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In This List
COMMENTS

This Month In Credit: 2023 Data Companion

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Credit Trends: Global State Of Play: Strong Issuance Fuels Debt Growth

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CreditWeek: What Are The Biggest Risks To Global Credit As We Approach Year-End?

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Credit Cycle Indicator Q4 2024: Credit Recovery Prospects Are Mixed Across Markets

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Credit Trends: U.S. Corporate Bond Yields As Of Sept. 26, 2024


This Month In Credit: 2023 Data Companion

This is a data companion to our publication "This Month In Credit." This 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 S&P Global Ratings' U.S. distress ratio. Data in this publication has been updated through Dec. 31, 2023.

Rating Actions And Outlooks

Chart 1

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Chart 2

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Chart 3

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Chart 4

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Weakest Links

Chart 5

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Chart 6

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Table 1

Weakest links by region
As of Dec. 31, 2023
Weakest links (no.) Five-year average (no.) 10-year average (no.) Total speculative-grade issuer count (no.) Proportion of weakest links to speculative grade (%) Weakest links distribution by region (%) Weakest links distribution by region, 12 months prior (%)
U.S. 228 206 162 1,366 0.2 0.7 0.7
Europe 48 50 36 537 0.1 0.2 0.2
Latin America 19 16 16 102 0.2 0.1 0.0
Asia-Pacific 0 8 7 54 0.0 0.0 0.0
Canada 8 10 9 82 0.1 0.0 0.0
EEMEA 6 8 12 86 0.1 0.0 0.0
Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative. EEMEA--Eastern Europe, the Middle East, and Africa. Source: S&P Global Ratings Credit Research & Insights.

S&P Global Ratings' U.S. Distress Ratio

Chart 7

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Table 2

Distribution of S&P Global Ratings' U.S. distress ratio by industry
As of Dec. 31, 2023
Sector Distress ratio (%) Debt-based distress ratio (%) Distressed issues (no.) Distress ratio, previous month (%) Distressed issues, previous month (no.) Monthly change in distress ratio (%) Monthly change in distressed issues (no.)
Telecommunications 27.2 18.8 25 29.3 27 (2.2) (2)
Retail 11.3 9.2 14 10.5 13 0.8 1
Automotive 17.6 18.3 9 12.5 6 5.1 3
High technology 9.6 8.8 8 10.7 9 (1.1) (1)
Media and entertainment 6.0 4.8 16 6.4 17 (0.4) (1)
Health care 9.8 7.1 8 12.5 10 (2.7) (2)
Home/RE 9.6 7.7 7 6.8 5 2.7 2
CP&ES 7.4 5.8 8 10.1 11 (2.7) (3)
Insurance 5.4 2.2 2 5.7 2 (0.3) 0
Forest 1.5 0.0 1 6.0 4 (4.5) (3)
Consumer products 1.4 1.0 2 3.5 5 (2.1) (3)
Capital goods 3.1 1.7 2 3.1 2 0.0 0
Financial institutions 1.6 2.1 3 2.2 4 (0.6) (1)
Utilities 0.0 0.0 0 0.0 0 0.0 0
Oil and gas 0.5 0.3 1 0.5 1 0.0 0
Metals, mining, and steel 1.9 1.8 1 1.9 1 0.0 0
Transportation 2.5 1.9 1 2.4 1 0.1 0
Total 5.9 5.4 108 6.5 118 (0.6) (10)
Notes: S&P Global Ratings' 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. The 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&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Fallen Angels And Rising Stars

Chart 8

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Chart 9

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Chart 10

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Chart 11

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Appendix: Issuer Lists

Table 3

Weakest links
As of Dec. 31, 2023
Sector/subsector Issuer Rating CreditWatch negative/negative outlook New to the list this month Country/market Region Debt amount (mil. US$)
Aerospace and defense

API Holdings III Corp.

CCC+ Negative U.S. U.S. 265
Aerospace and defense

Cobham Ultra SunCo S.a.r.l.

B- Negative Luxembourg Europe 1,623
Aerospace and defense

Forming Machining Industries Holdings LLC

CCC Negative U.S. U.S. 320
Aerospace and defense

HDT HoldCo Inc.

CCC Negative U.S. U.S. 280
Aerospace and defense

New Constellis Borrower LLC (New Constellis Holdings Inc.)

CCC+ Negative U.S. U.S. 260
Aerospace and defense

WP CPP Holdings LLC

CCC+ Negative U.S. U.S. 1,606
Automotive

American Auto Auction Group LLC

B- Negative U.S. U.S. 750
Automotive

American Tire Distributors Inc.

B- Negative New U.S. U.S. 1,000
Automotive

Bright Bidco B.V.

CCC+ Negative Netherlands Europe 300
Automotive

Burgess Point Purchaser Corp.

B- Negative New U.S. U.S. 1,225
Automotive

Carvana Co.

CCC+ Negative U.S. U.S. 9,919
Automotive

Cooper-Standard Holdings Inc.

CCC+ Negative U.S. U.S. 1,337
Automotive

IXS Holdings Inc.

CCC+ Negative U.S. U.S. 620
Automotive

K&N Parent Inc.

CCC+ Negative U.S. U.S. 173
Automotive

McLaren Group Ltd.

CCC Negative U.K. Europe 620
Automotive

New SK HoldCo Inc. (Carnelian Point Holdings L.P.)

CCC+ Negative U.S. U.S. 803
Automotive

Superior Industries International Inc.

B- Negative New U.S. U.S. 676
Automotive

Wheel Pros Inc.

CCC+ Negative U.S. U.S. 3,062
Capital goods

Artera Services LLC

CCC+ Negative U.S. U.S. 3,952
Capital goods

Arvos LuxCo S.a.r.l.

CCC Negative Luxembourg Europe 0
Capital goods

ASP Unifrax Holdings Inc.

CCC+ Negative U.S. U.S. 2,693
Capital goods

CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A.

CCC- Negative Argentina Latin America 335
Capital goods

Electro Rent Corp.

B- Watch Neg U.S. U.S. 695
Capital goods

Form Technologies LLC

CCC+ Negative New U.S. U.S. 815
Capital goods

Great Lakes Dredge & