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COMMENTS

Default, Transition, and Recovery: Global Weakest Links Fall To Their Lowest Level Since April 2019

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of June 18, 2025

COMMENTS

Default, Transition, and Recovery: Corporate Defaults In May Reach Highest Level Since October 2020

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Debt Restructuring Snapshot: Flexsys Holdings Inc.

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Default, Transition, and Recovery: Global Speculative-Grade Corporate Default Rate To Rise To 3.75% By March 2026


Default, Transition, and Recovery: Global Weakest Links Fall To Their Lowest Level Since April 2019

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--fell to 207 as of Dec. 31, 2021, its lowest level since April 2019 and down 57% from the previous year. The drop can be attributed to a decrease in lower rated issuers with a negative bias, which fell to a historic low of 23% in December 2021, from 52% in December 2020, as earnings continued to recover and issuers tapped into accommodative financing conditions. The low level of negative bias implies a lower risk for defaults in the near term.

There was a slow but steady recovery in all sectors, with the greatest drop in weakest links in the media and entertainment and oil and gas sectors, which fell by 48 and 32 issuers, respectively, since December 2020 (see chart 2) However, the number of speculative-grade issuers remains close to an all-time high (chart 1) and lower rated issuers would be the first to feel the impact of any deterioration in credit or financing conditions.

Chart 1

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Chart 2

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On Our Radar

Overall, both financial and nonfinancial corporate sectors continued to recover in 2021.   Still, this recovery was from a lower rating base. The oil and gas and retail and restaurant sectors had the greatest decreases in negative bias in 2021, falling by 56 and 41 percentage points each, due to a sharp upswing in oil prices and higher consumer spending from a robust economic recovery, pent-up demand, and fewer restrictions related to COVID-19. In addition, 93% of nonconfidential defaulters in 2021 were weakest links prior to default.

The automotive sector remains at risk for further downgrades.   The sector's current negative bias is higher than its long-term average. Despite strong demand, supply chain constraints continue to delay cash flow recovery and thus credit metric stabilization in the sector (see "Global Auto Sales Forecasts: Supply Disruption Slows Recovery," Oct. 19, 2021).

The media and entertainment and consumer products sectors hold the largest percentages of current weakest links.   Media and entertainment has 26% of the total tally and consumer products 20%. Both sectors also hold the largest percentage of the total speculative-grade market, with 14% each, making them more exposed to any further credit deterioration. Both sectors were heavily impacted by negative ratings actions caused by the pandemic, inflationary pressures, changing demand dynamics or economic recession, and have been slower to recover compared to other sectors like retail, which rebounded more quickly than expected.

The levels of weakest links in the Asia-Pacific region remains elevated at 11.   This is higher than its five-year and 10-year averages. The region also has the highest speculative-grade negative bias, at 24.4%.

Chart 3

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Chart 4

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Chart 5

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Additional Exhibits

Table 1

Europe And Asia-Pacific Weakest Link Tallies Are Above Their Five-Year Averages
Weakest links by region
Number of weakest links ('B-' and below neg/negative) Five-year averages 10-year averages Total rated speculative issuers Weakest links to total region speculative rated issuers (%) Current distribution by region (%) Distribution by region 12 months prior (%)
U.S. 131.0 195.0 144.0 1,557.0 8.4 63.3 70.1
Europe 49.0 41.0 31.0 574.0 8.5 23.7 17.6
Canada 6.0 10.0 8.0 84.0 7.1 2.9 4.1
APAC 11.0 10.0 8.0 82.0 13.4 5.3 2.9
Latin America 6.0 14.0 16.0 120.0 5.0 2.9 3.7
EEMEA 4.0 10.0 11.0 113.0 3.5 1.9 1.5
Data as of Dec. 31, 2021. EEMEA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Research.

Chart 6

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Chart 7

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Table 2

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
Brand Industrial Services Inc., 100 Negative B- Capital goods
Endo International PLC 104 Negative CCC+ Health care
Dynasty Acquisition Co. Inc., 110 Negative B- Aerospace and defense
Team Health Holdings Inc., 117 Negative B- Health care
Intrado Corp. 126 Negative B- Telecommunications
Cineworld Group PLC 139 Negative CCC Media and entertainment
WestJet Airlines Ltd. 194 Negative B- Transportation
Data as of Dec. 31, 2021. CLO--Collateralized loan obligation. Source: S&P Global Ratings Research.

