Key Takeaways
- The global weakest links tally increased to 256 as of March 8, 2022--its first monthly increase since June 2020--due to an influx of negative rating actions on issuers directly impacted by the Russia-Ukraine conflict.
- The global speculative-grade negative bias also increased in February, largely driven by an increase in negative bias in Emerging Europe, the Middle East and Africa (EEMEA) and Europe.
- Default rates for weakest links are on average 8x higher than overall speculative-grade default rates, so we expect the number of defaults to rise.
- The conflict, inflationary pressures, and supply chain disruptions are weighing on European corporates in the automotive, capital goods, and consumer goods industries.
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--increased to 256 as of March 8, 2022, from 199 as of Jan. 31, 2022, driven by negative rating actions taken on EEMEA and European issuers impacted by the Russia-Ukraine conflict.
Chart 1
There are signs that ratings momentum is shifting, especially in EEMEA, where the negative bias spiked to 46% in February from just 13% in January, driving the increase in global speculative-grade negative bias (see chart 2). Currently, the number of weakest links in EEMEA (51) is around 5x higher than five- and 10-year averages (see table 1). The European weakest links tally rose to 61, from 48 in February, with additions from the automotive, capital goods, and consumer goods sectors. These added to the existing elevated tally of leisure sector corporates rated 'CCC' and below that have yet to bounce back from the pandemic. Continuing cost input inflation pressures and global supply chain disruptions, as well as increasingly tighter financing conditions, will test both profit margins and liquidity resilience, especially for lower-rated issuers in the region (see "Russia-Ukraine Conflict: Implications For European Corporate And Infrastructure Sectors," March 16, 2022).
So far this year, there have been no defaults in Europe and default rates remain extremely low at just 1.7% as of Jan. 31. However, as default rates for weakest links are on average 8x higher than overall speculative-grade default rates, we expect the number of defaults in the region will increase. S&P Global Ratings expects the 12-month trailing speculative-grade default rate in Europe to increase to 2.5% by Dec. 31 (see "The European Speculative-Grade Corporate Default Rate Could Rise To 2.5% By December 2022," Feb. 22, 2022).
Chart 2
Table 1
Weakest Links By Region | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of weakest links ('B-' and below neg/negative) | Five-year average | 10-year average | Total rated speculative issuers | Weakest links to total regionwise speculative-rated issuers (%) | Current distribution by region (%) | Distribution by region 12 months prior (%) | ||||||||||
U.S. | 121 | 194 | 145 | 1,558 | 7.8 | 47.3 | 67.9 | |||||||||
Europe | 61 | 42 | 31 | 586 | 10.4 | 23.8 | 18.7 | |||||||||
Asia/Pacific | 10 | 10 | 8 | 78 | 12.8 | 3.9 | 3.4 | |||||||||
Canada | 7 | 10 | 8 | 88 | 8.0 | 2.7 | 4.7 | |||||||||
Latin America | 6 | 14 | 16 | 121 | 5.0 | 2.3 | 3.9 | |||||||||
EEMEA | 51 | 10 | 11 | 127 | 40.2 | 19.9 | 1.6 | |||||||||
Data as of March 8, 2022. EEMEA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Research. |
Table 2
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 | B- | Media and entertainment | ||||||
International Park Holdings B.V. | 181 | Negative | B- | Media and entertainment | ||||||
Data as of March 8, 2022. CLO--Collateralized loan obligation. Source: S&P Global Ratings Research. |
Table 3
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 | Consumer products | Kernel Holding S.A. | Yes | 600 | Ukraine | Eastern Europe/Middle East/Africa | |||||||||||||
B- | CreditWatch negative | Consumer products | MHP SE | Yes | 1,400 | Cyprus | Europe | |||||||||||||
B- | CreditWatch negative | Homebuilders/real estate companies | Adler Group S.A. | ADO Group Ltd. | Yes | 5,133 | Luxembourg | Europe | ||||||||||||
B- | CreditWatch negative | Homebuilders/real estate companies | Diok Real Estate AG | 273 | Germany | Europe | ||||||||||||||
B- | CreditWatch negative | Homebuilders/real estate companies | Logan Group Co. Ltd. | Yes | 1,280 | Cayman Islands | U.S. | |||||||||||||
B- | CreditWatch negative | Media and entertainment | PlayPower Holdings Inc. | 400 | U.S. | U.S. | ||||||||||||||
B- | CreditWatch negative | Media and entertainment | Skillz Inc. | Yes | 300 | U.S. | U.S. | |||||||||||||
B- | CreditWatch negative | Metals, mining, and steel | Ferrexpo PLC | Yes | - | U.K. | Europe | |||||||||||||
B- | CreditWatch negative | Metals, mining, and steel | Interpipe Holdings Plc | Yes | 300 | Cyprus | Europe | |||||||||||||
B- | CreditWatch negative | Metals, mining, and steel | Metinvest B.V. | Yes | 2,420 | Netherlands | Europe | |||||||||||||
B- | CreditWatch negative | Telecommunications | PrJSC VF Ukraine | Yes | 1,000 | Ukraine | Eastern Europe/Middle East/Africa | |||||||||||||
B- | CreditWatch negative | Telecommunications | Syniverse Technologies Corp. | Yes | 2,922 | U.S. | U.S. | |||||||||||||
B- | CreditWatch negative | Transportation | Transportes Aereos Portugueses, S.A. | Yes | 410 | Portugal | Europe | |||||||||||||
