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Default, Transition, and Recovery: Weakest Links Jump As Rating Trends Turn Negative

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Default, Transition, and Recovery: Corporate Defaults In May Reach Highest Level Since October 2020

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Debt Restructuring Snapshot: Flexsys Holdings Inc.


Default, Transition, and Recovery: Weakest Links Jump As Rating Trends Turn Negative

The number of weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative rating outlooks or ratings on CreditWatch with negative implications) increased to 220 as of Sept. 15, 2022, from 202 in our July report. The increase stemmed from a rise in downgrades to 'B-' and a slowdown in upgrades from 'B-' (see chart 1). The negative bias (the proportion of ratings with negative outlooks or CreditWatch negative implications) for issuers rated 'B-' or lower also ticked up in this period, to 11% from 10%.

Weakest link default rates are on average 8x higher than overall speculative-grade ('BB+' or lower) default rates, so we could also see an increasing number of defaults ahead. Still, while weakest links are rising, they are only back to summer 2021 levels (see chart 2).

Chart 1

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Chart 2

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Positive credit momentum due to pent-up demand from the COVID-19 pandemic seems to be coming to an end, and the negative impact of persistently high inflation is bearing down on some sectors. The media and entertainment sector and consumer products sector led the recent increase in weakest links with six each, with some issuers in each sector facing higher input costs amid rising interest rates, contributing to increased cash flow pressure and tighter liquidity (see chart 3).

However, each sector's speculative-grade negative bias is still reflecting overall stability, with all sectors remaining well below their historical averages (see chart 4). But we don't expect overall credit stability to last, given projected slower economic activity, tighter financing conditions, and protracted inflationary pressures. Default rates across regions remain low but are expected to double to above 3% from their August 2022 levels by the middle of 2023. Worsening credit conditions will reflect margin erosion and, among lower-rated issuers, the inability to refinance debt or deal with increasing financing costs (see "Global Credit Conditions Q4 2022: Darkening Horizons," Sept. 29, 2022).

Chart 3

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Chart 4

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Chart 5

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Table 1

Weakest Links Are Below Long-Term Averages In All Regions Except Europe And EEMEA
Weakest links by region
Number of weakest links 5-year average 10-year average Total rated speculative-grade issuers % of weakest links among total speculative-grade issuers Current distribution by region (%) Distribution by region 12 months prior (%)
U.S. 144 192 146 1,497 9.6 65.5 64.0
Europe 43 43 32 578 7.4 19.5 22.3
EEMEA 10 9 11 75 13.3 4.5 1.7
Canada 8 10 9 88 9.1 3.6 4.1
Latin America 8 13 16 113 7.1 3.6 3.7
Asia-Pacific 7 10 8 65 10.8 3.2 4.1
EEMEA--Eastern Europe, Middle East, and Africa. Data as of Sept. 15, 2022. Source: S&P Global Ratings Research.

Table 2

Issuers Rated 'B-' Or Lower With Negative Rating Outlooks Or Ratings On CreditWatch With Negative Implications
Rating Outlook/CreditWatch placement Subsector Issuer Parent company New to the list this month Outlook/Credit Watch change Debt (mil. US$) Country Region
B- CreditWatch negative Consumer products

Ulker Biskuvi Sanayi A.S.

Yes 650 Turkey Eastern Europe/Middle East/Africa
B- Outlook negative Aerospace and defense

Dynasty Acquisition Co. Inc.

2,340 U.S. U.S.
B- Outlook negative Automotive

Adler Pelzer Holding GmbH

Yes 426 Germany Europe
B- Outlook negative Automotive

Power Stop LLC

Yes 395 U.S. U.S.
B- Outlook negative Automotive

Wheel Pros Inc.

1,540 U.S. U.S.
B- Outlook negative Capital goods

ASP Unifrax Holdings Inc.

2,660 U.S. U.S.
B- Outlook negative Capital goods

CIRCOR International Inc.

Yes 530 U.S. U.S.
B- Outlook negative Capital goods

Hyster-Yale Materials Handling Inc.

