Key Takeaways
- The global weakest links tally has declined by 27 since our last report, to 297, still higher than the pre-pandemic level of 282.
- Despite a decrease in issuers rated 'CCC' and below, the number of speculative-grade issuers has been increasing and has reached its highest level since November 2018.
- Globally, the media and entertainment sector holds the highest default risk, leading both in number of weakest links and highest negative bias. We removed eight issuers from this sector's list of weakest links since our last report.
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 297 as of June 30, 2021, as accommodative financing conditions and the global economic recovery have fostered an increase in positive rating actions through June, especially for speculative-grade issuers (rated 'BB+' and below). The tally fell below the 300 mark for the first time since December 2019, when it was 282 issuers. Despite the tally of weakest links falling, the number of speculative-grade issuers has been rising, and at 2,525 issuers, this has brought down the percentage of weakest links to speculative-grade issuers to 12% (see chart 1). The rise reflects growing capital needs during the economic recovery, accommodative financing needs, and investors' thirst for risk assets in a still-low interest rate environment.
Chart 1
Why Is The Speculative-Grade Population Rising?
Although the number of weakest links has been declining, the number of speculative-grade issuers is at its highest level since November 2018. This rise can mostly be attributed to an increase in newly rated speculative-grade issuers. The market is providing opportunities for lower-rated issuers as financing conditions remain exceptionally accommodative. In the first half of 2021 alone, over 80% of newly rated issuers have been speculative grade, at 371 issuers. The number of newly rated issuers is 77% of the 480 total at year-end 2020 (see chart 2). By debt volume, January saw the highest levels of speculative-grade issuance with $85 billion, followed by May with $72 billion of new debt (see chart 4).
Chart 2
Chart 3
The U.S. Falls Below Pre-Pandemic Levels While Europe's Tally Remains Elevated
In the U.S., the number of weakest links has dropped below its five-year average of 197 for the first time since the start of the pandemic as financing access improves, spreads remain low, and businesses recover (see table 1). In Europe, corporate rating trends have improved dramatically since the height of the pandemic when downgrades reached a high of 149 in second-quarter 2020. However, the number of weakest links in the region at 65 is much higher than both its five-year and 10-year average of 39 and 26, respectively. The still-elevated level is due to a high number of media and entertainment weakest links and in the travel, lodging, and leisure sectors as many European countries are responding to the Delta variant with social distancing restrictions. The overall negative bias for European corporate entities has improved since hitting a high of 36.1% in the second quarter of 2020, but it still remains above pre-pandemic levels (see chart 3).
Table 1
| Weakest Links By Region | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of weakest links ('B-' and below neg/negative) | Five-year averages | 10-year averages | Total rated speculative-grade issuers | % of weakest links to total speculative-grade rated issuers | Current distribution by region (%) | Distribution by region 12 months prior (%) | ||||||||||
| U.S. | 188 | 197 | 141 | 1,565 | 12.0 | 63.3 | 70.7 | |||||||||
| Europe | 65 | 39 | 29 | 543 | 12.0 | 21.9 | 16.4 | |||||||||
| Canada | 14 | 13 | 16 | 122 | 11.5 | 4.7 | 5.1 | |||||||||
| Latin America | 14 | 10 | 8 | 86 | 16.3 | 4.7 | 4.1 | |||||||||
| Asia/Pacific | 12 | 9 | 7 | 93 | 12.9 | 4.0 | 2.5 | |||||||||
| EEMEA | 4 | 12 | 11 | 116 | 3.4 | 1.3 | 1.3 | |||||||||
| Data as of June 30, 2021. EEMEA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Research. | ||||||||||||||||
Chart 4
Additional Exhibits
Chart 5
Table 2
| Weakest Link Default Rates Are On Average 8x Higher Than The Overall Speculative-Grade Default Rate | ||||||
|---|---|---|---|---|---|---|
| (%) | Weakest links default rate | All speculative-grade default rate | ||||
| Global | 24.96 | 3.45 | ||||
| U.S. | 26.53 | 3.77 | ||||
| Europe | 26.22 | 4.70 | ||||
| Emerging markets | 18.66 | 2.01 | ||||
| Other developed | 29.71 | 1.50 | ||||
