This Month In Credit: Data Companion

In This List

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Credit Trends: U.S. Corporate Bond Yields As Of March 29, 2023

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This Month In Credit: 2023 Data Companion

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Default, Transition, and Recovery: 2022 Annual Japanese Structured Finance Default And Rating Transition Study

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Default, Transition, and Recovery: 2022 Annual Japanese Corporate And Public Finance Default And Rating Transition Study

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27 Jan, 2023 | 17:57
United States of America, Latin America, EMEA, APAC, APAC, Canada

Sector Default Transition & Recovery
Tags Americas Latin America APAC EMEA

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Table of Contents

This is a data companion to our new "This Month In Credit: Risk Remains For Weaker Borrowers Despite Cooling Inflation (January 2023)." It contains exclusively tables and charts that provide more granular and historical data on the credit trends, indicators, and insights described in that publication, including rating actions, outlooks, fallen angels, rising stars, weakest links, and the S&P Global U.S. distress ratio.

Rating Actions And Outlooks

Chart 1

Chart 2

Chart 3

Chart 4

Weakest Links

Chart 5

Chart 6

Table 1

Weakest Links By Region
As of Dec. 31, 2022
	Number of weakest links	Five-year average	10-year average	Total speculative-grade issuer count	Proportion of weakest links to speculative grade (%)	Weakest links distribution by region (%)	Weakest links distribution by region--12 months prior (%)
U.S.	195	193	149	1,457	13.4	70.7	63.3
Europe	55	44	33	585	9.4	19.9	23.7
Latin America	12	14	16	113	10.6	4.3	2.9
EEMEA	5	9	11	75	6.7	1.8	1.9
Canada	6	10	9	89	6.7	2.2	2.9
Asia-Pacific	3	9	8	59	5.1	1.1	5.3
Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative. EEMEA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Credit Research & Insights.

