Key Takeaways
- The global weakest links tally fell to 207 as of Dec. 31, 2021, the lowest level since April 2019 and down 57% from December 2020.
- The decline is primarily due to rating stabilization as earnings continue to recover and issuers tapped into accommodative financing conditions.
- Combined, the media and entertainment and the consumer sectors account for nearly half of all weakest links.
- 93% of nonconfidential defaulters in 2021 were weakest links prior to default.
- Asia-Pacific continues to be the region with the highest speculative-grade negative bias at 24%.
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
Chart 2
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
Chart 4
Chart 5
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
Chart 7
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
- Bright Outlook For North American 'CCC' Issuers After Falling Over 40% In 2021, Jan. 19, 2022
- The U.S. Distress Ratio Remains Low Despite A Record Number Of Speculative-Grade Issuers, Dec. 13, 2021
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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