B- | CreditWatch negative | Transportation | Transportes Aereos Portugueses, SGPS, S.A. | 410 | 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 | EnTrans International, LLC | 255 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Automotive | FleetPride Inc., | Fastlane Parent Company 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 | 300 | Germany | Europe | ||||||||||||||
B- | Outlook negative | Automotive | TPro Acquisition Corp. | 300 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Automotive | UC Holdings Inc. | Chassix Holdings Inc., | 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 | QualTek LLC | 380 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Capital goods | Wastequip, LLC | Patriot Container Corp. | - | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Consumer products | Boparan Holdings Ltd. | 628 | U.K. | Europe | ||||||||||||||
B- | Outlook negative | Consumer products | CB Poly Investments, LLC | 4,020 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products | Edward Don & Co. Holdings, LLC | 210 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products | Grubhub Inc. | Yes | - | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Consumer products | Isagenix Worldwide Inc., | - | 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., | 445 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products | Kiwi VFS SUB I S.ar.l | 1,858 | Luxembourg | Europe | ||||||||||||||
B- | Outlook negative | Consumer products | Knowlton Development Corp. Inc., | Knowlton Development HoldCo, Inc | 1,542 | Canada | Canada | |||||||||||||
B- | Outlook negative | Consumer products | Kronos Acquisition Holdings Inc. | 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) | 470 | Netherlands | Europe | ||||||||||||||
B- | Outlook negative | Financial institutions | Albaraka Turk Katilim Bankasi AS | Al Baraka Banking Group B.S.C. | Yes | 500 | Turkey | Eastern Europe/Middle East/Africa | ||||||||||||
B- | Outlook negative | Financial institutions | Banco Agricola S.A | Bancolombia, S. A. y Companias Subordinadas | - | El Salvador | Latin America | |||||||||||||
B- | Outlook negative | Financial institutions | Ravnaq-bank Private Open Joint-Stock Commercial Bank | - | 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 | TecoStar Holdings Inc., | 950 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | High technology | Franklin Ireland Topco Ltd. | - | Ireland | Europe | ||||||||||||||
B- | Outlook negative | High technology | MYOB Invest Co Pty Ltd. | 670 | 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. | 1,078 | 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. | 1,385 | 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 | 1,092 | 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 | International Park Holdings B.V. | 732 | Spain | Europe | ||||||||||||||
B- | Outlook negative | Media and entertainment | Lindblad Expeditions Holdings Inc. | 760 | 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. | 932 | Jersey | Europe | ||||||||||||||
B- | Outlook negative | Media and entertainment | Piolin Bidco S.A.U. | 1,059 | Spain | Europe | ||||||||||||||
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 | Mongolian Mining Corp. | 880 | Cayman Islands | U.S. | ||||||||||||||
B- | Outlook negative | Metals, mining, and steel | Tacora Resources Inc. | Yes | 225 | Canada | Canada | |||||||||||||
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 | 3,566 | Germany | Europe | ||||||||||||||
B- | Outlook negative | Telecommunications | Intrado Corp. | 5,407 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Transportation | WestJet Airlines Ltd. | 1,955 | Canada | Canada | ||||||||||||||
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 | Automotive | Cooper-Standard Holdings Inc., | 990 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Capital goods | FGI Acquisition Corp. | 200 | France | Europe | ||||||||||||||
CCC+ | Outlook negative | Capital goods | JSG I Inc. | 460 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Capital goods | Mangrove Luxco III Sarl | 673 | Luxembourg | Europe | ||||||||||||||
CCC+ | Outlook negative | Capital goods | Neenah Enterprises Inc., | - | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Capital goods | Praesidiad Group Ltd. | 347 | 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 | 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 | 8th Avenue Food & Provisions Inc., | 750 | 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 | Halo Buyer Inc. | 440 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products | INW Manufacturing, LLC | Yes | 440 | 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. | 601 | 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 | Forest products and building materials | PT Sawit Sumbermas Sarana Tbk | - | Indonesia | Asia-Pacific | ||||||||||||||
CCC+ | Outlook negative | Health care | Alcami Corp. | 1,425 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Health care | BVI Holdings Mayfair Ltd. | 661 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook negative | Health care | Endo International PLC | 31,558 | 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 | Femur Buyer Inc., | Yes | 485 | U.S. | U.S. | |||||||||||||