225 U.S. U.S.
B- Outlook negative Capital goods

Norican Global A/S

340 Denmark Europe
B- Outlook negative Capital goods

Peacock Intermediate Holding II L.P.

Yes 1,025 U.S. U.S.
B- Outlook negative Capital goods

Wittur International Holding GmbH

656 Germany Europe
B- Outlook negative Chemicals, packaging, and environmental services

Innovative Chemical Products Group

Yes 1,250 U.S. U.S.
B- Outlook negative Chemicals, packaging, and environmental services

Schoeller Packaging B.V.

Yes 250 Netherlands Europe
B- Outlook negative Chemicals, packaging, and environmental services

Venator Materials PLC

Yes 2,624 U.K. Europe
B- Outlook negative Consumer products

Blue Ribbon LLC

Blue Ribbon Intermediate Holdings LLC 368 U.S. U.S.
B- Outlook negative Consumer products

Boparan Holdings Ltd.

548 U.K. Europe
B- Outlook negative Consumer products

Edward Don & Co. Holdings LLC

210 U.S. U.S.
B- Outlook negative Consumer products

H-Food Holdings LLC

3,979 U.S. U.S.
B- Outlook negative Consumer products

Knowlton Development Corp. Inc.

Knowlton Development HoldCo Inc. 1,491 Canada Canada
B- Outlook negative Consumer products

Kronos Acquisition Holdings Inc.

2,070 U.S. U.S.
B- Outlook negative Consumer products

Stitch Acquisition Corp.

Yes 370 U.S. U.S.
B- Outlook negative Consumer products

SWF Holdings I Corp.

Yes 2,250 U.S. U.S.
B- Outlook negative Consumer products

Vincent Topco BV (NL)

431 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

LD Holdings Group LLC

Yes 1,100 U.S. U.S.
B- Outlook negative Financial institutions

TMX Finance LLC

Yes 900 U.S. U.S.
B- Outlook negative Forest products and building materials

Compact Bidco B.V.

300 Netherlands 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

Greenway Health LLC

530 U.S. U.S.
B- Outlook negative Health care

Lima Corporate SpA

275 Italy Europe
B- Outlook negative Health care

Symplr Software Intermediate Holdings Inc.

Yes - U.S. U.S.
B- Outlook negative High technology

Creation Technologies Inc.

Yes 455 U.S. U.S.
B- Outlook negative High technology

Imperva Inc.

1,197 U.S. U.S.
B- Outlook negative High technology

Intermedia Holdings Inc.

Yes 269 U.S. U.S.
B- Outlook negative High technology

MYOB Invest Co. Pty Ltd.

655 Australia Asia-Pacific
B- Outlook negative High technology

Veritas Holdings Ltd.

Yes 7,251 Bermuda U.S.
B- Outlook negative Homebuilders/real estate companies

China SCE Group Holdings Ltd.

Yes 500 Cayman Islands U.S.
B- Outlook negative Homebuilders/real estate companies

Diok Real Estate AG

250 Germany Europe
B- Outlook negative Homebuilders/real estate companies

Marera Investment Group Ltd.

Yes - Cyprus Europe
B- Outlook negative Media and entertainment

Beasley Broadcast Group Inc.

300 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

Digital Media Solutions Inc.

Yes 225 U.S. U.S.
B- Outlook negative Media and entertainment

EagleView Technology Corp.

800 U.S. U.S.
B- Outlook negative Media and entertainment

Global University Systems Holding B.V.

1,001 Netherlands Europe
B- Outlook negative Media and entertainment

International Park Holdings B.V.

621 Spain Europe
B- Outlook negative Media and entertainment

Lereta LLC

Yes 250 U.S. U.S.
B- Outlook negative Media and entertainment

Lindblad Expeditions Holdings Inc.

760 U.S. U.S.
B- Outlook negative Media and entertainment

Loyalty Ventures Inc.

Yes 500 U.S. U.S.
B- Outlook negative Media and entertainment

National CineMedia Inc.

Yes 1,220 U.S. U.S.
B- Outlook negative Media and entertainment

Peak Jersey Holdco Ltd.