Table 3

Weakest Links Listed In The Top 250 Corporate Obligors In Outstanding Rated Europe Cash Flow CLOs
Organization Parent rank in Europe CLO transactions Outlook/CreditWatch Applied rating Sector/subsector
Awaze Ltd. 70 Negative B- Media and entertainment
Piolin Bidco S.A.U. 94 Negative CCC+ Media and entertainment
International Park Holdings B.V. 181 Negative CCC+ Media and entertainment
Data as of Dec. 31, 2021. CLO--Collateralized loan obligation. Source: S&P Global Ratings Research.

Table 4

Issuers Rated 'B-' Or Lower With A Negative Outlook Or On CreditWatch With Negative Implications
Rating Outlook / CreditWatch Placement Subsector Issuer Parent company New to the list this month Outlook/CreditWatch change Debt (mil. US$) Country Region
B- CreditWatch negative Media and entertainment PlayPower Holdings Inc. Yes 400 U.S. U.S.
B- CreditWatch negative Transportation Transportes Aereos Portugueses, SGPS, S.A. 426 Portugal Europe
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 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 IXS Holdings Inc., 620 U.S. U.S.
B- Outlook negative Automotive Standard Profil Automotive GmbH 312 Germany Europe
B- Outlook negative Automotive TPro Acquisition Corp. 300 U.S. U.S.
B- Outlook negative Automotive UC Holdings Inc. Chassix Holdings Inc., Yes 225 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 QualTek LLC 380 U.S. U.S.
B- Outlook negative Consumer products 8th Avenue Food & Provisions Inc., 750 U.S. U.S.
B- Outlook negative Consumer products Boparan Holdings Ltd. Yes 641 U.K. Europe
B- Outlook negative Consumer products CB Poly Investments, LLC 4,020 U.S. U.S.
B- Outlook negative Consumer products Chefs' Warehouse Inc., (The) 405 U.S. U.S.
B- Outlook negative Consumer products Edward Don & Co. Holdings, LLC 210 U.S. U.S.
B- Outlook negative Consumer products Halo Buyer Inc. 370 U.S. U.S.
B- Outlook negative Consumer products Isagenix Worldwide Inc., 0 U.S. U.S.
B- Outlook negative Consumer products JHW Alphia Holdings Inc. 285 U.S. U.S.
B- Outlook negative Consumer products KAMC Holdings Inc., Yes 445 U.S. U.S.
B- Outlook negative Consumer products Kiwi VFS SUB I S.ar.l 1,915 Luxembourg Europe
B- Outlook negative Consumer products Knowlton Development Corp. Inc., Knowlton Development HoldCo, Inc 1,566 Canada Canada
B- Outlook negative Consumer products Kronos Acquisition Holdings Inc. Yes 2,070 U.S. U.S.
B- Outlook negative Consumer products pH Beauty Holdings I Inc., 340 U.S. U.S.
B- Outlook negative Consumer products Sierra Enterprises LLC 282 U.S. U.S.
B- Outlook negative Consumer products Vincent Topco BV (NL) 489 Netherlands Europe
B- Outlook negative Financial institutions Banco Agricola S.A Bancolombia, S. A. y Companias Subordinadas 0 El Salvador Latin America
B- Outlook negative Financial institutions Ravnaq-bank Private Open Joint-Stock Commercial Bank 0 Uzbekistan Eastern Europe/Middle East/Africa
B- Outlook negative Financial institutions Vida Capital Inc., 275 U.S. U.S.
B- Outlook negative Health care Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. 1,098 U.S. U.S.
B- Outlook negative Health care ATI Physical Therapy Inc., 768 U.S. U.S.
B- Outlook negative Health care Lannett Co. Inc., 1,135 U.S. U.S.
B- Outlook negative Health care Symplr Software Intermediate Holdings Inc., 0 U.S. U.S.
B- Outlook negative Health care Team Health Holdings Inc., 7,230 U.S. U.S.
B- Outlook negative Health care TecoStar Holdings Inc., Yes 950 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. 667 Australia Asia/Pacific
B- Outlook negative Homebuilders/real estate companies Jiangsu Zhongnan Construction Group Co. Ltd. 560 China Asia/Pacific
B- Outlook negative Media and entertainment Awaze Ltd. 1,121 U.K. Europe