Table 2

Weakest Links
Sector/subsector	Issuer	Rating	CreditWatch negative/negative outlook	New to the list this month	Country	Region	Debt amount (mil. US$)
Aerospace & defense	Dynasty Acquisition Co. Inc.	B-	Negative		U.S.	U.S.	2,340
Aerospace & defense	PM General Purchaser LLC	B-	Negative	Yes	U.S.	U.S.	600
Automotive	American Auto Auction Group LLC	B-	Negative		U.S.	U.S.	750
Automotive	Bright Bidco B.V.	B-	Negative		Netherlands	Europe	300
Automotive	Holley Inc.	B-	Negative		U.S.	U.S.	657
Capital goods	ASP Unifrax Holdings Inc.	B-	Negative		U.S.	U.S.	2,679
Capital goods	CIRCOR International Inc.	B-	Negative		U.S.	U.S.	530
Capital goods	Electro Rent Corp.	B-	Negative		U.S.	U.S.	710
Capital goods	Hyster-Yale Materials Handling Inc.	B-	Negative		U.S.	U.S.	225
Capital goods	Novafives	B-	Negative		France	Europe	759
Capital goods	OT Merger Corp.	B-	Negative		U.S.	U.S.	1,150
Capital goods	Peacock Intermediate Holding II L.P.	B-	Negative		U.S.	U.S.	1,025
Capital goods	SPX FLOW Inc.	B-	Negative		U.S.	U.S.	2,110
CP&ES	Ignition Topco B.V.	B-	Negative		Netherlands	Europe	0
CP&ES	Innovative Chemical Products Group	B-	Negative		U.S.	U.S.	1,330
CP&ES	Schoeller Packaging B.V.	B-	Negative		Netherlands	Europe	266
CP&ES	SK Neptune Husky Intermediate IV S.a r.l.	B-	Negative		Switzerland	Europe	0
CP&ES	Tosca Services LLC	B-	Negative		U.S.	U.S.	627
Consumer products	Armorica Lux S.a.r.l.	B-	Negative		Luxembourg	Europe	356
Consumer products	Badger Finance LLC	B-	Negative		U.S.	U.S.	1,180
Consumer products	City Brewing Co. LLC	B-	Negative		U.S.	U.S.	850
Consumer products	Dodge Construction Network LLC	B-	Negative	Yes	U.S.	U.S.	585
Consumer products	Edward Don & Co. Holdings LLC	B-	Negative		U.S.	U.S.	210
Consumer products	H-Food Holdings LLC	B-	Negative		U.S.	U.S.	3,979
Consumer products	Inmar Inc.	B-	Negative		U.S.	U.S.	1,340
Consumer products	Keter Group B.V.	B-	Watch Neg		Netherlands	Europe	3,468
Consumer products	La Financiere Atalian SAS	B-	Watch Neg	Yes	France	Europe	1,306
Consumer products	New Trojan Parent Inc.	B-	Negative		U.S.	U.S.	715
Consumer products	SWF Holdings I Corp.	B-	Negative		U.S.	U.S.	2,250
Consumer products	Veregy Intermediate Inc.	B-	Negative	Yes	U.S.	U.S.	291
Financial institutions	Banco Agricola S.A.	B-	Negative		El Salvador	Latin America	0
Financial institutions	Curo Group Holdings Corp.	B-	Negative		U.S.	U.S.	1,000
Financial institutions	LD Holdings Group LLC	B-	Negative		U.S.	U.S.	1,100
Financial institutions	TMX Finance LLC	B-	Negative		U.S.	U.S.	900
Financial institutions	World Acceptance Corp.	B-	Negative		U.S.	U.S.	300
Forest	Compact Bidco B.V.	B-	Negative		Netherlands	Europe	319
Health care	Alvogen Pharma US Inc.	B-	Negative		U.S.	U.S.	1,793
Health care	Cano Health Inc.	B-	Negative		U.S.	U.S.	1,124
Health care	Carestream Health Inc.	B-	Negative		U.S.	U.S.	541
Health care	Lima Corporate SpA	B-	Negative		Italy	Europe	292
Health care	National Mentor Holdings Inc.	B-	Negative		U.S.	U.S.	2,095
Health care	Premier Dental Services Inc.	B-	Negative	Yes	U.S.	U.S.	1,536
Health care	Radiology Partners Holdings LLC	B-	Negative		U.S.	U.S.	3,435
Health care	Zotec Partners LLC	B-	Negative		U.S.	U.S.	309
High technology	Cardinal Parent Inc.	B-	Negative		U.S.	U.S.	687
High technology	Creation Technologies Inc.	B-	Negative		U.S.	U.S.	455
High technology	East West Manufacturing LLC	B-	Negative		U.S.	U.S.	365
High technology	Electronics for Imaging Inc.	B-	Negative		U.S.	U.S.	875
High technology	Geophysical Substrata Ltd.	B-	Negative		British Virgin Islands	Europe	266
High technology	Imperva Inc.	B-	Negative		U.S.	U.S.	1,197
High technology	Intermedia Holdings Inc.	B-	Negative		U.S.	U.S.	269
High technology	MYOB Group Co. Pty Ltd.	B-	Negative		Australia	Asia/Pacific	655
High technology	Quest Software US Holdings Inc.	B-	Negative		U.S.	U.S.	3,575
High technology	Red IntermediateCo LLC	B-	Negative		U.S.	U.S.	740
High technology	Redstone Buyer LLC	B-	Negative	Yes	U.S.	U.S.	2,000
High technology	Tegra118 Wealth Solutions Inc.	B-	Negative		U.S.	U.S.	315
High technology	Triton UK Midco Ltd.	B-	Negative	Yes	U.K.	Europe	305
High technology	Veritas Holdings Ltd.	B-	Negative		Bermuda	U.S.	7,318
Home/RE	Empire Communities Corp.	B-	Negative	Yes	Canada	Canada	575
Home/RE	Marera Investment Group Ltd.	B-	Negative		Cyprus	Europe	0
Home/RE	Washington Prime Group LLC	B-	Negative	Yes	U.S.	U.S.	1,262
Insurance	One Call Corp.	B-	Negative		U.S.	U.S.	700
Media & entertainment	ConvergeOne Holdings Inc.	B-	Negative		U.S.	U.S.	1,385
Media & entertainment	CoreLogic Inc.	B-	Negative	Yes	U.S.	U.S.	5,250
Media & entertainment	EagleView Technology Corp.	B-	Negative		U.S.	U.S.	800
Media & entertainment	International Park Holdings B.V.	B-	Negative		Spain	Europe	658
Media & entertainment	Lereta LLC	B-	Negative		U.S.	U.S.	250
Media & entertainment	Peak Jersey Holdco Ltd.	B-	Negative		Jersey	Europe	800
Media & entertainment	Red Planet Intermediate LLC	B-	Negative		U.S.	U.S.	1,400
Media & entertainment	Salem Media Group Inc.	B-	Negative	Yes	U.S.	U.S.	370
Media & entertainment	Screenvision LLC	B-	Negative		U.S.	U.S.	350
Media & entertainment	Zephyr Midco 2 Ltd.	B-	Negative		U.K.	Europe	2,162
Midstream	Southeast Supply Header LLC	B-	Negative		U.S.	U.S.	400
Oil & gas	Tullow Oil PLC	B-	Negative		U.K.	Europe	2,600
Retail	At Home Group Inc.	B-	Negative		U.S.	U.S.	1,400
Retail	Empire Today LLC	B-	Negative		U.S.	U.S.	595
Retail	Farfetch Ltd.	B-	Negative	Yes	U.K.	Europe	400
Retail	JOANN Inc.	B-	Negative		U.S.	U.S.	675
Retail	Kirk Beauty 2 Beteiligungs GmbH and Co. KG	B-	Negative		Germany	Europe	3,547
Retail	Michaels Cos. Inc. (The)	B-	Negative		U.S.	U.S.	4,100
Telecommunications	Connect Holding II LLC	B-	Negative		U.S.	U.S.	4,485
Telecommunications	DISH Network Corp.	B-	Negative		U.S.	U.S.	22,500
Telecommunications	Mavenir Private Holdings II Ltd.	B-	Negative		U.K.	Europe	585
Telecommunications	ORBCOMM Inc.	B-	Negative		U.S.	U.S.	360
Telecommunications	Syniverse Corp.	B-	Negative		U.S.	U.S.	1,025
Telecommunications	Tele Columbus AG	B-	Negative		Germany	Europe	491
Transportation	ENC Parent Corp.	B-	Negative		U.S.	U.S.	680
Transportation	LaserShip Inc.	B-	Negative		U.S.	U.S.	880
Transportation	Western Global Airlines Inc.	B-	Negative	Yes	U.S.	U.S.	400
Utilities	Freeport LNG Investments L.P.	B-	Negative		U.S.	U.S.	2,331
Utilities	Guacolda Energia S.A.	B-	Negative		Chile	Latin America	500
Automotive	Cooper-Standard Holdings Inc.	CC	Negative		U.S.	U.S.	990
Consumer products	Frigoglass SAIC	CC	Negative		Greece	Europe	276
Financial institutions	Belagroprombank JSC	CC	Negative		Belarus	Eastern Europe/Middle East/Africa	0