| Data as of May 31, 2021. Other developed region includes Australia, Canada, Japan, and New Zealand. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. | ||||||
Chart 6
Chart 7
Chart 8
Table 3
| Global Corporate Defaults Through June 30, 2021: Almost One-Third Of 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 | 120.57 | 4/14/2021 | CC | SD | Yes | |||||||||
| Summit Midstream Partners, LP | U.S. | Energy and natural resources | 800.00 | 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 | 0.00 | 4/19/2021 | CCC+ | SD | Yes | |||||||||
| Serta Simmons Bedding LLC | U.S. | Consumer/service sector | 3,451.00 | 4/19/2021 | CC | SD | Yes | |||||||||
| Isagenix Worldwide Inc., | U.S. | Consumer/service sector | 415.00 | 4/23/2021 | CCC | SD | Yes | |||||||||
| Maxcom Telecomunicaciones, S.A.B. de C.V. | Mexico | Telecommunications | 0.00 | 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 | 1,202.54 | 4/30/2021 | CC | SD | Yes | |||||||||
| gategroup Holding AG | Switzerland | Transportation | 0.00 | 5/10/2021 | CCC | SD | Yes | |||||||||
| Voyager Aviation Holdings LLC | U.S. | Transportation | 500.00 | 5/10/2021 | CC | SD | Yes | |||||||||
| CDRH Parent Inc., | U.S. | Health care/chemicals | 877.50 | 5/14/2021 | CC | D | Yes | |||||||||
| Boart Longyear Ltd. | Australia | Energy and natural resources | 488.00 | 5/19/2021 | CC | D | Yes | |||||||||
| Peabody Energy Corp. (B) | U.S. | Energy and natural resources | 1,818.00 | 6/3/2021 | CCC+ | SD | Yes | |||||||||
| Carlson Travel Inc. | U.S. | Leisure time/media | 1,308.00 | 6/23/2021 | CCC | D | Yes | |||||||||
| Excludes confidential entities. Data as of June 30, 2021. Source: 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 | ||||||
| American Airlines Group Inc. | 10 | Negative | B- | Transportation | ||||||
| Endo International PLC | 28 | Negative | B- | Health care | ||||||
| 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 | ||||||
| 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 June 30, 2021. Source: S&P Global Ratings Research. | ||||||||||
Table 5
| Trailing 12-Month Corporate Default Rates By Industry (U.S. Speculative-Grade Issuers Only) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| (%) | May 31, 2021 | April 30, 2021 | Six months ago | 12 months ago | ||||||
| Financial | ||||||||||
| Financial institutions | 1.05 | 1.04 | 0.00 | 1.06 | ||||||
| Insurance | 0.00 | 0.00 | 0.00 | 1.54 | ||||||
| Non-financial | ||||||||||
| Aerospace/automotive/capital goods/metal | 2.59 | 2.60 | 3.45 | 3.13 | ||||||
| Consumer/service sector | 8.06 | 8.82 | 11.93 | 7.78 | ||||||
| Energy and natural resources | 16.86 | 19.66 | 17.71 | 10.34 | ||||||
| Forest and building products/homebuilders | 2.08 | 2.08 | 2.15 | 1.02 | ||||||
| Health care/chemicals | 2.30 | 2.78 | 3.74 | 4.23 | ||||||
| High technology/computers/office equipment | 1.13 | 1.12 | 1.12 | 1.06 | ||||||
| Leisure time/media | 3.72 | 5.14 | 6.48 | 4.65 | ||||||
| Real estate | 3.85 | 3.70 | 3.45 | 1.82 | ||||||
| Telecommunications | 1.45 | 1.47 | 4.41 | 6.06 | ||||||
| Transportation | 2.08 | 2.08 | 4.17 | 4.26 | ||||||
| Utilities | 5.26 | 5.13 | 7.89 | 2.86 | ||||||
| Data as of May 31, 2021. 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
| The U.S. Overwhelmingly Leads Weakest Links With 63% | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | Spectacle Gary Holdings, LLC | 370 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Oil and gas | Serba Dinamik Holdings Berhad | Yes | 500 | Malaysia | Asia/Pacific | |||||||||||||
| B- | CreditWatch Negative | Transportation | Transportes Aereos Portugueses, SGPS, S.A. | 447 | Portugal | Europe | ||||||||||||||
| B- | Outlook Negative | Aerospace and defense | API Holdings III Corp. | 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- | CreditWatch Negative | Automotive | Cooper-Standard Holdings Inc., | 990 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Automotive | EnTrans International, LLC | 255 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Automotive | FleetPride Inc., | Fastlane Parent Co. Inc., | 845 | U.S. | U.S. | |||||||||||||
| B- | CreditWatch Negative | Automotive | Parts Holding Europe SAS | Dakar Finance S.A. | Yes | 1,174 | France | Europe | ||||||||||||