B- Outlook negative Media and entertainment CareerBuilder, LLC 415 U.S. U.S.
B- Outlook negative Media and entertainment ConvergeOne Holdings Inc. 1,235 U.S. U.S.
B- Outlook negative Media and entertainment Data Axle Inc. 250 U.S. U.S.
B- Outlook negative Media and entertainment EagleView Technology Corp. 800 U.S. U.S.
B- Outlook negative Media and entertainment GBT JerseyCo Ltd. 850 U.K. Europe
B- Outlook negative Media and entertainment Global University Systems Holding BV 1,136 Netherlands Europe
B- Outlook negative Media and entertainment Hanjin International Corp. Korean Air Lines Co. Ltd. 344 Korea, Republic of Asia/Pacific
B- Outlook negative Media and entertainment Lindblad Expeditions Holdings Inc. 200 U.S. U.S.
B- Outlook negative Media and entertainment Monitronics International Inc. 3,123 U.S. U.S.
B- Outlook negative Media and entertainment Peak Jersey Holdco Ltd. 935 Jersey Europe
B- Outlook negative Media and entertainment Piolin Bidco S.A.U. 1,102 Spain Europe
B- Outlook negative Media and entertainment Ryman Hospitality Properties Inc., 3,800 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 Metals, mining, and steel Ferrexpo PLC 0 U.K. Europe
B- Outlook negative Metals, mining, and steel Mongolian Mining Corp. 880 Cayman Islands U.S.
B- Outlook negative Metals, mining, and steel Petra Diamonds Ltd. 0 Bermuda 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 3,710 Germany Europe
B- Outlook negative Retail/restaurants Moran Foods, LLC SAL Acquisition Corp. 334 U.S. U.S.
B- Outlook negative Telecommunications Intrado Corp. 5,407 U.S. U.S.
B- Outlook negative Transportation Promontoria Holding 264 B.V. 864 Netherlands Europe
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 Health care Femur Buyer Inc., 485 U.S. U.S.
CCC+ Outlook negative Aerospace and defense Forming Machining Industries Holdings, LLC 320 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 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+ Outlook negative Automotive Accuride Corp. 363 U.S. U.S.
CCC+ Outlook negative Capital goods FGI Acquisition Corp. 200 France Europe
CCC+ Outlook negative Capital goods Jason Holdings Inc. 0 U.S. U.S.
CCC+ Outlook negative Capital goods JSG I Inc. 460 U.S. U.S.
CCC+ Outlook negative Capital goods Mangrove Luxco III Sarl 700 Luxembourg Europe
CCC+ Outlook negative Capital goods Neenah Enterprises Inc., 0 U.S. U.S.
CCC+ Outlook negative Capital goods Praesidiad Group Ltd. 360 U.K. Europe
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 Dunn Paper Holdings Inc. 350 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 Zep Inc. 725 U.S. U.S.
CCC+ Outlook negative Consumer products ABB/Con-Cise Optical Group LLC 578 U.S. U.S.
CCC+ Outlook negative Consumer products Alert 360 Opco Inc., 200 U.S. U.S.
CCC+ Outlook negative Consumer products Anastasia Holdings, LLC 650 U.S. U.S.
CCC+ Outlook negative Consumer products Arctic Glacier Group Holdings Inc., 880 U.S. U.S.
CCC+ Outlook negative Consumer products Calceus Acquisition Inc., 290 U.S. U.S.
CCC+ Outlook negative Consumer products GEO Group (The) Inc. 2,734 U.S. U.S.
CCC+ Outlook negative Consumer products KC Culinarte Holdings LP 313 U.S. U.S.
CCC+ Outlook negative Consumer products Missouri TopCo Ltd. 614 U.K. Europe
CCC+ Outlook negative Consumer products MVK Intermediate Holdings, LLC 335 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 Rodan & Fields, LLC 600 U.S. U.S.
CCC+ Outlook negative Consumer products SIRVA Inc. 850 U.S. U.S.
CCC+ Outlook negative Financial institutions Altisource Portfolio Solutions S.A. 412 Luxembourg Europe
CCC+ Outlook negative Financial institutions Mulhacen Pte. Ltd. 585 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 PT Sawit Sumbermas Sarana Tbk 0 Indonesia Asia/Pacific
