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Default, Transition, and Recovery: Ruby Pipeline Becomes First Midstream Default Of 2022


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Default, Transition, and Recovery: Ruby Pipeline Becomes First Midstream Default Of 2022

On April 1, 2022, we lowered our ratings on Colorado-based natural gas pipeline company Ruby Pipeline LLC to 'D' (default) from 'CC' as the company missed a principal payment. This is the first midstream energy default of 2022,as the North American midstream energy industry's credit quality strengthened in 2021, rebounding from the effects of the pandemic and subsequent credit stress (see "Industry Top Trends 2022 North America Regulated Utilities," Feb. 28, 2022).

The energy and natural resources 12-month trailing speculative-grade default rate dropped to 3% as of Feb. 28, 2022, from a high of 17% a year prior.

This Weeks Observations:

  • The year-to-date global corporate default tally increased to 16 with the addition of natural gas pipeline company Ruby Pipeline LLC and one confidential issuer.
  • The U.S. jointly leads the default tally with eight, considerably lower than the total of 15 for the same period in 2021.
  • We estimate the trailing-12-month speculative grade default rate for the U.S. to drop to 1.4% as of March 31, 2022.

Chart 1


Table 1

Global Corporate Default Summary
Region 12-Month Trailing Speculative-Grade Default Rate (%) 2022 YTD 2021 YTD 2021 Weakest Links
U.S. 1.4* 8 15 40 121
Emerging market 1.8 8 2 15 64
Europe 0.7* 0 8 14 61
Other developed 2.2 0 1 3 10
Global 1.5 16 26 72 256
Note: *Trailing-12-month speculative grade default rates from Feb. 28, 2021 – Mar. 31, 2022 are preliminary and subject to change . Year-to-date data as of April. 6, 2022. Weakest link data is as of Mar. 8, 2022. Other developed region includes Australia, Canada, Japan, and New Zealand. Default counts may include confidentially-rated issuers. Sources: S&P Global Ratings Research and S&P Global Market Intelligence’s CreditPro®. Copyright © 2018 by Standard & Poor’s Financial Services LLC. All rights reserved.

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Table 2

Global Corporate Defaults, So Far In 2022
Date Parent company Country/Market Subsector To From Reason
1/4/2022 ION Geophysical Corp. U.S. Oil and gas D CCC Missed principal and interest payments
1/4/2022 Confidential Confidential Utilities D NR Confidential
1/13/2022 R&F Properties (HK) Co. Ltd. Hong Kong Homebuilders/real estate companies SD CC Distressed exchange
1/19/2022 Confidential Confidential Homebuilders/real estate companies SD CCC- Confidential
1/24/2022 Fusion Connect Inc. U.S. Telecommunications SD CC Distressed exchange
2/1/2022 Future Retail Ltd. India Consumer Products SD CCC- Missed principal payments
2/1/2022 TPC Group Inc., (TPC Group LLC) U.S. Health care D CCC Missed interest payments
2/4/2022 Confidential Confidential Consumer Products D NR Confidential
2/9/2022 Confidential Confidential Consumer Products SD CCC Confidential
2/10/2022 Credito Real, S.A.B. de C.V., SOFOM, E.N.R. Mexico Financial Institutions SD CCC- Missed principal payments
2/11/2022 Confidential Confidential Homebuilders/real estate companies SD CC Confidential
2/17/2022 U.S. TelePacific Holdings Corp. U.S. Telecommunications SD CCC- Distressed exchange
3/15/2022 Diamond Sports Group, LLC (Sinclair Broadcast Group Inc.) U.S. Media and Entertainment SD CC Distressed exchange
3/21/2022 Mulhacen Pte. Ltd. Singapore Financial Institutions D CC Distressed exchange
3/24/2022 MHP SE Ukraine Consumer Products SD B- Missed interest payments
4/1/2022 Ruby Pipeline LLC U.S. Utilities D CC Missed principal payments
Data as of April 6, 2022. NR--Not rated. SD--Selective default. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro® Copyright © 2018 by Standard & Poor’s Financial Services LLC. All rights reserved.

Related Research

Default Studies

More analysis and statistics are available in our annual default studies, published on RatingsDirect:

Corporate (financial and nonfinancial)
Structured finance
U.S. public finance
Sovereign and international public finance

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, New York + 1 (212) 438 1396;
Patrick Drury Byrne, Dublin (00353) 1 568 0605;
Vaishali Singh, Pune;

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