Financial institutions	JSC Savings Bank Belarusbank	CC	Negative		Belarus	Eastern Europe/Middle East/Africa	0
High technology	Avaya Holdings Corp.	CC	Negative		U.S.	U.S.	2,943
Home/RE	Adler Group S.A.	CC	Negative		Luxembourg	Europe	4,567
Media & entertainment	AMC Entertainment Holdings Inc.	CC	Negative	Yes	U.S.	U.S.	6,207
Automotive	Accuride Corp.	CCC	Negative		U.S.	U.S.	363
Automotive	McLaren Group Ltd.	CCC	Watch Neg		U.K.	Europe	620
Automotive	Wheel Pros Inc.	CCC	Negative		U.S.	U.S.	1,540
Capital goods	Arvos LuxCo S.a.r.l.	CCC	Negative		Luxembourg	Europe	0
Capital goods	Range Parent Inc.	CCC	Negative		U.S.	U.S.	620
Capital goods	Yak Access LLC	CCC	Negative		U.S.	U.S.	860
CP&ES	Anchor Glass Container Corp.	CCC	Negative		U.S.	U.S.	857
CP&ES	Flint HoldCo S.a r.l.	CCC	Negative		Luxembourg	Europe	2,616
CP&ES	Hoffmaster Group Inc.	CCC	Negative		U.S.	U.S.	547
CP&ES	Strategic Materials Holding Corp.	CCC	Negative		U.S.	U.S.	315
Consumer products	Boardriders Inc.	CCC	Negative		U.S.	U.S.	861
Consumer products	CatLuxe Sarl	CCC	Negative		Luxembourg	Europe	228
Consumer products	China Dili Group	CCC	Negative		Cayman Islands	U.S.	0
Consumer products	KCIBT Holdings L.P.	CCC	Negative		U.S.	U.S.	1,124
Consumer products	NSA International LLC	CCC	Negative		U.S.	U.S.	450
Consumer products	Outerstuff LLC	CCC	Negative		U.S.	U.S.	155
Consumer products	pH Beauty Holdings I Inc.	CCC	Negative		U.S.	U.S.	340
Consumer products	Premier Brands Group Holdings LLC	CCC	Negative		U.S.	U.S.	325
Consumer products	Stitch Acquisition Corp.	CCC	Watch Neg		U.S.	U.S.	370
Consumer products	TMK Hawk Parent Corp.	CCC	Negative		U.S.	U.S.	936
Consumer products	Wahoo Fitness Acquisition LLC	CCC	Negative		U.S.	U.S.	225
Financial institutions	Arab Tunisian Bank	CCC	Negative		Tunisia	Eastern Europe/Middle East/Africa	16
Financial institutions	Banque de Tunisie et des Emirats	CCC	Negative		Tunisia	Eastern Europe/Middle East/Africa	0
Health care	Air Methods Corp.	CCC	Negative		U.S.	U.S.	1,810
Health care	Envision Healthcare Corp.	CCC	Negative		U.S.	U.S.	13,547
Health care	Genesis Care Pty Ltd.	CCC	Negative		Australia	Asia/Pacific	1,561
Health care	Quincy Health LLC	CCC	Negative		U.S.	U.S.	732
Health care	Vyaire Medical Inc.	CCC	Negative		U.S.	U.S.	360
High technology	4L Topco Corp.	CCC	Negative		U.S.	U.S.	80
Home/RE	ESPG AG	CCC	Negative		Germany	Europe	266
Media & entertainment	Bioplan USA Inc.	CCC	Negative		U.S.	U.S.	699
Media & entertainment	CareerBuilder LLC	CCC	Negative		U.S.	U.S.	415
Media & entertainment	Codere Luxembourg 2 S.a.r.l	CCC	Negative		Luxembourg	Europe	0
Media & entertainment	Hornblower HoldCo LLC	CCC	Negative		U.S.	U.S.	655
Media & entertainment	Lucky Bucks LLC	CCC	Negative		U.S.	U.S.	555
Media & entertainment	National CineMedia Inc.	CCC	Negative		U.S.	U.S.	1,220
Media & entertainment	Photo Holdings LLC	CCC	Negative		U.S.	U.S.	3,290
Media & entertainment	SP PF Buyer LLC	CCC	Negative	Yes	U.S.	U.S.	744
Media & entertainment	Vericast Corp.	CCC	Negative		U.S.	U.S.	2,781
Metals, mining, & steel	Conuma Resources Ltd.	CCC	Negative		Canada	Canada	200
Metals, mining, & steel	Mongolian Mining Corp.	CCC	Negative		Cayman Islands	U.S.	880
Oil & gas	Nine Energy Service Inc.	CCC	Negative		U.S.	U.S.	400
Oil & gas	Transocean Ltd.	CCC	Negative		Switzerland	Europe	8,892
Oil & gas	Vantage Drilling International	CCC	Negative		Cayman Islands	U.S.	300
Retail	Party City Holdings Inc.	CCC	Negative		U.S.	U.S.	1,712
Retail	Rising Tide Holdings Inc.	CCC	Negative	Yes	U.S.	U.S.	520
Telecommunications	Cyxtera Technologies Inc.	CCC	Negative		U.S.	U.S.	915
Telecommunications	Dawn Acquisitions LLC	CCC	Negative		U.S.	U.S.	550
Telecommunications	Logix Intermediate Holding Corp.	CCC	Negative		U.S.	U.S.	250
Automotive	K&N Parent Inc.	CCC-	Negative		U.S.	U.S.	345
Capital goods	Ahern Rentals Inc.	CCC-	Negative		U.S.	U.S.	550
Consumer products	KNB Holdings Corp.	CCC-	Negative		U.S.	U.S.	295
Consumer products	Missouri TopCo Ltd.	CCC-	Negative		U.K.	Europe	518
Consumer products	Rodan & Fields LLC	CCC-	Negative		U.S.	U.S.	600
Consumer products	Serta Simmons Bedding LLC	CCC-	Negative		U.S.	U.S.	8,851
Consumer products	Takko Fashion S.a.r.l.	CCC-	Negative		Luxembourg	Europe	542
Financial institutions	Ravnaq-bank Private Open Joint-Stock Commercial Bank	CCC-	Negative		Uzbekistan	Eastern Europe/Middle East/Africa	0
Media & entertainment	All Day AcquisitionCo LLC	CCC-	Negative		U.S.	U.S.	200
Media & entertainment	Data Axle Inc.	CCC-	Watch Neg		U.S.	U.S.	250
Media & entertainment	Diamond Sports Holdings LLC	CCC-	Negative		U.S.	U.S.	8,722
Media & entertainment	Equinox Holdings Inc.	CCC-	Negative		U.S.	U.S.	1,285
Media & entertainment	Exela Technologies Inc.	CCC-	Negative		U.S.	U.S.	2,109
Oil & gas	DTEK Renewables B.V.	CCC-	Watch Neg		Netherlands	Europe	0
Retail	Burger BossCo Intermediate Inc.	CCC-	Negative		U.S.	U.S.	193
Retail	Foodco Bondco SAU	CCC-	Negative		Spain	Europe	712
Telecommunications	Oi S.A.	CCC-	Negative		Brazil	Latin America	2,534
Aerospace & defense	API Holdings III Corp.	CCC+	Negative	Yes	U.S.	U.S.	245
Aerospace & defense	F-Brasile SpA	CCC+	Negative		Italy	Europe	1,010
Aerospace & defense	Forming Machining Industries Holdings LLC	CCC+	Negative		U.S.	U.S.	320
Aerospace & defense	New Constellis Borrower LLC	CCC+	Negative		U.S.	U.S.	260
Aerospace & defense	Triumph Group Inc.	CCC+	Negative		U.S.	U.S.	1,725
Aerospace & defense	Wesco Aircraft Holdings Inc.	CCC+	Negative		U.S.	U.S.	2,075
Aerospace & defense	WP CPP Holdings LLC	CCC+	Negative		U.S.	U.S.	1,606
Automotive	Adler Pelzer Holding GmbH	CCC+	Negative		Germany	Europe	451
Automotive	Carvana Co.	CCC+	Negative		U.S.	U.S.	5,725
Automotive	IXS Holdings Inc.	CCC+	Negative		U.S.	U.S.	620
Automotive	New SK HoldCo Inc.	CCC+	Negative		U.S.	U.S.	803
Automotive	Power Stop LLC	CCC+	Negative		U.S.	U.S.	395
Automotive	Standard Profil Automotive GmbH	CCC+	Negative		Germany	Europe	292
Capital goods	Brand Industrial Services Inc.	CCC+	Negative		U.S.	U.S.	3,825
Capital goods	Mangrove Luxco III Sarl	CCC+	Negative		Luxembourg	Europe	654
Capital goods	Norican Global A/S	CCC+	Watch Neg		Denmark	Europe	361
Capital goods	Praesidiad Group Ltd.	CCC+	Negative		U.K.	Europe	338
Capital goods	QualTek LLC	CCC+	Negative		U.S.	U.S.	380
Capital goods	Victory Buyer LLC	CCC+	Negative		U.S.	U.S.	525
Capital goods	Wastequip LLC	CCC+	Negative		U.S.	U.S.	0
Capital goods	Wittur International Holding GmbH	CCC+	Negative		Germany	Europe	696
CP&ES	FXI Holdings Inc.	CCC+	Negative		U.S.	U.S.	2,075
CP&ES	Grupo IDESA, S.A. de C.V.	CCC+	Negative		Mexico	Latin America	300
CP&ES	Transcendia Holdings Inc.	CCC+	Negative		U.S.	U.S.	405