800 Jersey Europe
B- Outlook negative Media and entertainment

Photo Holdings LLC

Yes 3,290 U.S. U.S.
B- Outlook negative Media and entertainment

Piolin Bidco S.A.U.

971 Spain Europe
B- Outlook negative Media and entertainment

Screenvision LLC

Yes 350 U.S. U.S.
B- Outlook negative Media and entertainment TEG Pty Ltd. 770 Australia Asia-Pacific
B- Outlook negative Metals, mining, and steel

IAMGOLD Corp.

450 Canada Canada
B- Outlook negative Metals, mining, and steel

Mongolian Mining Corp.

Yes 880 Cayman Islands U.S.
B- Outlook negative Metals, mining, and steel

Tacora Resources Inc.

225 Canada Canada
B- Outlook negative Midstream NGL Energy Partners LP Yes 7,300 U.S. U.S.
B- Outlook negative Oil and gas Tullow Oil PLC Yes 2,600 U.K. Europe
B- Outlook negative Retail/restaurants

BDF Acquisition Corp.

Yes 415 U.S. U.S.
B- Outlook negative Retail/restaurants

Empire Today LLC

Yes 595 U.S. U.S.
B- Outlook negative Retail/restaurants

GPS Hospitality Holding Co. LLC

400 U.S. U.S.
B- Outlook negative Retail/restaurants

JOANN Inc.

Yes 675 U.S. U.S.
B- Outlook negative Retail/restaurants

Kirk Beauty 2 Beteiligungs GmbH and Co. KG

3,344 Germany Europe
B- Outlook negative Telecommunications

Mavenir Private Holdings II Ltd.

Yes 585 U.K. Europe
B- Outlook negative Transportation

ENC Parent Corp.

Yes 680 U.S. U.S.
B- Outlook negative Transportation

IBC Capital Ltd.

Yes 765 Cayman Islands U.S.
B- Outlook negative Transportation

LaserShip Inc.

Yes 880 U.S. U.S.
B- Outlook negative Utilities

Freeport LNG Investments LLLP

Yes 2,331 U.S. U.S.
B- Outlook negative Utilities

Guacolda Energia S.A.

Yes 500 Chile Latin America
B- Outlook negative Utilities

Pakistan Water and Power Development Authority

Yes 500 Pakistan Asia-Pacific
CCC+ CreditWatch negative Consumer products

Weber Inc.

Yes 1,500 U.S. U.S.
CCC+ CreditWatch negative Financial institutions

Credivalores - Crediservicios SAS

300 Colombia Latin America
CCC+ CreditWatch negative Financial institutions

Mexarrend S.A.P.I. de C.V.

Yes 450 Mexico Latin America
CCC+ CreditWatch negative High technology

Diebold Nixdorf Inc.

3,142 U.S. U.S.
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

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

IXS Holdings Inc.

620 U.S. U.S.
CCC+ Outlook negative Automotive

McLaren Group Ltd.

620 U.K. Europe
CCC+ Outlook negative Automotive

New SK HoldCo Inc.

Carnelian Point Holdings, L.P. Yes 803 U.S. U.S.
CCC+ Outlook negative Automotive

Standard Profil Automotive GmbH

275 Germany Europe
CCC+ Outlook negative Capital goods

Brand Industrial Services Inc.

3,825 U.S. U.S.
CCC+ Outlook negative Capital goods

Mangrove Luxco III Sarl

617 Luxembourg Europe
CCC+ Outlook negative Capital goods

Praesidiad Group Ltd.

320 U.K. Europe
CCC+ Outlook negative Capital goods

QualTek LLC

380 U.S. U.S.
CCC+ Outlook negative Capital goods

Wastequip LLC

Patriot Container Corp. - 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

Grupo IDESA S.A. de C.V.

Yes 300 Mexico Latin America
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

Amphora Intermediate II Ltd.

Yes 695 U.K. Europe
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

CoolSys Inc.

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

KAMC Holdings Inc.

445 U.S. U.S.
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

Output Services Group Inc.