| B- | CreditWatch 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 | CFS Brands LLC | 408 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | CIRCOR International Inc., | 492 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Crosby Worldwide Ltd. | - | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | Energy Holdings (Cayman) Ltd., | 2,194 | Cayman Islands | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | JSG I Inc. | 460 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | QualTek LLC | 380 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | Star UK Midco Ltd. | 535 | U.K. | Europe | ||||||||||||||
| B- | Outlook Negative | Capital goods | Tailwind Smith Cooper Holding Corp. | - | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Capital goods | TNT Crane & Rigging LLC | 325 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | 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) | 995 | Sweden | Europe | ||||||||||||||
| B- | Outlook Negative | Chemicals, packaging, and environmental services | Trident TPI Holdings Inc., | 2,457 | U.S. | U.S. | ||||||||||||||
| B- | Outlook Negative | Consumer products | Calceus Acquisition Inc., | 290 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch 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- | CreditWatch Negative | Consumer products | Coty Inc. | 6,416 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Consumer products | Edward Don & Co. Holdings, LLC | 210 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Consumer products | Genuine Financial Holdings, LLC | 1,050 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Consumer products | Halo Buyer Inc. | 370 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Consumer products | IM Growth SAS | 239 | France | Europe | ||||||||||||||
| B- | Outlook Negative | Consumer products | Isagenix Worldwide Inc., | - | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Consumer products | Kiwi VFS SUB I S.ar.l | 1,993 | Luxembourg | Europe | ||||||||||||||
| B- | CreditWatch Negative | Consumer products | Knowlton Development HoldCo Inc., | 3,197 | Canada | Canada | ||||||||||||||
| B- | Outlook Negative | Consumer products | Marcolin SpA | 716 | Italy | Europe | ||||||||||||||
| B- | CreditWatch Negative | Consumer products | Oak Holdings, LLC | 389 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch 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. | 350 | U.S. | U.S. | |||||||||||||
| B- | CreditWatch Negative | Consumer products | Vincent Topco BV (NL) | 513 | Netherlands | Europe | ||||||||||||||
| B- | CreditWatch Negative | Financial institutions | Avison Young (Canada) Inc. | 325 | Canada | Canada | ||||||||||||||
| B- | CreditWatch Negative | Financial institutions | Ravnaq-bank Private Open Joint-Stock Commercial Bank | - | Uzbekistan | Eastern Europe/Middle East/Africa | ||||||||||||||
| B- | CreditWatch Negative | Health care | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | 938 | U.S. | U.S. | |||||||||||||
| B- | CreditWatch Negative | Health care | American Dental Partners Inc., | - | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Health care | Arbor Pharmaceuticals Inc. | 500 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Health care | Endo International PLC | Yes | 33,358 | Ireland | Europe | |||||||||||||
| B- | CreditWatch Negative | Health care | Lannett Co. Inc., | 1,135 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Health care | Team Health Holdings Inc., | 7,230 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | High technology | Franklin Ireland Topco Ltd. | - | Ireland | Europe | ||||||||||||||
| B- | CreditWatch Negative | High technology | MYOB Invest Co Pty Ltd. | 675 | Australia | Asia/Pacific | ||||||||||||||
| B- | CreditWatch Negative | High technology | Northpole Newco S.a.r.l. | Triangle Holdings S.A. | 121 | Luxembourg | Europe | |||||||||||||
| B- | CreditWatch Negative | High technology | Procera I, LP | 510 | Canada | Canada | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | ABC Financial Intermediate, LLC | - | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | ASM Global Parent Inc., | 1,210 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Awaze Ltd. | 1,178 | U.K. | Europe | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Bowlero Corp. | 825 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | CareerBuilder, LLC | Yes | 415 | U.S. | U.S. | |||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Century Casinos Inc., | 170 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Cirsa Enterprises S.L.U. | LHMC Finco 2 S.a.r.l. | 2,336 | Spain | Europe | |||||||||||||