CP&ES	Venator Materials PLC	CCC+	Negative		U.K.	Europe	2,624
CP&ES	Zep Inc.	CCC+	Negative		U.S.	U.S.	725
Consumer products	8th Avenue Food & Provisions Inc.	CCC+	Negative		U.S.	U.S.	750
Consumer products	Amphora Intermediate II Ltd.	CCC+	Negative		U.K.	Europe	725
Consumer products	Anastasia Holdings LLC	CCC+	Negative		U.S.	U.S.	650
Consumer products	Arctic Glacier Group Holdings Inc.	CCC+	Watch Neg		U.S.	U.S.	880
Consumer products	Biscuit Holding S.A.S.	CCC+	Negative		France	Europe	855
Consumer products	Blue Ribbon LLC	CCC+	Negative		U.S.	U.S.	368
Consumer products	CoolSys Inc.	CCC+	Negative		U.S.	U.S.	440
Consumer products	Halo Buyer Inc.	CCC+	Negative		U.S.	U.S.	440
Consumer products	Instant Brands Holdings Inc.	CCC+	Negative		U.S.	U.S.	450
Consumer products	INW Manufacturing LLC	CCC+	Negative		U.S.	U.S.	440
Consumer products	Journey Personal Care Holdings Ltd.	CCC+	Negative		U.K.	Europe	650
Consumer products	KAMC Holdings Inc.	CCC+	Negative		U.S.	U.S.	445
Consumer products	MVK Intermediate Holdings LLC	CCC+	Negative		U.S.	U.S.	335
Consumer products	Never Slip Topco Inc.	CCC+	Negative		U.S.	U.S.	283
Consumer products	Output Services Group Inc.	CCC+	Negative		U.S.	U.S.	343
Consumer products	P&L Development Holdings LLC	CCC+	Negative		U.S.	U.S.	465
Consumer products	Sierra Enterprises LLC	CCC+	Negative		U.S.	U.S.	282
Consumer products	Traeger Inc.	CCC+	Negative		U.S.	U.S.	510
Consumer products	Weber Inc.	CCC+	Negative		U.S.	U.S.	1,500
Financial institutions	Altisource Portfolio Solutions S.A.	CCC+	Negative		Luxembourg	Europe	412
Financial institutions	Banco De Galicia Y Buenos Aires S.A.U.	CCC+	Negative		Argentina	Latin America	250
Financial institutions	Banco Patagonia S.A.	CCC+	Negative		Argentina	Latin America	0
Financial institutions	Credivalores - Crediservicios SAS	CCC+	Negative		Colombia	Latin America	300
Financial institutions	Mexarrend S.A.P.I. de C.V.	CCC+	Watch Neg		Mexico	Latin America	300
Financial institutions	TortoiseEcofin Parent Holdco LLC	CCC+	Negative		U.S.	U.S.	318
Forest	Glatfelter Corp.	CCC+	Negative		U.S.	U.S.	500
Forest	Werner FinCo LP	CCC+	Negative	Yes	U.S.	U.S.	625
Health care	BVI Holdings Mayfair Ltd.	CCC+	Negative		U.K.	Europe	643
Health care	Femur Buyer Inc.	CCC+	Negative		U.S.	U.S.	485
Health care	Greenway Health LLC	CCC+	Negative		U.S.	U.S.	530
Health care	Lannett Co. Inc.	CCC+	Negative		U.S.	U.S.	350
Health care	Medical Depot Holdings Inc.	CCC+	Negative		U.S.	U.S.	689
Health care	Symplr Software Intermediate Holdings Inc.	CCC+	Negative		U.S.	U.S.	0
Health care	Team Health Holdings Inc.	CCC+	Negative		U.S.	U.S.	9,849
Health care	TecoStar Holdings Inc.	CCC+	Negative		U.S.	U.S.	950
High technology	Casa Systems Inc.	CCC+	Watch Neg		U.S.	U.S.	300
High technology	Finastra Ltd.	CCC+	Negative		Cayman Islands	U.S.	34,952
High technology	Mitel Networks (International) Ltd.	CCC+	Negative		U.K.	Europe	2,237
High technology	SuperMoose Newco Inc.	CCC+	Negative		U.S.	U.S.	1,335
Home/RE	Five Point Holdings LLC	CCC+	Negative		U.S.	U.S.	1,200
Home/RE	IRSA Inversiones y Representaciones S.A.	CCC+	Negative		Argentina	Latin America	360
Media & entertainment	Audacy Inc.	CCC+	Negative		U.S.	U.S.	1,780
Media & entertainment	Beasley Broadcast Group Inc.	CCC+	Negative		U.S.	U.S.	300
Media & entertainment	Castle Intermediate Holding V Ltd.	CCC+	Negative	Yes	U.K.	Europe	2,326
Media & entertainment	Centerfield Media Parent Inc.	CCC+	Negative	Yes	U.S.	U.S.	785
Media & entertainment	Comet Bidco Ltd.	CCC+	Negative		U.K.	Europe	799
Media & entertainment	CWT Travel Group Inc.	CCC+	Negative		U.S.	U.S.	715
Media & entertainment	Dice Acquico	CCC+	Negative		Germany	Europe	274
Media & entertainment	Digital Media Solutions Inc.	CCC+	Negative		U.S.	U.S.	225
Media & entertainment	Enjoy S.A.	CCC+	Negative		Chile	Latin America	211
Media & entertainment	Hurtigruten Group AS	CCC+	Negative		Norway	Europe	1,105
Media & entertainment	iQor Holdings Inc.	CCC+	Negative		U.S.	U.S.	395
Media & entertainment	Lakeland Holdings LLC	CCC+	Negative		U.S.	U.S.	200
Media & entertainment	Learfield Communications LLC	CCC+	Negative		U.S.	U.S.	1,089
Media & entertainment	Loyalty Ventures Inc.	CCC+	Negative		U.S.	U.S.	500
Media & entertainment	Monitronics International Inc.	CCC+	Negative		U.S.	U.S.	823
Media & entertainment	New Insight Holdings Inc.	CCC+	Negative	Yes	U.S.	U.S.	3,675
Media & entertainment	PlayPower Holdings Inc.	CCC+	Negative		U.S.	U.S.	410
Media & entertainment	Richmond UK Holdco Ltd.	CCC+	Negative		U.K.	Europe	1,625
Media & entertainment	Spanish Broadcasting System Inc.	CCC+	Negative		U.S.	U.S.	310
Media & entertainment	Technicolor Creative Studios SA	CCC+	Negative		France	Europe	659
Media & entertainment	Tribe Buyer LLC	CCC+	Negative		U.S.	U.S.	400
Media & entertainment	Universal Entertainment Corp.	CCC+	Negative		Japan	Asia/Pacific	760
Media & entertainment	WeWork Cos. LLC	CCC+	Negative		U.S.	U.S.	702
Metals, mining, & steel	Gopher Resource LLC	CCC+	Negative	Yes	U.S.	U.S.	510
Metals, mining, & steel	IAMGOLD Corp.	CCC+	Negative		Canada	Canada	450
Metals, mining, & steel	Tacora Resources Inc.	CCC+	Watch Neg		Canada	Canada	225
Midstream	NGL Energy Partners L.P.	CCC+	Negative		U.S.	U.S.	7,300
Oil & gas	Ensign Energy Services Inc.	CCC+	Negative		Canada	Canada	700
Oil & gas	W&T Offshore Inc.	CCC+	Negative		U.S.	U.S.	625
Retail	99 cents only stores LLC	CCC+	Negative		U.S.	U.S.	350
Retail	Belk Inc.	CCC+	Negative		U.S.	U.S.	1,223
Retail	Carrols Restaurant Group Inc.	CCC+	Negative		U.S.	U.S.	800
Retail	GPS Hospitality Holding Co. LLC	CCC+	Negative		U.S.	U.S.	400
Retail	Moran Foods LLC	CCC+	Negative		U.S.	U.S.	334
Retail	Rite Aid Corp.	CCC+	Negative		U.S.	U.S.	2,169
Telecommunications	Aventiv Technologies LLC	CCC+	Negative	Yes	U.S.	U.S.	1,665
Telecommunications	Radiate Holdco LLC	CCC+	Negative	Yes	U.S.	U.S.	9,940
Telecommunications	Telesat Canada	CCC+	Negative	Yes	Canada	Canada	6,717
Telecommunications	U.S. TelePacific Holdings Corp.	CCC+	Negative		U.S.	U.S.	655
Transportation	Neovia Logistics L.P.	CCC+	Negative	Yes	U.S.	U.S.	248
Transportation	Toro Private Holdings I Ltd.	CCC+	Negative		U.K.	Europe	3,680
Transportation	URS Holdco Inc.	CCC+	Negative		U.S.	U.S.	747
Utilities	AES Argentina Generacion S.A	CCC+	Negative		Argentina	Latin America	300
Utilities	Empresa Distribuidora Y Comercializadora Norte S.A.	CCC+	Negative		Argentina	Latin America	0
Utilities	Epic Crude Services L.P.	CCC+	Negative		U.S.	U.S.	1,175
Data as of Dec. 31, 2022. Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate cos. Retail--Retail & restaurants. Source: S&P Global Ratings Credit Research & Insights.

