articles Ratings /ratings/en/research/articles/220322-default-transition-and-recovery-the-global-weakest-links-tally-rises-for-the-first-time-since-2020-12318464 content esgSubNav
In This List
COMMENTS

Default, Transition, and Recovery: The Global Weakest Links Tally Rises For The First Time Since 2020

COMMENTS

Global Credit Conditions Special Update: U.S.-China Tariff De-Escalation Brings Some Temporary Relief

COMMENTS

Default, Transition, and Recovery: Corporate Defaults Fall Below Long-Term Average

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of May 7, 2025

COMMENTS

Default, Transition, and Recovery: 2024 Annual U.S. Public Finance Default And Rating Transition Study


Default, Transition, and Recovery: The Global Weakest Links Tally Rises For The First Time Since 2020

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

image

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

image

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

No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.

 

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in