| B- | CreditWatch Negative | Media and entertainment | ConvergeOne Holdings Inc. | 1,235 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | EagleView Technology Corp. | 800 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | GBT JerseyCo Ltd. | 850 | U.K. | Europe | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Global University Systems Holding BV | 1,193 | Netherlands | Europe | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Infogroup Inc. | 250 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Lindblad Expeditions Holdings Inc. | 200 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Monitronics International Inc. | 1,923 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | NEP/NCP Holdco Inc. | 2,605 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Peak Jersey Holdco Ltd. | 939 | Jersey | Europe | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | PlayPower Holdings Inc. | 400 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Prometric Holdings Inc., | 1,294 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Pugnacious Endeavors Inc. | 2,570 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Recess Holdings Inc., | 565 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Ryman Hospitality Properties Inc., | 3,800 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Sugarhouse HSP Gaming Prop. Mezz. L.P. | 600 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | TEG Pty Ltd. | 770 | Australia | Asia/Pacific | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | The Octave Music Group Inc. | 290 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Media and entertainment | Xenia Hotels & Resorts Inc., | 850 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Metals, mining, and steel | Arch Resources Inc., | 300 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Metals, mining, and steel | Coronado Global Resources Inc. | 350 | Australia | Asia/Pacific | ||||||||||||||
| B- | CreditWatch Negative | Metals, mining, and steel | Ferrexpo PLC | - | U.K. | Europe | ||||||||||||||
| B- | CreditWatch Negative | Metals, mining, and steel | Petra Diamonds Ltd. | - | Bermuda | U.S. | ||||||||||||||
| B- | Outlook Negative | Midstream | Martin Midstream Partners L.P. | 691 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Oil and gas | DTEK Renewables B.V. | - | Netherlands | Europe | ||||||||||||||
| B- | CreditWatch Negative | Oil and gas | Welltec A/S | 340 | Denmark | Europe | ||||||||||||||
| B- | CreditWatch Negative | Retail/restaurants | AAG FH LP | 244 | Canada | Canada | ||||||||||||||
| B- | CreditWatch Negative | Retail/restaurants | BURGER KING France SAS | NewCo GB SAS | 674 | France | Europe | |||||||||||||
| B- | CreditWatch Negative | Retail/restaurants | Dave & Buster's Inc. | Dave & Buster's Entertainment Inc., | 550 | U.S. | U.S. | |||||||||||||
| B- | CreditWatch Negative | Retail/restaurants | Guitar Center Inc. | Guitar Center Holdings Inc. | 350 | U.S. | U.S. | |||||||||||||
| B- | CreditWatch Negative | Retail/restaurants | Kirk Beauty One GmbH | 3,896 | Germany | Europe | ||||||||||||||
| B- | CreditWatch Negative | Retail/restaurants | Moran Foods, LLC | SAL Acquisition Corp. | 334 | U.S. | U.S. | |||||||||||||
| B- | CreditWatch Negative | Telecommunications | Aerial Parent Corp. | 1,950 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Telecommunications | Intrado Corp. | 5,407 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Telecommunications | U.S. TelePacific Holdings Corp. | 655 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Transportation | American Airlines Group Inc. | 9,035 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Transportation | Promontoria Holding 264 B.V. | 907 | Netherlands | Europe | ||||||||||||||
| B- | CreditWatch Negative | Transportation | The Pasha Group | 160 | U.S. | U.S. | ||||||||||||||
| B- | CreditWatch Negative | Transportation | WestJet Airlines Ltd. | 1,955 | Canada | Canada | ||||||||||||||
| B- | CreditWatch 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 | Transportation | Navios Maritime Holdings Inc. | 2,795 | Marshall Islands | Asia/Pacific | ||||||||||||||