S&P Global U.S. Distress Ratio

Chart 7

Table 3

Distribution Of S&P Global U.S. Distress Ratio By Industry
As of Dec. 31, 2022
Sector	Distress ratio (%)	Debt-based distress ratio (%)	Number of distressed issues	U.S. distress ratio (previous month) (%)	Number of distressed issues (previous month)	Monthly change in distress ratio (%)	Monthly change in number of distressed issues
Aerospace & defense	13.9	8.2	5	8.3	3	5.6	2
Automotive	13.4	19.8	9	13.4	9	0.0	0
Capital goods	15.5	11.8	9	14.3	8	1.2	1
CP&ES	10.3	8.6	11	9.3	10	0.9	1
Consumer products	4.5	3.6	6	4.5	6	0.0	0
Financial institutions	3.5	7.1	10	3.2	9	0.3	1
Forest	6.3	6.1	4	10.9	7	(4.7)	(3)
Health care	19.0	16.4	16	19.0	16	0.0	0
High technology	11.6	12.3	10	11.4	10	0.3	0
Home/RE	9.3	7.6	7	9.3	7	0.0	0
Insurance	5.9	2.6	2	5.9	2	0.0	0
Media & entertainment	9.0	9.4	25	8.4	24	0.6	1
Oil & gas	1.1	0.6	2	1.1	2	0.0	0
Retail	16.1	14.5	20	12.8	16	3.3	4
Telecommunications	13.7	14.6	14	8.5	9	5.2	5
Transportation	10.8	6.9	4	10.8	4	0.0	0
Utilities	2.0	1.0	3	2.0	3	0.0	0
Note: S&P Global U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues. Debt-based distress ratio is based on the amount associated with distressed issues in the U.S. distress ratio, divided by the total debt outstanding of speculative-grade issues. CP&E--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate cos. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 4