343 U.S. U.S.
CCC+ Outlook negative Consumer products

P&L Development Holdings LLC

465 U.S. U.S.
CCC+ Outlook negative Consumer products

pH Beauty Holdings I Inc.

340 U.S. U.S.
CCC+ Outlook negative Consumer products

Sierra Enterprises LLC

282 U.S. U.S.
CCC+ Outlook negative Consumer products

SIRVA Inc.

850 U.S. U.S.
CCC+ Outlook negative Consumer products

Traeger Inc.

Yes 510 U.S. U.S.
CCC+ Outlook negative Financial institutions

Altisource Portfolio Solutions S.A.

412 Luxembourg Europe
CCC+ Outlook negative Financial institutions

Ravnaq-bank Private Open Joint-Stock Commercial Bank

- Uzbekistan Eastern Europe/Middle East/Africa
CCC+ Outlook negative Health care

Alcami Corp.

1,425 U.S. U.S.
CCC+ Outlook negative Health care

BVI Holdings Mayfair Ltd.

606 U.K. 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 Health care

TecoStar Holdings Inc.

950 U.S. U.S.
CCC+ Outlook negative Homebuilders/real estate companies

Central China Real Estate Ltd.

Yes - Cayman Islands U.S.
CCC+ Outlook negative Homebuilders/real estate companies

IRSA Inversiones y Representaciones S.A.

Cresud S.A.C.I.F. y A. 360 Argentina Latin America
CCC+ Outlook negative Media and entertainment

Audacy Inc.

1,780 U.S. U.S.
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. 697 Luxembourg Europe
CCC+ Outlook negative Media and entertainment

Comet Bidco Ltd.

784 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

Dice Acquico

Dice Holdings S.a r.l. 259 Germany Europe
CCC+ Outlook negative Media and entertainment

Enjoy S.A.

211 Chile Latin America
CCC+ Outlook negative Media and entertainment

Hurtigruten Group AS

Silk Holdings Sarl 1,041 Norway Europe
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.

823 U.S. U.S.
CCC+ Outlook negative Media and entertainment

Tribe Buyer LLC

400 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. 3,400 U.S. U.S.
CCC+ Outlook negative Media and entertainment

WeWork Cos. LLC

702 U.S. U.S.
CCC+ Outlook negative Metals, mining, and steel

Phoenix Services International LLC

465 U.S. U.S.
CCC+ Outlook negative Oil and gas

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

Carrols Restaurant Group Inc.

800 U.S. U.S.
CCC+ Outlook negative Retail/restaurants

Foodco Bondco SAU

671 Spain Europe
CCC+ Outlook negative Retail/restaurants

L1R HB Finance Ltd.

935 U.K. Europe
CCC+ Outlook negative Retail/restaurants

Moran Foods LLC

SAL Acquisition Corp. 334 U.S. U.S.
CCC+ Outlook negative Retail/restaurants

Party City Holdings Inc.

PC Nextco Holdings LLC 1,712 U.S. U.S.
CCC+ Outlook negative Retail/restaurants

Quidditch Acquisition Inc.

204 U.S. U.S.
CCC+ Outlook negative Retail/restaurants

Rite Aid Corp.

2,169 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

Epic Crude Services L.P.

1,175 U.S. U.S.
CCC+ Outlook negative Utilities

Epic Y Grade Services L.P.

950 U.S. U.S.
CCC+ Outlook negative Utilities

ESKOM Holdings SOC Ltd.

5,027 South Africa Eastern Europe/Middle East/Africa
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 Automotive

Dayco LLC

- U.S. U.S.
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

Range Parent Inc.

Yes 620 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

Hoffmaster Group Inc.

547 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

Canopy Growth Corp.

750 Canada Canada
CCC Outlook negative Consumer products

CatLuxe Sarl

CatLuxe Acquistion Sarl 215 Luxembourg Europe
CCC Outlook negative Consumer products

Frigoglass SAIC

260 Greece Europe
CCC Outlook negative Consumer products

Isagenix Worldwide Inc.

- U.S. U.S.
CCC Outlook negative Consumer products

KCIBT Holdings L.P.