| CCC+ | Outlook Negative | Aerospace and defense | Bombardier Inc. | 9,987 | 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 | New Constellis Borrower, LLC | New Constellis Holdings Inc. | 260 | 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. | 1,725 | 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+ | CreditWatch Negative | Automotive | Accuride Corp. | 363 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Automotive | SK HoldCo LLC | 1,525 | 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. | - | 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 | 735 | Luxembourg | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Neenah Enterprises Inc., | 120 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Capital goods | Praesidiad Group Ltd. | 376 | 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+ | CreditWatch Negative | Consumer products | ABB/Con-Cise Optical Group LLC | 578 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | Acropole Holding | 579 | 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+ | CreditWatch Negative | Consumer products | CB Poly Investments, LLC | 1,658 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | GEO Group (The) Inc. | 2,734 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Haya Real Estate S.A.U | 567 | Spain | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | Jill Acquisition LLC | Jill Holdings LLC | 521 | U.S. | U.S. | |||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | Missouri TopCo Ltd. | 632 | U.K. | Europe | ||||||||||||||
| 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+ | CreditWatch Negative | Consumer products | Pesquera Exalmar S.A.A. | 61 | Peru | Latin America | ||||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | Rodan & Fields, LLC | 600 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Consumer products | SIRVA Inc. | 850 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Consumer products | Varsity Brands Holding Co. Inc. | 3,000 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Financial institutions | Altisource Portfolio Solutions S.A. | 412 | Luxembourg | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Financial institutions | Amigo Loans Ltd. | 400 | U.K. | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Financial institutions | Mulhacen Pte. Ltd. | 615 | Singapore | Asia/Pacific | ||||||||||||||
| CCC+ | CreditWatch Negative | Financial institutions | Turkiston Bank | - | Uzbekistan | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC+ | CreditWatch Negative | Forest products and building materials | Apex Tool Group, LLC | 1,524 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Forest products and building materials | Distribution International Inc. | DI Purchaser Inc., | - | U.S. | U.S. | |||||||||||||
| CCC+ | CreditWatch Negative | Forest products and building materials | PT Sawit Sumbermas Sarana Tbk | - | Indonesia | Asia/Pacific | ||||||||||||||
| CCC+ | CreditWatch Negative | Health care | Affordable Care Holding Corp. | 516 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Health care | Envision Healthcare Corp. | Envision Healthcare Holdings Inc. | 7,070 | U.S. | U.S. | |||||||||||||
| CCC+ | CreditWatch Negative | Health care | Medical Depot Holdings Inc., | 579 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Health care | Vyaire Medical Inc., | 360 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | High technology | Finastra Ltd. | 36,695 | Cayman Islands | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | High technology | Mitel Networks (International) Ltd. | 1,380 | U.K. | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | High technology | Natel Engineering Co., LLC | Natel Engineering Holdings Inc., | 325 | U.S. | U.S. | |||||||||||||
| CCC+ | CreditWatch Negative | High technology | Riverbed Parent Inc., | 1,672 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Homebuilders/real estate companies | IRSA Propiedades Comerciales S.A. | Cresud S.A.C.I.F. y A. | 360 | Argentina | Latin America | |||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Bioplan USA Inc., | 1,040 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Casablanca Global Intermediate Holdings L.P. | 1,900 | British Virgin Islands | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Casper MidCo SAS | 1,158 | France | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | ClubCorp Holdings Inc., | 1,600 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Comet Bidco Ltd. | 858 | U.K. | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Diamond Sports Holdings LLC | Sinclair Broadcast Group Inc. | 8,206 | U.S. | U.S. | |||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | DTI