CCC+ Outlook negative Health care Alcami Corp. Yes 1,425 U.S. U.S.
CCC+ Outlook negative Health care BVI Holdings Mayfair Ltd. Yes 688 U.K. Europe
CCC+ Outlook negative Health care Endo International PLC 33,358 Ireland Europe
CCC+ Outlook negative Health care Envision Healthcare Corp. Envision Healthcare Holdings Inc. 7,070 U.S. U.S.
CCC+ Outlook negative Health care Medical Depot Holdings Inc., 579 U.S. U.S.
CCC+ Outlook negative Health care Vyaire Medical Inc., 360 U.S. U.S.
CCC+ Outlook negative High technology Northpole Newco S.a.r.l. Triangle Holdings S.A. 115 Luxembourg Europe
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 Bioplan USA Inc., 1,040 U.S. U.S.
CCC+ Outlook negative Media and entertainment Casper Topco 1,102 France Europe
CCC+ Outlook negative Media and entertainment ClubCorp Holdings Inc., 1,600 U.S. U.S.
CCC+ Outlook negative Media and entertainment Codere Luxembourg 2 S.a.r.l Codere New TopCo S.A. Yes 779 Luxembourg Europe
CCC+ Outlook negative Media and entertainment Comet Bidco Ltd. 845 U.K. Europe
CCC+ Outlook negative Media and entertainment CWT Travel Group Inc., Yes 715 U.S. U.S.
CCC+ Outlook negative Media and entertainment eDreams ODIGEO S.A. 682 Luxembourg Europe
CCC+ Outlook negative Media and entertainment Enjoy S.A. 211 Chile Latin America
CCC+ Outlook negative Media and entertainment Fitness International, LLC 1,275 U.S. U.S.
CCC+ Outlook negative Media and entertainment HNVR Midco Ltd. 2,744 U.K. Europe
CCC+ Outlook negative Media and entertainment International Park Holdings B.V. 761 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 Promotora de Informaciones S.A. 0 Spain Europe
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. 1,470 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 Universal Entertainment Corp. 760 Japan Asia/Pacific
CCC+ Outlook negative Media and entertainment Vericast Corp. 2,832 U.S. U.S.
CCC+ Outlook negative Media and entertainment Viking Cruises Ltd. Viking Holdings Ltd 3,325 U.S. U.S.
CCC+ Outlook negative Media and entertainment Vue International Bidco plc 808 U.K. Europe
CCC+ Outlook negative Media and entertainment WeWork Companies LLC 702 U.S. U.S.
CCC+ Outlook negative Metals, mining, and steel Conuma Resources Ltd. 200 Canada Canada
CCC+ Outlook negative Metals, mining, and steel Peabody Energy Corp. 724 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 Oil and gas Ensign Drilling Inc. Ensign Energy Services Inc. 700 Canada Canada
CCC+ Outlook negative Oil and gas HGIM Corp. 350 U.S. U.S.
CCC+ Outlook negative Oil and gas PGS ASA 0 Norway Europe
CCC+ Outlook negative Retail/restaurants 99 cents only stores LLC 784 U.S. U.S.
CCC+ Outlook negative Retail/restaurants Belk Inc., 1,223 U.S. U.S.
CCC+ Outlook negative Retail/restaurants Foodco Bondco SAU 761 Spain Europe
CCC+ Outlook negative Retail/restaurants PAX Midco Spain 1,193 Spain Europe
CCC+ Outlook negative Retail/restaurants Quidditch Acquisition Inc., 204 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 AES Argentina Generacion S.A AES Corp. (The) 300 Argentina Latin America
CCC+ Outlook negative Utilities Ellaktor S.A. 761 Greece Europe
CCC+ Outlook negative Utilities ESKOM Holdings SOC Ltd. 5,098 South Africa Eastern Europe/Middle East/Africa
CCC CreditWatch negative Homebuilders/real estate companies Grupo GICSA S.A.B. de C.V 0 Mexico Latin America
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 SK HoldCo LLC 1,525 U.S. U.S.
CCC Outlook negative Capital goods Arvos LuxCo S.a.r.l. 0 Luxembourg Europe
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 Consumer products Boardriders Inc., 861 U.S. U.S.
CCC Outlook negative Consumer products CatLuxe Sarl CatLuxe Acquistion Sarl 244 Luxembourg Europe
CCC Outlook negative Consumer products KCIBT Holdings LP 1,050 U.S. U.S.