List of Distressed Credits By Issuers
As of Dec. 31, 2022
Sector	Company	Issuer ratings are for a related entity	Issue count	Outstanding amount (mil. $)	Rating	Outlook/CreditWatch
Aerospace & defense	PM General Purchaser LLC		1	600.0	B-	Negative
Aerospace & defense	Triumph Group Inc.		1	500.0	CCC+	Negative
Aerospace & defense	Wesco Aircraft Holdings Inc.		3	1,052.6	CCC+	Negative
Automotive	Carvana Co.		5	5,725.0	CCC+	Negative
Automotive	Cooper-Standard Automotive Inc.	Cooper-Standard Holdings Inc.,	1	400.0	CC	Negative
Automotive	Ford Motor Co.		2	1,550.0	BB+	Positive
Automotive	Wheel Pros Inc.		1	365.0	CCC	Negative
Capital goods	Aptim Corp.		1	515.0	CCC+	Stable
Capital goods	Artera Services LLC		1	986.0	CCC+	Stable
Capital goods	ASP Unifrax Holdings Inc.		1	400.0	B-	Negative
Capital goods	Brand Industrial Services Inc.		1	1,000.0	CCC+	Negative
Capital goods	JPW Industries Holdings Corp.	JPW Industries Lux Acquisitions Holdings S.a.r.l.	2	280.0	B	Stable
Capital goods	OT Merger Corp.		1	300.0	B-	Negative
Capital goods	Park-Ohio Industries Inc.		2	350.0	B-	Stable
CP&ES	Cornerstone Chemical Co.		1	450.0	B-	Stable
CP&ES	FXI Holdings Inc.		2	1,266.5	CCC+	Negative
CP&ES	GPD Cos. Inc.	GPD Companies Parent Inc.	1	485.0	B-	Stable
CP&ES	Iris Holding Inc.		1	400.0	B	Negative
CP&ES	Kobe US Midco 2 Inc.	Aruba Investments Holdings LLC,	1	200.0	B-	Stable
CP&ES	PECF USS Intermediate Holding III Corp.		1	550.0	CCC+	Stable
CP&ES	PMHC II Inc.		1	756.0	B-	Stable
CP&ES	Schenectady International Group Inc.	SK Mohawk Holdings SARL,	1	300.0	B-	Stable
CP&ES	Venator Materials LLC	Venator Materials PLC	2	600.0	CCC+	Negative
Consumer products	H-Food Holdings LLC		1	350.0	B-	Negative
Consumer products	P&L Development LLC	P&L Development Holdings LLC,	1	465.0	CCC+	Negative
Consumer products	Signal Parent Inc.		1	300.0	B-	Stable
Consumer products	SWF Holdings I Corp.		1	625.0	B-	Negative
Consumer products	TKC Holdings Inc.		1	675.0	B-	Stable
Consumer products	WW International Inc.		1	500.0	B-	Stable
Financial institutions	CNG Holdings Inc.		1	259.0	CCC+	Stable
Financial institutions	Cobra AcquisitionCo LLC		1	400.0	B	Negative
Financial institutions	Coinbase Global Inc.		2	2,000.0	BB	Negative
Financial institutions	Curo Group Holdings Corp.		1	1,000.0	B-	Negative
Financial institutions	Innovate Corp.		1	330.0	B-	Stable
Financial institutions	LD Holdings Group LLC		2	1,100.0	B-	Negative
Financial institutions	Navient Corp.		1	300.0	BB-	Stable
Financial institutions	World Acceptance Corp.		1	300.0	B-	Negative
Forest	BCPE Ulysses Intermediate Inc.	LBM Acquisition LLC,	1	400.0	B-	Stable
Forest	LBM Acquisition LLC		1	820.0	B-	Stable
Forest	Victors Intermediate Holding II Corp.	ACProducts Inc.,	1	550.0	B-	Stable
Forest	Werner FinCo L.P.		1	265.0	CCC+	Negative
Health care	Bausch Health Americas Inc.	Bausch Health Companies Inc.	2	1,398.5	CCC+	Stable
Health care	Cano Health LLC	Cano Health Inc.,	1	300.0	B-	Negative
Health care	CHS/Community Health Systems Inc.	Community Health Systems Inc.	3	2,837.1	B-	Stable
Health care	Emergent BioSolutions Inc.		1	450.0	B+	Negative
Health care	Envision Healthcare Corp.		1	1,026.4	CCC	Negative
Health care	Global Medical Response Inc.		1	600.0	B-	Stable
Health care	Lannett Co. Inc.		1	350.0	CCC+	Negative
Health care	LifePoint Health Inc.		2	1,925.0	B	Negative
Health care	Radiology Partners Inc.	Radiology Partners Holdings LLC,	2	1,510.0	B-	Negative
Health care	Team Health Holdings Inc.		1	714.4	CCC+	Negative
Health care	U.S. Renal Care Inc.		1	505.0	CCC+	Stable
High technology	Avaya Inc.		1	750.0	CC	Negative
High technology	CommScope Inc.		2	1,700.0	B-	Stable
High technology	CommScope Technologies LLC	CommScope Holding Co. Inc.,	1	750.0	B-	Stable
High technology	GoTo Group Inc.		1	750.0	B	Negative
High technology	Newfold Digital Holdings Group Inc.		1	685.0	B	Stable
High technology	Pitney Bowes Inc.		1	375.0	BB	Negative
High technology	Rackspace Technology Global Inc.		2	1,100.0	B-	Stable
High technology	Veritas US Inc.	Veritas Holdings Ltd.	1	1,750.0	B-	Negative
Home/RE	Adams Homes Inc.		1	225.0	B	Stable
Home/RE	Diversified Healthcare Trust		4	1,350.0	B	Negative
Home/RE	Five Point Operating Co. L.P.	Five Point Holdings LLC,	1	600.0	CCC+	Negative
Home/RE	K. Hovnanian Enterprises Inc.	Hovnanian Enterprises Inc.	1	90.0	B-	Stable
Insurance	Assurant Inc.		1	250.0	BBB	Stable
Insurance	Unum Group		1	300.0	BBB	Stable
Media & entertainment	Allen Media LLC		1	640.0	B-	Stable
Media & entertainment	AMC Entertainment Holdings Inc.		4	2,571.3	CC	Negative
Media & entertainment	AMC Entertainment Inc.	AMC Entertainment Holdings Inc.	1	98.3	CC	Negative
Media & entertainment	AMC Networks Inc.		1	800.0	BB-	Negative
Media & entertainment	Audacy Capital Corp.		2	1,010.0	CCC+	Negative
Media & entertainment	Beasley Mezzanine Holdings LLC		1	295.0	CCC+	Negative
Media & entertainment	Castle US Holding Corp.	Castle Intermediate Holding V Ltd.	1	300.0	CCC+	Negative
Media & entertainment	Centerfield Media Parent Inc.		1	785.0	CCC+	Negative
Media & entertainment	Clear Channel Outdoor Holdings Inc.		2	2,050.0	CCC+	Stable
Media & entertainment	CMG Media Corp.		1	1,015.0	B	Stable
Media & entertainment	Diamond Sports Group LLC		2	4,783.5	CCC-	Negative
Media & entertainment	Empire Resorts Inc.		1	300.0	B+	Stable
Media & entertainment	National CineMedia LLC		2	630.0	CCC	Negative
Media & entertainment	Shutterfly LLC		1	750.0	CCC	Negative
Media & entertainment	Skillz Inc.		1	300.0	CCC+	Stable
Media & entertainment	Spanish Broadcasting System Inc.		1	310.0	CCC+	Negative
Media & entertainment	Staples Inc.		1	1,000.0	B	Stable
Media & entertainment	WeWork Cos. LLC		1	669.0	CCC+	Negative
Oil & gas	Global Marine Inc.	Transocean Ltd.	1	261.2	CCC	Negative
Oil & gas	KLX Energy Services Holdings Inc.		1	250.0	CCC+	Stable
Retail	99 cents only stores LLC		1	350.0	CCC+	Negative
Retail	At Home Group Inc.		1	500.0	B-	Negative
Retail	Fossil Group Inc.		1	125.0	B	Stable
Retail	GPS Hospitality Holding Co. LLC		1	400.0	CCC+	Negative
Retail	Guitar Center Inc.		1	550.0	B	Stable
Retail	Liberty Interactive LLC	Qurate Retail Inc.,	4	1,253.2	B+	Stable
Retail	Michaels Cos. Inc. (The)		1	1,300.0	B-	Negative
Retail	Party City Holdings Inc.		2	807.3	CCC	Negative
Retail	QVC Inc.		5	2,335.0	B+	Stable
Retail	Rite Aid Corp.		3	1,343.3	CCC+	Negative
Telecommunications	CSC Holdings LLC		3	5,620.9	B+	Negative
Telecommunications	DISH DBS Corp.		2	2,998.8	B-	Negative
Telecommunications	Embarq Corp.	Connect Holding II LLC	1	1,437.3	B-	Negative
Telecommunications	Qwest Corp.	Lumen Technologies Inc.,	2	1,425.0	BB-	Stable
Telecommunications	Radiate Holdco LLC		2	1,900.0	CCC+	Negative
Telecommunications	United States Cellular Corp.		3	1,500.0	BB	Stable
Telecommunications	Zayo Group Holdings Inc.		1	1,080.0	B-	Stable
Transportation	Azul Investments LLP	Azul S.A.	2	1,000.0	CCC+	Stable
Transportation	Carriage Purchaser Inc.		1	300.0	B	Stable
Transportation	Western Global Airlines Inc.		1	400.0	B-	Negative
Utilities	CSI Compressco L.P.		1	155.0	B-	Stable
Utilities	NGL Energy Finance Corp.	NGL Energy Partners LP	2	712.4	CCC+	Negative
Note: S&P Global U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues. CP&E--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate cos. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Fallen Angels And Rising Stars