Holdco Inc., | 1,195 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | eDreams ODIGEO S.A. | 716 | Luxembourg | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Enjoy S.A. | - | Chile | Latin America | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Europcar Mobility Group S.A. | 597 | France | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Excel Fitness Holdings Inc., | 260 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Fitness International, LLC | 1,275 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Hanjin International Corp. | Korean Air Lines Co. Ltd. | 344 | Korea, Republic of | Asia/Pacific | |||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | HNVR Midco Ltd. | 2,882 | U.K. | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Hurtigruten Group AS | Silk Holdings Sarl | 1,241 | Norway | Europe | |||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | International Park Holdings B.V. | 800 | Spain | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | iQor Holdings Inc. | 395 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Lakeland Holdings, LLC | 435 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Learfield Communications, LLC | 1,089 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Life Time Inc., | 2,250 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | National CineMedia Inc. | 1,220 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Odyssey Europe Holdco S.a r.l. | 239 | Luxembourg | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Piolin Bidco S.A.U. | 1,158 | Spain | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Playa Hotels & Resorts N.V. | 1,010 | Netherlands | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Promotora de Informaciones S.A. | - | Spain | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | PSS Industrial Group Corp. | 300 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Richmond UK Holdco Ltd. | 1,875 | U.K. | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Screenvision, LLC | 350 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Southern Graphics Inc. | 679 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Spectacle Bidco Holdings Inc. | 1,232 | Canada | Canada | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Thame and London Ltd. | 1,514 | U.K. | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Tribe Buyer LLC | 400 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | United PF Holdings, LLC | 706 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Universal Entertainment Corp. | Yes | 735 | Japan | Asia/Pacific | |||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Viking Cruises Ltd. | Viking Holdings Ltd | 3,225 | U.S. | U.S. | |||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | Vue International Bidco plc | 847 | U.K. | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Media and entertainment | WeWork Companies LLC | 702 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Metals, mining, and steel | Alpha Metallurgical Resources Inc. | 562 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Metals, mining, and steel | Conuma Resources Ltd. | 200 | Canada | Canada | ||||||||||||||
| 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+ | CreditWatch Negative | Oil and gas | BlackBrush Oil & Gas, L.P. | 75 | U.S. | U.S. | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | Ensign Drilling Inc. | Ensign Energy Services Inc. | 700 | Canada | Canada | |||||||||||||
| CCC+ | CreditWatch Negative | Oil and gas | Forum Energy Technologies Inc., | 728 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Oil and gas | HGIM Corp. | 350 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Oil and gas | Nabors Industries Ltd. | 5,101 | Bermuda | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Oil and gas | Petroquimica Comodoro Rivadavia S.A. | - | Argentina | Latin America | ||||||||||||||
| CCC+ | CreditWatch Negative | Oil and gas | PGS ASA | - | Norway | Europe | ||||||||||||||
