Key Takeaways
- The global weakest links tally decreased to its lowest level since October 2018, falling to 193 as of April 25, 2022, from 256 as of March 8, 2022.
- The majority of the removals were due to S&P Global Ratings withdrawing ratings in April following the imposition of sanctions associated with the Russia-Ukraine conflict.
- Excluding those, media and entertainment (including lodging and leisure) saw the most issuers removed this month, due to improved revenue and cash flow boosting liquidity as the industry continues to gradually recover from the COVID-19 pandemic.
- European weakest links remain elevated and are 14% above their five-year historical average, while U.S. weakest links are 39% below their five-year average.
- Weakest links default rates are on average 8x higher than overall speculative-grade default rates, so we expect the number of defaults in Europe to rise.
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--decreased to 193 as of April 25, 2022, from 256 as of March 8, 2022, driven by withdrawals related to the Russia-Ukraine conflict (nearly 70% of total removals) and the consumer-driven recovery in sectors such as media and entertainment (including lodging and leisure) and consumer products (see chart 1).
Chart 1
While the number of weakest links in the U.S. has fallen well below its five-year average, the number of weakest links in Europe remains elevated as the region continues its slower recovery. Soaring energy and food prices, primarily related to the ongoing conflict, are exacerbating inflationary pressures, leading to higher financing costs and the prospect of more immediate monetary tightening. Speculative-grade markets--most notably bonds--have seen low primary issuance and thin secondary liquidity, which could create increasingly problematic financing conditions for lower-rated issuers, although near-term refinancing risk looks manageable. Based on data as of Jan. 1, 2022, European corporate debt maturities peak at €780 billion in 2023, much sooner than U.S. peak maturity. However, near-term maturities (2022-2023) in the region are predominantly from financial services, and almost 90% of the debt maturing through 2023 is investment-grade (see "U.S. And European Refinancing: Strong Issuance In 2021 Fueled Lengthening Maturities," Feb. 28, 2022).
Chart 2
Chart 3
We Expect The Number Of Defaults In Europe To Rise
So far this year, there have been five defaults in Europe, all of which have been weakest links prior to default. As weakest link default rates are on average 8x higher than overall speculative-grade default rates, we expect the number of defaults in the region to increase. S&P Global expects the European trailing-12-month speculative-grade corporate default rate to hit 3% (24 defaulters) by March 2023, from 0.7% in March 2022 (see "The European Speculative-Grade Corporate Default Rate Could Rise To 3% By March 2023," May 18, 2022).
Chart 4
Table 1
Weakest Links By Region | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of weakest links | Five-year averages | 10-year averages | Total rated speculative-grade issuers | Weakest links to total region-wide speculative-grade rated issuers (%) | Current distribution by region (%) | Distribution by region 12 months prior (%) | ||||||||||
U.S. | 118 | 193 | 145 | 1542 | 7.7 | 46.1 | 66.6 | |||||||||
Europe | 48 | 42 | 32 | 573 | 8.4 | 18.8 | 20.1 | |||||||||
Asia/Pacific | 9 | 10 | 8 | 76 | 11.8 | 3.5 | 3.4 | |||||||||
Canada | 7 | 10 | 8 | 87 | 8.0 | 2.7 | 4.5 | |||||||||
Latin America | 5 | 13 | 16 | 119 | 4.2 | 2.0 | 4.0 | |||||||||
EEMEA | 6 | 10 | 11 | 79 | 7.6 | 2.3 | 1.4 | |||||||||
Data as of April 25, 2022. EEMEA--Eastern Europe, the Middle East, and Africa. Source: S&P Global Ratings Research. |
Table 2
Regional Weakest Links Are 8x More Likely To Default | ||||||
---|---|---|---|---|---|---|
(%) | Weakest links default rate | All speculative-grade default rate | ||||
Global | 24.09 | 1.41 | ||||
U.S. | 25.52 | 1.40 | ||||
Europe | 25.28 | 0.69 | ||||
Emerging markest | 18.53 | 2.04 | ||||
Other developed | 28.55 | 1.48 | ||||
Data as of March 31, 2022. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro. |
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 | Capital goods | CIRCOR International Inc., | Yes | 530 | U.S. | U.S. | |||||||||||||
B- | CreditWatch negative | Financial institutions | CORESTATE Capital Holding S.A. | Yes | 539 | Luxembourg | Europe | |||||||||||||
B- | CreditWatch negative | Financial institutions | Freedom Holding Corp. | Yes | - | U.S. | U.S. | |||||||||||||
B- | CreditWatch negative | Homebuilders/real estate companies | Adler Group S.A. | ADO Group Ltd. | 4,635 | Luxembourg | Europe | |||||||||||||
B- | CreditWatch negative | Homebuilders/real estate companies | Dexin China Holdings Co. Ltd. | Yes | 350 | Cayman Islands | U.S. | |||||||||||||
B- | CreditWatch negative | Homebuilders/real estate companies | KWG Group Holdings Ltd. | Yes | 650 | Cayman Islands | U.S. | |||||||||||||
B- | CreditWatch negative | Metals, mining, and steel | Mongolian Mining Corp. | Yes | 880 | Cayman Islands | U.S. | |||||||||||||