Chart 8

Chart 9

Chart 10

Chart 11

Table 5

Fallen Angels In 2022
Date	Issuer	To	From	Sector/subsector	Country	Rated debt affected (mil. $)
16-Feb-22	Las Vegas Sands Corp.	BB+	BBB-	Media/entertainment	U.S	10,450
25-Feb-22	Russian Federation	BB+	BBB-	Sovereign	Russia	33,738
28-Feb-22	Gazprombank JSC	BB+	BBB-	Financial institutions	Russia	121
7-Mar-22	Sovcomflot PAO	CCC-	BBB-	Transportation	Russia	1,180
7-Mar-22	NLMK PJSC	CCC-	BBB-	Metals, mining, & steel	Russia	1,200
7-Mar-22	Severstal PAO	CCC-	BBB-	Metals, mining, & steel	Russia	1,500
7-Mar-22	PhosAgro PJSC	CCC-	BBB-	CP&ES	Russia	2,000
7-Mar-22	MMC Norilsk Nickel PJSC	CCC-	BBB-	Metals, mining, & steel	Russia	5,750
7-Mar-22	RusHydro PJSC	CCC-	BBB-	Oil & gas	Russia	527
7-Mar-22	NOVATEK PJSC	CCC-	BBB	Oil & gas	Russia	2,000
7-Mar-22	Gazprom PJSC	CCC-	BBB-	Oil & gas	Russia	45,644
7-Mar-22	Russian Railways JSC	CCC-	BBB-	Transportation	Russia	6,712
7-Mar-22	Holding Co. Metalloinvest JSC	CCC-	BBB-	Metals, mining, & steel	Russia	650
15-Mar-22	Petroleos del Peru Petroperu S.A.	BB+	BBB-	Oil & gas	Peru	2,000
1-Apr-22	Steelcase Inc.	BB+	BBB-	Consumer products	U.S.	450
23-May-22	UPL Corp. Ltd. (UPL Ltd)	BB+	BBB-	CP&ES	Mauritius	1,200
4-Jul-22	Crown Resorts Ltd.	BB-	BBB	Media/entertainment	Australia	619
13-Jul-22	Atos SE	BB	BBB-	High technology	France	1,916
2-Sep-22	Li & Fung Ltd.	BB+	BBB-	Consumer products	Bermuda	2,250
16-Sep-22	Kohl's Corp.	BB+	BBB-	Retail	U.S.	3,700
23-Sep-22	Anadolu Efes Biracilik ve Malt Sanayii AS	BB+	BBB-	Consumer products	Turkey	1,500
7-Oct-22	Tengizchevroil LLP (Chevron Corporation)	BB+	BBB-	Oil & gas	Kazakhstan	2,250
21-Oct-22	Citrix Systems Inc.	B	BBB	High technology	U.S.	750
22-Dec-22	SL Green Realty Corp.	BB+	BBB-	Home/RE	U.S.	9,000
Data as of Dec. 31, 2022. Note: 12 of the fallen angels in 2022 were Russian entities downgraded in the wake of the Russia-Ukraine conflict. All Russian ratings were subsequently withdrawn in April, in compliance with EU sanctions. Fallen angels are defined as investment-grade issuers that have been downgraded to speculative grade (i.e., from 'BBB-' or above to 'BB+' or below) with valid debt outstanding at the time of the rating action. Valid debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a fallen angel, only the parent is counted. CP&E--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate cos. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 6

Rising Stars In 2022
Date	Issuer	To	From	Sector/subsector	Country	Rated debt affected (mil. $)
5-Jan-22	Magellan Health Inc.	BBB-	BB+	Insurance	U.S.	400
6-Jan-22	CIT Group Inc. (First Citizens BancShares, Inc.)	BBB+	BB+	Financial institutions	U.S.	5,126
28-Jan-22	Western Midstream Operating L.P.	BBB-	BB+	Utilities	U.S.	7,620
4-Feb-22	MasTec Inc.	BBB-	BB+	Capital goods	U.S.	600
11-Feb-22	Newell Brands Inc.	BBB-	BB+	Consumer products	U.S.	7,310
24-Feb-22	Targa Resources Corp.	BBB-	BB+	Utilities	U.S.	16,446
25-Feb-22	Texas Capital Bancshares Inc.	BBB-	BB+	Financial institutions	U.S.	1,100
11-Mar-22	Kraft Heinz Co. (The)	BBB-	BB+	Consumer products	U.S.	25,334
28-Mar-22	EQT Corp.	BBB-	BB+	Utilities	U.S.	5,260
11-Apr-22	OCI N.V.	BBB-	BB+	CP&ES	Netherlands	2,031
11-Apr-22	Yamana Gold Inc.	BBB-	BB+	Metals, mining, & steel	Canada	1,550
13-Apr-22	Huntsman Corp.	BBB-	BB+	CP&ES	U.S.	1,877
18-Apr-22	VICI Properties Inc.	BBB-	BB	Media & entertainment	U.S.	4,750
28-Apr-22	Gold Fields Ltd.	BBB-	BB+	Metals, mining, & steel	South Africa	1,000
3-May-22	Continental Resources Inc.	BBB-	BB+	Oil & gas	U.S.	8,500
18-May-22	Essential Properties Realty Trust Inc.	BBB-	BB+	Home/RE	U.S.	400
25-May-22	HCA Healthcare Inc.	BBB-	BB+	Health care	U.S.	44,194
2-Jun-22	JBS S.A. (J&F Investimentos S.A.)	BBB-	BB+	Consumer products	Brazil	18,850
2-Jun-22	Emaar Properties PJSC	BBB-	BB+	Home/RE	U.A.E	5,000
7-Jun-22	Autostrade per I'Italia SpA (Atlantia SpA)	BBB-	BB	Utilities	Italy	11,967
5-Aug-22	T-Mobile US Inc. (Deutsche Telekom AG)	BBB-	BB+	Telecommunications	U.S.	76,930
11-Aug-22	DCP Midstream L.P. (Phillips 66)	BBB-	BB+	Utilities	U.S.	5,575
19-Sep-22	Orano	BBB-	BB+	Oil & Gas	France	3,007
6-Oct-22	Tesla Inc.	BBB	BB+	Automotive	U.S.	1,840
7-Oct-22	Infrastructure and Energy Alternatives Inc. (MasTec Inc.)	BBB-	B+	Capital goods	U.S.	300
7-Nov-22	Cheniere Energy Inc.	BBB	BB+	Utilities	U.S.	28,153
11-Nov-22	Convatec Group Plc	BBB-	BB+	Health care	U.K	500
21-Nov-22	Axis Bank Ltd.	BBB-	BB+	Financial institutions	India	95
25-Nov-22	Ibercaja Banco S.A. (Caja de Ahorros y Monte de Piedad de Zaragoza, Aragon y Rioja (IBERCAJA))	BBB-	BB+	Financial institutions	Spain	1,919
19-Dec-22	Hyatt Hotels Corp.	BBB-	BB+	Media & entertainment	U.S.	3,400
Data as of Dec. 31, 2022. Note: Rising stars are defined as speculative-grade issuers that have been upgraded to investment grade (i.e., from 'BB+' and below to 'BBB-' and above) with valid debt outstanding at the time of the rating action. Valid debt includes issuer level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a rising star, only the parent is counted. CP&E--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate cos. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 7