| CCC+ | Outlook Negative | Oil and gas | Shelf Drilling Holdings Ltd. | 1,435 | Cayman Islands | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Oil and gas | W&T Offshore Inc. | 625 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Retail/restaurants | Belk Inc., | 1,223 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Retail/restaurants | California Pizza Kitchen Inc., | 177 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Retail/restaurants | NMG Holding Co. Inc., | 1,000 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Retail/restaurants | PAX Midco Spain | 1,253 | Spain | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Retail/restaurants | Quidditch Acquisition Inc., | 204 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Telecommunications | Flexential Intermediate Corp. | 1,760 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Transportation | Neovia Logistics Intermediate Holdings, LP | 325 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Transportation | Overseas Shipholding Group Inc. | 325 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Transportation | Toro Private Holdings I, Ltd. | 3,680 | U.K. | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Transportation | URS Holdco Inc., | 747 | U.S. | U.S. | ||||||||||||||
| CCC+ | CreditWatch Negative | Utilities | Aeropuertos Argentina 2000 S.A. | 750 | Argentina | Latin America | ||||||||||||||
| CCC+ | CreditWatch Negative | Utilities | AES Argentina Generacion S.A | AES Corp. (The) | 300 | Argentina | Latin America | |||||||||||||
| CCC+ | CreditWatch Negative | Utilities | Ellaktor S.A. | 800 | Greece | Europe | ||||||||||||||
| CCC+ | CreditWatch Negative | Utilities | ESKOM Holdings SOC Ltd. | 4,700 | South Africa | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC+ | CreditWatch Negative | Utilities | Pampa Energia S.A. | 1,550 | Argentina | Latin America | ||||||||||||||
| CCC | CreditWatch Negative | Automotive | Bright Bidco B.V. | 1,683 | Netherlands | Europe | ||||||||||||||
| CCC | CreditWatch Negative | Automotive | K&N Parent Inc., | 345 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Automotive | McLaren Group Ltd. | 864 | U.K. | Europe | ||||||||||||||
| CCC | Outlook Negative | Capital goods | Arvos LuxCo S.a.r.l. | 545 | 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 | 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 | CreditWatch Negative | Consumer products | Array Canada Inc. | 315 | Canada | Canada | ||||||||||||||
| CCC | CreditWatch Negative | Consumer products | Boardriders Inc., | 861 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Consumer products | CatLuxe Sarl | CatLuxe Acquistion Sarl | 257 | Luxembourg | Europe | |||||||||||||
| CCC | CreditWatch 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 | CreditWatch Negative | Consumer products | Output Services Group Inc., | 498 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Consumer products | Premier Brands Group Holdings LLC | 325 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Consumer products | Serta Simmons Bedding LLC | 10,201 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Consumer products | TMK Hawk Parent, Corp. | 1,248 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Health care | NAPA Management Services Corp. | ASP NAPA Holdings, LLC | 353 | U.S. | U.S. | |||||||||||||
| CCC | CreditWatch Negative | Health care | Turnstone Midco 2 Ltd. | 868 | U.K. | Europe | ||||||||||||||
| CCC | CreditWatch Negative | High technology | SuperMoose Newco Inc., | 1,335 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Homebuilders/real estate companies | Ezdan Holding Group Q.S.C. | 1,000 | Qatar | Eastern Europe/Middle East/Africa | ||||||||||||||
| CCC | CreditWatch Negative | Homebuilders/real estate companies | PT Alam Sutera Realty Tbk. | 370 | Indonesia | Asia/Pacific | ||||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | AVSC Holding Corp. | 2,506 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | Cineworld Group PLC | 5,261 | U.K. | Europe | ||||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | Downstream Development Authority | 555 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | Equinox Holdings Inc. | 1,211 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | Gateway Casinos & Entertainment Ltd. | 695 | Canada | Canada | ||||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | Hornblower HoldCo, LLC | 655 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | Owl Finance Ltd. | Hibu Group Ltd. | 313 | U.K. | Europe | |||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | Travel Leaders Group, LLC | 629 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Media and entertainment | Vericast Corp. | 2,905 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Metals, mining, and steel | Peabody Energy Corp. | 1,818 | U.S. | U.S. | ||||||||||||||
