D CCC- Missed interest payments

Peabody Energy Corp.§

U.S. Metals, mining, and steel SD CCC Distressed exchange

Sichuan Languang Development Co. Ltd.

China Homebuilders/real estate companies D CCC- Missed bond repayment

Alpha Holding S.A. de C.V.

Mexico Financial institutions D CC Missed interest payments
*Sunshine 100 China Holdings Ltd. is incorporated in the Cayman Islands but invests, develops, and manages real estate properties in the People’s Republic of China. Companies incorporated in the Cayman Islands are included in the U.S. default rate computation due to the location as a U.S. tax haven. §Indicates issuer that defaulted multiple times. NR--Not rated. SD--Selective default. Data as of July 21, 2021. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®.

Related Research

Default Studies

More analysis and statistics are available in our annual default studies, published on RatingsDirect:

Corporate (financial and nonfinancial)
Structured finance
U.S. public finance
Sovereign and international public finance

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, New York + 1 (212) 438 1396;
Secondary Contact:David C Tesher, New York + 212-438-2618;
Research Contributor:Shripati Pranshu, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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