CCC Outlook negative Consumer products KNB Holdings Corp. 295 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 PetroChoice Holdings Inc., 435 U.S. U.S.
CCC Outlook negative Consumer products Premier Brands Group Holdings LLC 325 U.S. U.S.
CCC Outlook negative Consumer products Serta Simmons Bedding LLC 10,201 U.S. U.S.
CCC Outlook negative Consumer products TMK Hawk Parent, Corp. 1,248 U.S. U.S.
CCC Outlook negative Financial institutions Amigo Loans Ltd. 389 U.K. Europe
CCC Outlook negative Forest products and building materials Apex Tool Group, LLC 1,524 U.S. U.S.
CCC Outlook negative Health care BW Homecare Holdings LLC 855 U.S. U.S.
CCC Outlook negative Health care NAPA Management Services Corp. ASP NAPA Holdings, LLC 353 U.S. U.S.
CCC Outlook negative Homebuilders/real estate companies Ezdan Holding Group Q.S.C. 1,000 Qatar Eastern Europe/Middle East/Africa
CCC Outlook negative Media and entertainment AVSC Holding Corp. 2,506 U.S. U.S.
CCC Outlook negative Media and entertainment Cineworld Group PLC 5,426 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 Equinox Holdings Inc. 1,285 U.S. U.S.
CCC Outlook negative Media and entertainment Hornblower HoldCo, LLC 655 U.S. U.S.
CCC Outlook negative Media and entertainment Odyssey Europe Holdco S.a r.l. 227 Luxembourg Europe
CCC Outlook negative Media and entertainment Owl Finance Ltd. Hibu Group Ltd. 303 U.K. Europe
CCC Outlook negative Media and entertainment Travel Leaders Group, LLC 629 U.S. U.S.
CCC Outlook negative Metals, mining, and steel PT Bumi Resources Tbk. 0 Indonesia Asia/Pacific
CCC Outlook negative Oil and gas ION Geophysical Corp. 116 U.S. U.S.
CCC Outlook negative Oil and gas Nine Energy Service Inc., 400 U.S. U.S.
CCC Outlook negative Oil and gas Transocean Ltd. 9,110 Switzerland Europe
CCC Outlook negative Oil and gas Vantage Drilling International 300 Cayman Islands U.S.
CCC Outlook negative Retail/restaurants Burger BossCo Intermediate Inc., 193 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 Navios Maritime Holdings Inc. 1,455 Marshall Islands Asia/Pacific
CCC Outlook negative Transportation SAS AB 0 Sweden Europe
CCC- Outlook negative Consumer products Haya Real Estate S.A.U 540 Spain Europe
CCC- Outlook negative Consumer products Revlon Inc. 2,750 U.S. U.S.
CCC- Outlook negative Consumer products Takko Fashion S.a.r.l. 579 Luxembourg Europe
CCC- Outlook negative Media and entertainment All Day AcquisitionCo LLC 200 U.S. U.S.
CCC- Outlook negative Media and entertainment Exela Technologies Inc. Yes 2,109 U.S. U.S.
CCC- Outlook negative Media and entertainment PSS Industrial Group Corp. 300 U.S. U.S.
CCC- Outlook negative Metals, mining, and steel Mountain Province Diamonds Inc. 660 Canada Canada
CCC- Outlook negative Telecommunications U.S. TelePacific Holdings Corp. 655 U.S. U.S.
CCC- Outlook negative Utilities Empresa Distribuidora Y Comercializadora Norte S.A. 300 Argentina Latin America
CC Outlook negative Homebuilders/real estate companies Guangzhou R&F Properties Co. Ltd. 0 China Asia/Pacific
CC Outlook negative Media and entertainment Safari Beteiligungs Gmbh Yes 398 Germany Europe
CC Outlook negative Midstream Ruby Pipeline LLC 825 U.S. U.S.
CC Outlook negative Telecommunications Fusion Connect Inc. Yes 340 U.S. U.S.
Data as of Dec. 31, 2021. Source: S&P Global Ratings Research.

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
Patrick Drury Byrne, Dublin (00353) 1 568 0605;
patrick.drurybyrne@spglobal.com
Leveraged Finance:Ramki Muthukrishnan, New York + 1 (212) 438 1384;
ramki.muthukrishnan@spglobal.com
Marta Stojanova, London + 44 20 7176 0476;
marta.stojanova@spglobal.com
Research Contributor:Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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