CCC+ | Outlook negative | Health care | Lannett Co. Inc., | 350 | 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 | 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 | 1,059 | 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. | 753 | Luxembourg | Europe | |||||||||||||
CCC+ | Outlook negative | Media and entertainment | Comet Bidco Ltd. | 836 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | CWT Travel Group Inc., | 715 | U.S. | U.S. | ||||||||||||||
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. | 2,638 | U.K. | 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 | Spectacle Bidco Holdings Inc. | 1,232 | Canada | Canada | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | Thame and London Ltd. | 1,441 | 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 | 778 | 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 | 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 | - | Norway | Europe | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants | 99 cents only stores LLC | 350 | 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 | 732 | Spain | Europe | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants | Moran Foods, LLC | SAL Acquisition Corp. | 334 | U.S. | U.S. | |||||||||||||
CCC+ | Outlook negative | Retail/restaurants | PAX Midco Spain | 1,147 | Spain | Europe | ||||||||||||||
CCC+ | Outlook negative | Retail/restaurants | Quidditch Acquisition Inc., | 204 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Telecommunications | U.S. TelePacific Holdings Corp. | 655 | 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 | Altera Infrastructure L.P. | Brookfield Asset Management Inc. | 1,000 | Marshall Islands | Asia-Pacific | |||||||||||||
CCC+ | Outlook negative | Utilities | Ellaktor S.A. | 732 | Greece | Europe | ||||||||||||||
CCC+ | Outlook negative | Utilities | ESKOM Holdings SOC Ltd. | 5,124 | South Africa | Eastern Europe/Middle East/Africa | ||||||||||||||
CCC | CreditWatch negative | Homebuilders/real estate companies | Grupo GICSA S.A.B. de C.V | - | Mexico | Latin America | ||||||||||||||
CCC | CreditWatch negative | Oil and gas | DTEK Renewables B.V. | Yes | - | Netherlands | Europe | |||||||||||||
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 | Capital goods | Arvos LuxCo S.a.r.l. | - | Luxembourg | Europe | ||||||||||||||
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 | Strategic Materials Holding Corp. | 315 | 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 | Boardriders Inc., | 861 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products | CatLuxe Sarl | CatLuxe Acquistion Sarl | 235 | Luxembourg | Europe | |||||||||||||
CCC | Outlook negative | Consumer products | GEO Group (The) Inc. | 2,484 | U.S. | U.S. | ||||||||||||||
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. | 66 | U.K. | Europe | ||||||||||||||
CCC | Outlook negative | Health care | BW Homecare Holdings LLC | 855 | 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 | 5,399 | U.K. | Europe | ||||||||||||||
CCC | Outlook negative | Media and entertainment | Data Axle Inc. | 250 | U.S. | U.S. | ||||||||||||||
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. | 218 | Luxembourg | 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. | - | Indonesia | Asia-Pacific | ||||||||||||||
CCC | Outlook negative | Oil and gas | Nine Energy Service Inc., | 400 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Oil and gas | Transocean Ltd. | 8,810 | 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- | CreditWatch negative | Chemicals, packaging, and environmental services | EuroChem Group AG | Yes | - | Switzerland | Europe | |||||||||||||
CCC- | CreditWatch negative | Chemicals, packaging, and environmental services | PhosAgro PJSC | Yes | 2,000 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Chemicals, packaging, and environmental services | Schur Flexibles GmbH | Yes | 519 | Germany | Europe | |||||||||||||
CCC- | CreditWatch negative | Chemicals, packaging, and environmental services | Sibur Holding PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | ABH Financial Ltd. | Yes | 741 | Cyprus | Europe | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | AO Raiffeisenbank | Raiffeisen Bank International AG | Yes | - | Russia | Eastern Europe/Middle East/Africa | ||||||||||||
CCC- | CreditWatch negative | Financial institutions | Bank SOYUZ | Ingosstrakh Insurance Co. | Yes | - | Russia | Eastern Europe/Middle East/Africa | ||||||||||||
CCC- | CreditWatch negative | Financial institutions | CentroCredit Bank JSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | Commercial Bank Renaissance Credit LLC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | Concern Rossium LLC | Yes | 3,801 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | Gazprombank JSC | Yes | 96 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | RN Bank JSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | Russian Standard Bank JSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | Sistema (PJSFC) | Yes | 1,000 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Financial institutions | UniCredit Bank AO | UniCredit SpA | Yes | - | Russia | Eastern Europe/Middle East/Africa | ||||||||||||
