Key Takeaways
- The global weakest links total increased to 220 in September from 202 in July as downgrades to 'B-' increased amid deteriorating economic and credit conditions.
- Weakest links as a percentage of total speculative-grade issuers also increased to 9.1%, the highest level since August 2021.
- But while weakest links are rising again, they are only back to summer 2021 levels, and every corporate sector's speculative-grade negative bias is below the long-term average.
- Weakest links also remain below five-year averages in every region except Europe and EEMEA.
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
Chart 2
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
Chart 4
Chart 5
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
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- This Week In Credit: Ratings Pressure Builds As Markets Strain (Sept. 26, 2022), Sept. 26, 2022
- U.S. Defaults In August Alone Account For 25% Of Regional Year-To-Date Total, Sept. 19, 2022
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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