B- | CreditWatch negative | Telecommunications | PrJSC VF Ukraine | 1,000 | Ukraine | Eastern Europe/Middle East/Africa | ||||||||||||||
B- | CreditWatch negative | Telecommunications | Syniverse Technologies Corp. | - | U.S. | U.S. | ||||||||||||||
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 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 | 296 | 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 | Hyster-Yale Materials Handling Inc. | Yes | 225 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Capital goods | Norican Global A/S | Yes | 366 | Denmark | Europe | |||||||||||||
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. | 610 | 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. | - | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Consumer products | Isagenix Worldwide Inc., | - | 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 | 1,820 | Luxembourg | Europe | ||||||||||||||
B- | Outlook negative | Consumer products | Knowlton Development Corp. Inc., | Knowlton Development HoldCo, Inc | 1,534 | 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) | 463 | Netherlands | Europe | ||||||||||||||
B- | Outlook negative | Financial institutions | Albaraka Turk Katilim Bankasi AS | Al Baraka Banking Group B.S.C. | 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 | Forest products and building materials | Compact Bidco B.V. | Yes | 323 | Netherlands | Europe | |||||||||||||
B- | Outlook negative | Forest products and building materials | Ideal Standard International S.A. | Yes | 350 | Luxembourg | Europe | |||||||||||||
B- | Outlook negative | Health care | Alvogen Pharma US Inc., | Alvogen Lux Holdings S.a.r.l. | 961 | U.S. | U.S. | |||||||||||||
B- | Outlook negative | Health care | Lima Corporate S.p.a. | Yes | 296 | Italy | Europe | |||||||||||||
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. | 667 | Australia | Asia/Pacific | ||||||||||||||
B- | Outlook negative | Homebuilders/real estate companies | Diok Real Estate AG | Yes | 269 | Germany | Europe | |||||||||||||
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. | 1,064 | 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 | 1,078 | Netherlands | Europe | ||||||||||||||
B- | Outlook negative | Media and entertainment | International Park Holdings B.V. | 722 | Spain | Europe | ||||||||||||||
B- | Outlook negative | Media and entertainment | Lindblad Expeditions Holdings Inc. | 760 | U.S. | U.S. | ||||||||||||||
B- | Outlook negative | Media and entertainment | Peak Jersey Holdco Ltd. | 928 | Jersey | Europe | ||||||||||||||
B- | Outlook negative | Media and entertainment | Piolin Bidco S.A.U. | 1,045 | 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 | Hanjin International Corp. | Korean Air Lines Co. Ltd. | 344 | Korea, Republic of | Asia/Pacific | |||||||||||||
B- | Outlook negative | Media and entertainment | TEG Pty Ltd. | 770 | Australia | Asia/Pacific | ||||||||||||||
B- | Outlook negative | Metals, mining, and steel | Tacora Resources Inc. | 225 | Canada | Canada | ||||||||||||||
B- | Outlook negative | Retail/restaurants | Kirk Beauty 2 Beteiligungs GmbH and Co. KG | Yes | 3,519 | 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+ | CreditWatch negative | Consumer products | JHW Alphia Holdings Inc. | Yes | 285 | U.S. | U.S. | |||||||||||||
CCC+ | CreditWatch negative | Financial institutions | Credivalores - Crediservicios SAS | Yes | 625 | Colombia | Latin America | |||||||||||||
CCC+ | CreditWatch negative | Media and entertainment | PlayPower Holdings Inc. | 400 | 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 | 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 | 664 | Luxembourg | Europe | ||||||||||||||
CCC+ | Outlook negative | Capital goods | Praesidiad Group Ltd. | 343 | 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 | 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 | CoolSys Inc., | Yes | 440 | 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 | 440 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Consumer products | Missouri TopCo Ltd. | 584 | 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 | SIRVA Inc. | 850 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Financial institutions | Altisource Portfolio Solutions S.A. | 412 | Luxembourg | Europe | ||||||||||||||
CCC+ | Outlook negative | Health care | Alcami Corp. | 1,425 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Health care | BVI Holdings Mayfair Ltd. | 653 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook negative | Health care | Endo International PLC | 31,558 | Ireland | Europe | ||||||||||||||
CCC+ | Outlook negative | Health care | Femur Buyer Inc., | 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 | 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., | 699 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | Codere Luxembourg 2 S.a.r.l | Codere New TopCo S.A. | 744 | Luxembourg | Europe | |||||||||||||
CCC+ | Outlook negative | Media and entertainment | Comet Bidco Ltd. | 825 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | CWT Travel Group Inc., | 715 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | Diamond Sports Holdings LLC | Sinclair Broadcast Group Inc. | 8,722 | 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 | iQor Holdings Inc. | 395 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | Lakeland Holdings, LLC | 200 | 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 | Monitronics International Inc. | 923 | U.S. | U.S. | ||||||||||||||