| CCC | Outlook Negative | Midstream | Ruby Pipeline LLC | 825 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Oil and gas | Athabasca Oil Corp. | 450 | Canada | Canada | ||||||||||||||
| CCC | CreditWatch Negative | Oil and gas | Compania General de Combustibles S.A. | 585 | Argentina | Latin America | ||||||||||||||
| CCC | CreditWatch Negative | Oil and gas | ION Geophysical Corp. | Yes | 123 | U.S. | U.S. | |||||||||||||
| CCC | CreditWatch Negative | Oil and gas | Nine Energy Service Inc., | 400 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Oil and gas | Vantage Drilling International | 300 | Cayman Islands | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Oil and gas | Vesta Energy Corp. | 162 | Canada | Canada | ||||||||||||||
| CCC | Outlook Negative | Oil and gas | Weatherford International plc | 2,990 | Ireland | Europe | ||||||||||||||
| CCC | CreditWatch Negative | Retail/restaurants | Burger BossCo Intermediate Inc., | 193 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Retail/restaurants | CEC Entertainment, LLC | 975 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Telecommunications | Dawn Acquisitions LLC | Infra Colodata Holdings LLC | 550 | U.S. | U.S. | |||||||||||||
| CCC | CreditWatch Negative | Telecommunications | Logix Intermediate Holding Corp. | 250 | U.S. | U.S. | ||||||||||||||
| CCC | CreditWatch Negative | Transportation | SAS AB | - | Sweden | Europe | ||||||||||||||
| CCC- | CreditWatch Negative | Consumer products | Iconix Brand Group Inc. | - | 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. | 609 | Luxembourg | Europe | ||||||||||||||
| CCC- | CreditWatch Negative | Consumer products | The Talbots Inc. | 410 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Homebuilders/real estate companies | Sichuan Languang Development Co., Ltd. | Yes | 750 | China | Asia/Pacific | |||||||||||||
| CCC- | CreditWatch Negative | Homebuilders/real estate companies | Sunshine 100 China Holdings Ltd. | - | Cayman Islands | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Media and entertainment | All Day AcquisitionCo LLC | 200 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Media and entertainment | Exela Technologies Inc. | 2,396 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Media and entertainment | Joye Media SLU | 1,098 | Spain | Europe | ||||||||||||||
| CCC- | CreditWatch Negative | Metals, mining, and steel | Mountain Province Diamonds Inc. | 660 | Canada | Canada | ||||||||||||||
| CCC- | CreditWatch Negative | Oil and gas | Transocean Ltd. | 9,734 | Switzerland | Europe | ||||||||||||||
| CCC- | CreditWatch Negative | Retail/restaurants | Foodco Bondco SAU | 800 | Spain | Europe | ||||||||||||||
| CCC- | CreditWatch Negative | Telecommunications | GTT Communications Inc., | 3,770 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Telecommunications | IPC Corp. | 1,466 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Telecommunications | Premiere Global Services Inc. | 1,330 | U.S. | U.S. | ||||||||||||||
| CCC- | CreditWatch Negative | Utilities | Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. | 99 | Argentina | Latin America | ||||||||||||||
| CCC- | CreditWatch Negative | Utilities | Empresa Distribuidora Y Comercializadora Norte S.A. | 300 | Argentina | Latin America | ||||||||||||||
| CC | CreditWatch Negative | Financial institutions | Alpha Holding S.A. de C.V. | 300 | Mexico | Latin America | ||||||||||||||
| CC | Outlook Negative | Midstream | Glass Mountain Pipeline, LLC | 300 | U.S. | U.S. | ||||||||||||||
| CC | CreditWatch Negative | Utilities | Investimentos e Participacoes em Infraestrutura S.A. - Invepar | - | Brazil | Latin America | ||||||||||||||
| Data as of June 30, 2021. Source: S&P Global Ratings Research. | ||||||||||||||||||||
For additional information regarding weakest links, please see our most recent quarterly publication, "Default, Transition, and Recovery: Nearly A Quarter Of Weakest Links Have Defaulted Since February 2020," June 23, 2021.
Related Research
- European Economic Snapshots, July 9, 2021
- Economic Outlook U.S. Q3 2021: Sun, Sun, Sun, Here It Comes, June 24, 2021
- Credit Trends: European Corporate Credit Quality Stabilizes, June 8, 2021
- U.S. Corporate Credit Outlook 2021: Economic And Political Transition, Jan. 21, 2021
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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