1,124 U.S. U.S.
CCC Outlook negative Consumer products

KNB Holdings Corp.

295 U.S. U.S.
CCC Outlook negative Consumer products

Missouri TopCo Ltd.

496 U.K. Europe
CCC Outlook negative Consumer products

NSA International LLC

450 U.S. U.S.
CCC Outlook negative Consumer products

Outerstuff LLC

155 U.S. U.S.
CCC Outlook negative Consumer products

Premier Brands Group Holdings LLC

325 U.S. U.S.
CCC Outlook negative Consumer products

TMK Hawk Parent Corp.

936 U.S. U.S.
CCC Outlook negative Consumer products

Wahoo Fitness Acquisition LLC

225 U.S. U.S.
CCC Outlook negative Financial institutions

Arab Tunisian Bank

Arab Bank Group 15 Tunisia Eastern Europe/Middle East/Africa
CCC Outlook negative Financial institutions

Banque de Tunisie et des Emirats

- Tunisia Eastern Europe/Middle East/Africa
CCC Outlook negative Health care

Envision Healthcare Corp.

Envision Healthcare Holdings Inc. Yes 11,095 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.

80 U.S. U.S.
CCC Outlook negative High technology

Mitel Networks (International) Ltd.

Yes 1,380 U.K. Europe
CCC Outlook negative Homebuilders/real estate companies

Adler Group S.A.

ADO Group Ltd. 4,305 Luxembourg Europe
CCC Outlook negative Homebuilders/real estate companies

PT Kawasan Industri Jababeka Tbk.

Yes 300 Indonesia Asia-Pacific
CCC Outlook negative Media and entertainment

CareerBuilder LLC

415 U.S. U.S.
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 Metals, mining, and steel

Conuma Resources Ltd.

200 Canada Canada
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

Vantage Drilling International

300 Cayman Islands U.S.
CCC Outlook negative Retail/restaurants

Bed Bath & Beyond Inc.

Yes 1,500 U.S. 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 Oil and gas

DTEK Renewables B.V.

- Netherlands Europe
CCC- CreditWatch negative Transportation

Fly Leasing Ltd.

Yes 391 Bermuda U.S.
CCC- Outlook negative Capital goods

Ahern Rentals Inc.

Yes 550 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

8,851 U.S. U.S.
CCC- Outlook negative Consumer products

Takko Fashion S.a.r.l.

511 Luxembourg Europe
CCC- Outlook negative Financial institutions

CORESTATE Capital Holding S.A.

501 Luxembourg Europe
CCC- Outlook negative Health care

BW Homecare Holdings LLC

855 U.S. U.S.
CCC- Outlook negative High technology

Avaya Holdings Corp.

2,943 U.S. U.S.
CCC- Outlook negative Homebuilders/real estate companies

Greenland Holding Group Co. Ltd.

Yes 600 China Asia-Pacific
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
CCC- Outlook negative Oil and gas

Transocean Ltd.

8,060 Switzerland Europe
CCC- Outlook negative Transportation

Ukrainian Railways JSC

Yes - Ukraine Eastern Europe/Middle East/Africa
CC CreditWatch negative Retail/restaurants

Eurotorg LLC

Eurotorg Holding PLC 300 Belarus Eastern Europe/Middle East/Africa
CC Outlook negative Chemicals, packaging, and environmental services

Schur Flexibles GmbH

476 Germany Europe
CC Outlook negative Financial institutions

Belagroprombank JSC

Yes - Belarus Eastern Europe/Middle East/Africa
CC Outlook negative Financial institutions

JSC Savings Bank Belarusbank

Republic of Belarus Yes - Belarus Eastern Europe/Middle East/Africa
CC Outlook negative Health care

Bausch Health Cos. Inc.

Yes 42,874 Canada Canada
CC Outlook negative Transportation

Neovia Logistics L.P.

Neovia Logistics Intermediate Holdings L.P. Yes 325 U.S. U.S.
Data as of Sept. 15, 2022. Source: S&P Global Ratings Research.

Related 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
Research Contributor:Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai

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