CCC- | CreditWatch negative | Financial institutions | Ural Bank for Reconstruction and Development | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Health care | SPC Katren JSC | Katren AO | Yes | - | Russia | Eastern Europe/Middle East/Africa | ||||||||||||
CCC- | CreditWatch negative | High technology | Yandex N.V. | Yes | - | Netherlands | Europe | |||||||||||||
CCC- | CreditWatch negative | Homebuilders/real estate companies | Etalon LenSpetsSMU JSC | Etalon Group Plc | Yes | - | Russia | Eastern Europe/Middle East/Africa | ||||||||||||
CCC- | CreditWatch negative | Homebuilders/real estate companies | Leader Invest JSC | Etalon Group Plc | Yes | - | Russia | Eastern Europe/Middle East/Africa | ||||||||||||
CCC- | CreditWatch negative | Homebuilders/real estate companies | Setl Group LLC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | ALROSA PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | Corp. VSMPO-AVISMA PSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | Evraz PLC | Yes | 1,450 | U.K. | Europe | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | Holding Co. Metalloinvest JSC | Yes | 650 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | Magnitogorsk Iron and Steel Works PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | MMC Norilsk Nickel PJSC | Yes | 5,750 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | NLMK PJSC | Yes | 1,200 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | Petropavlovsk PLC | Yes | - | U.K. | Europe | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | Polyus PJSC | Yes | 1,800 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | Severstal PAO | Yes | 1,500 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Metals, mining, and steel | TMK PAO | Yes | 1,000 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Oil and gas | Atomic Energy Power Corp. JSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Oil and gas | Eurasia Drilling Co. Ltd. | Yes | - | Cyprus | Europe | |||||||||||||
CCC- | CreditWatch negative | Oil and gas | Gazprom PJSC | Yes | 45,644 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Oil and gas | LUKOIL PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Oil and gas | NOVATEK PJSC | Yes | 2,000 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Oil and gas | Rosneft Oil Co. PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Oil and gas | RusHydro PJSC | Yes | 527 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Retail/restaurants | Magnit PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Retail/restaurants | X5 Retail Group N.V. | Yes | - | Netherlands | Europe | |||||||||||||
CCC- | CreditWatch negative | Telecommunications | ER-Telecom Holding JSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Telecommunications | MegaFon PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Telecommunications | Rostelecom PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Transportation | Sovcomflot PAO | Yes | 1,180 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Transportation | TransFin-M PC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Utilities | DeloPorts LLC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Utilities | Federal Grid Co. of the Unified Energy System | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Utilities | Public Joint Stock Co. Rosseti Centre | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Utilities | Rosseti Moscow Region PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Utilities | Rosseti PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Utilities | Russian Railways JSC | Yes | 6,712 | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | CreditWatch negative | Utilities | Transneft PJSC | Yes | - | Russia | Eastern Europe/Middle East/Africa | |||||||||||||
CCC- | Outlook negative | Automotive | SK HoldCo LLC | 1,525 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Consumer products | Haya Real Estate S.A.U | 519 | 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. | 557 | 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. | 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 | Utilities | Empresa Distribuidora Y Comercializadora Norte S.A. | 300 | Argentina | Latin America | ||||||||||||||
CC | CreditWatch negative | Financial institutions | Mulhacen Pte. Ltd. | 562 | Singapore | Asia-Pacific | ||||||||||||||
CC | Outlook negative | Homebuilders/real estate companies | Guangzhou R&F Properties Co. Ltd. | - | China | Asia-Pacific | ||||||||||||||
CC | Outlook negative | Media and entertainment | Owl Finance Ltd. | Hibu Group Ltd. | 297 | U.K. | Europe | |||||||||||||
CC | Outlook negative | Media and entertainment | Promotora de Informaciones S.A. | - | Spain | Europe | ||||||||||||||
CC | Outlook negative | Media and entertainment | Safari Beteiligungs Gmbh | 382 | Germany | Europe | ||||||||||||||
CC | Outlook negative | Midstream | Ruby Pipeline LLC | 825 | U.S. | U.S. | ||||||||||||||
CC | Outlook negative | Transportation | SAS AB | - | Sweden | Europe | ||||||||||||||
Data as of March 8, 2022. Country is based on location of incorporation. Source: S&P Global Ratings 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 Europe: | 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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