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 | 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 | 767 | U.K. | Europe | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | WeWork Companies LLC | 702 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | Spectacle Bidco Holdings Inc. | 1,232 | Canada | Canada | ||||||||||||||
CCC+ | Outlook negative | Media and entertainment | Universal Entertainment Corp. | 760 | Japan | Asia/Pacific | ||||||||||||||
CCC+ | Outlook negative | Metals, mining, and steel | Conuma Resources Ltd. | 200 | Canada | Canada | ||||||||||||||
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 | HGIM Corp. | 350 | U.S. | U.S. | ||||||||||||||
CCC+ | Outlook negative | Oil and gas | PGS ASA | - | Norway | Europe | ||||||||||||||
CCC+ | Outlook negative | Oil and gas | Ensign Drilling Inc. | Ensign Energy Services Inc. | 700 | Canada | Canada | |||||||||||||
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 | 722 | 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 | 1,132 | 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 | Ellaktor S.A. | 722 | Greece | Europe | ||||||||||||||
CCC+ | Outlook negative | Utilities | ESKOM Holdings SOC Ltd. | 5,115 | South Africa | Eastern Europe/Middle East/Africa | ||||||||||||||
CCC | CreditWatch negative | Financial institutions | Belagroprombank JSC | Yes | - | Belarus | Eastern Europe/Middle East/Africa | |||||||||||||
CCC | CreditWatch negative | Health care | Envision Healthcare Corp. | Envision Healthcare Holdings Inc. | Yes | 7,570 | U.S. | U.S. | ||||||||||||
CCC | CreditWatch negative | Oil and gas | DTEK Renewables B.V. | - | Netherlands | Europe | ||||||||||||||
CCC | CreditWatch negative | Retail/restaurants | Eurotorg LLC | Eurotorg Holding PLC | Yes | 300 | Belarus | Eastern Europe/Middle East/Africa | ||||||||||||
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 | Capital goods | The Cleaver-Brooks Co. Inc., | Yes | 375 | 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 | Boardriders Inc., | 861 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products | CatLuxe Sarl | CatLuxe Acquistion Sarl | 232 | Luxembourg | Europe | |||||||||||||
CCC | Outlook negative | Consumer products | Frigoglass SAIC | Yes | 280 | Greece | 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 | NSA International, LLC | Yes | 450 | 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 | Premier Brands Group Holdings LLC | 325 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Consumer products | Rodan & Fields, LLC | 600 | 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. | 64 | U.K. | Europe | ||||||||||||||
CCC | Outlook negative | Forest products and building materials | PT Sawit Sumbermas Sarana Tbk | - | Indonesia | Asia/Pacific | ||||||||||||||
CCC | Outlook negative | Health care | BW Homecare Holdings LLC | 855 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Health care | Vyaire Medical Inc., | 360 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | High technology | 4L Topco Corp. | Yes | 80 | U.S. | U.S. | |||||||||||||
CCC | Outlook negative | Media and entertainment | AVSC Holding Corp. | 2,506 | U.S. | U.S. | ||||||||||||||
CCC | Outlook negative | Media and entertainment | Cineworld Group PLC | 5,391 | U.K. | Europe | ||||||||||||||
CCC | Outlook negative | Media and entertainment | Data Axle Inc. | 250 | 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. | 216 | 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 | Outlook negative | Utilities | Talen Energy Supply LLC | Talen Energy Corp. | Yes | 6,329 | U.S. | U.S. | ||||||||||||
CCC- | CreditWatch negative | Chemicals, packaging, and environmental services | Schur Flexibles GmbH | 512 | Germany | Europe | ||||||||||||||
CCC- | Outlook negative | Automotive | SK HoldCo LLC | 1,525 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Consumer products | PetroChoice Holdings Inc., | 435 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Consumer products | Revlon Inc. | 2,750 | U.S. | U.S. | ||||||||||||||
CCC- | Outlook negative | Consumer products | Takko Fashion S.a.r.l. | 550 | 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 | Metals, mining, and steel | Mountain Province Diamonds Inc. | 660 | Canada | Canada | ||||||||||||||
CC | Outlook negative | Homebuilders/real estate companies | R&F Properties (HK) Co. Ltd. | Guangzhou R&F Properties Co. Ltd. | Yes | - | Hong Kong | Asia/Pacific | ||||||||||||
CC | Outlook negative | Media and entertainment | Safari Beteiligungs Gmbh | 377 | Germany | Europe | ||||||||||||||
CC | Outlook negative | Transportation | SAS AB | - | Sweden | Europe | ||||||||||||||
Data as of April 25, 2022. Country is based on location of incorporation. Source: S&P Global Ratings Research. |
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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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