Potential Fallen Angels
As of Dec. 31, 2022
Sector/subsector	Issuer	CreditWatch negative/negative outlook	New to the list this month	Country	Debt amount (mil. US$)
Home/RE	Altarea SCA	Negative		France	1,919
Financial institutions	AmFam Holdings Inc.	Negative		U.S.	1,000
Financial institutions	Argo Group International Holdings Ltd.	Negative		U.S.	275
Aerospace & defense	Boeing Co.	Negative		U.S.	57,473
Financial institutions	China Bohai Bank Co. Ltd.	Negative		China	300
Financial institutions	CI Financial Corp.	Negative		Canada	2,634
Consumer products	Conagra Brands Inc.	Negative		U.S.	11,758
Utilities	Eesti Energia AS	Negative		Estonia	533
Sovereign	Emirate of Sharjah	Negative		U.A.E.	14,050
Utilities	EP INFRASTRUCTURE A S	Negative		Czech Republic	2,505
Telecommunications	Eutelsat Communications S.A.	Watch neg		France	2,984
Financial institutions	Far East Horizon Ltd.	Negative	New	Hong Kong	1,515
Capital goods	Fluor Corp.	Negative		U.S.	1,633
Home/RE	Globalworth Real Estate Investments Ltd.	Negative		Guernsey	426
Home/RE	GLP Pte. Ltd.	Negative		Singapore	3,863
Transportation	GXO Logistics Inc.	Negative		U.S.	800
Aerospace & defense	Huntington Ingalls Industries Inc.	Negative		U.S.	2,150
Midstream	Inter Pipeline Ltd.	Negative		Canada	5,196
Financial institutions	Intercorp Financial Services Inc.	Negative		Peru	1,300
Media & entertainment	JCDecaux S.A.	Negative		France	3,411
Media & entertainment	Jinjiang International Holding Co. Ltd.	Negative		China	533
Capital goods	KION Group AG	Watch neg		Germany	533
Home/RE	Longfor Group Holdings Ltd.	Negative		Cayman Islands	2,000
Consumer products	Meituan	Negative		Cayman Islands	2,000
Retail	Metro AG	Negative		Germany	1,172
Consumer products	Newell Brands Inc.	Negative		U.S.	6,560
Automotive	Nissan Motor Co. Ltd.	Negative		Japan	14,782
Utilities	Nova Scotia Power Inc.	Negative		Canada	2,056
Consumer products	Ocean Spray Cranberries Inc.	Negative		U.S.	150
Home/RE	Office Properties Income Trust	Negative		U.S.	2,500
Transportation	One Rail Australia Holdings Ltd.	Watch neg	New	Australia	411
Sovereign	Republic of Kazakhstan	Negative		Kazakhstan	8,845
Home/RE	Samhallsbyggnadsbolaget i Norden AB (publ)	Negative		Sweden	6,715
Oil & gas	SK Innovation Co. Ltd.	Negative		Korea	500
Utilities	South Staffordshire PLC	Negative		U.K.	276
Financial institutions	Sovereign Wealth Fund Samruk-Kazyna JSC	Negative		Kazakhstan	500
Financial institutions	Tanner Servicios Financieros S.A.	Negative		Chile	135
Telecommunications	Vantage Towers AG	Watch neg		Germany	2,345
Automotive	Zhejiang Geely Holding Group Co. Ltd.	Negative		China	3,130
Note: Potential fallen angels are defined as issuers rated 'BBB-' by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications, and which currently have rated debt outstanding. Debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a potential fallen angel, only the parent is counted. CP&E--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate cos. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 8

Potential Rising Stars
As of Dec. 31, 2022
Sector/subsector	Issuer	CreditWatch negative/negative outlook	New to the list this month	Country	Debt amount (mil. US$)
Metals, mining, & steel	Alcoa Corp.	Positive		U.S.	3,000
Oil & gas	Apache Corp.	Positive		U.S.	9,430
Media & entertainment	Aristocrat Leisure Ltd.	Positive		Australia	3,801
Media & entertainment	Belron Group S.A.	Positive	New	Luxembourg	4,509
Aerospace & defense	Booz Allen Hamilton Inc.	Positive		U.S.	3,368
Telecommunications	Cellnex Telecom S.A.	Positive		Spain	11,046
Media & entertainment	CoStar Group Inc.	Positive		U.S.	1,000
Midstream	Enlink Midstream LLC	Positive		U.S.	5,693
Automotive	Ford Motor Co.	Positive		U.S.	111,624
Media & entertainment	Host Hotels & Resorts Inc.	Positive		U.S.	4,150
Consumer products	ICON PLC	Positive		Ireland	6,015
Capital goods	Ingersoll Rand Inc.	Positive		U.S.	5,768
CP&ES	K+S Aktiengesellschaft	Positive		Germany	1,306
Aerospace & defense	Leonardo SpA	Positive		Italy	1,705
Automotive	Lithia Motors Inc.	Positive		U.S.	1,750
Financial institutions	LPL Holdings Inc.	Positive		U.S.	3,670
Media & entertainment	Mattel Inc.	Positive		U.S.	2,600
Metals, mining, & steel	Minsur S.A.	Positive		Peru	500
Financial institutions	MTB Magyar Takarekszovetkezeti Bank Zrt.	Positive	New	Hungary	1,055
Financial institutions	New York Community Bancorp Inc.	Positive		U.S.	1,040
Financial institutions	Newmark Group Inc.	Positive		U.S.	550
High technology	Nokia Corp.	Positive		Finland	3,665
CP&ES	Olin Corp.	Positive		U.S.	3,465
Transportation	RXO Inc.	Positive		U.S.	355
Financial institutions	Sagicor Financial Co. Ltd.	Positive		Bermuda	400
Utilities	Teollisuuden Voima Oyj	Positive		Finland	3,884
Capital goods	The Weir Group PLC	Positive		U.K.	800
Home/RE	Toll Brothers Inc.	Positive		U.S.	2,000
CP&ES	Verallia S.A.	Positive		France	1,066
Note: Potential rising stars are defined as issuers rated 'BB+' by S&P Global Ratings with positive outlooks or ratings on CreditWatch with positive implications, and which currently have debt outstanding. Debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a potential rising star, only the parent is counted. CP&E--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate cos. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Glossary And Abbreviations

Fallen angels

Issuers downgraded to speculative grade from investment grade.

Downgrade ratio

Percentage of downgrades to the total number of upgrades plus downgrades.

Investment grade

Issuers rated 'BBB-' or above.

Negative bias

Percentage of issuers with negative outlooks or ratings on CreditWatch negative.

Net outlook bias

Percentage of issuers with a positive bias minus those with a negative bias.

Positive bias

Percentage of issuers with positive outlooks or ratings on CreditWatch positive.

Potential downgrade

An issuer rated by S&P Global Ratings with a negative outlook or on CreditWatch negative.

Potential fallen angels

Issuers rated 'BBB-' with either negative outlooks or on CreditWatch negative.

Potential fallen angel ratio

The number of potential fallen angels divided by the population of issuers rated in the 'BBB' category.

Potential upgrade

An issuer rated by S&P Global Ratings with a positive outlook or on CreditWatch positive.

Rising stars

Issuers upgraded to investment grade from speculative grade.

Speculative grade

Issuers rated 'BB+' or below.

U.S. distress ratio

S&P Global U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues.

Weakest links

Financial and nonfinancial corporate issuers rated 'B-' and below with either negative outlooks or on CreditWatch negative.

Weakest links ratio

The number of weakest links divided by the total speculative-grade ratings population.

This report does not constitute a rating action.

Credit Research & Insights:	Evan M Gunter, Montgomery + 1 (212) 438 6412; evan.gunter@spglobal.com
	Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com
	Brenden J Kugle, Englewood + 1 (303) 721 4619; brenden.kugle@spglobal.com
	Patrick Drury Byrne, Dublin (00353) 1 568 0605; patrick.drurybyrne@spglobal.com
Research Contributors:	Tanya Dias, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Yogesh Kumar, CRISIL Global Analytical Center, an S&P affiliate, Mumbai
	Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai
	Vaishali Singh, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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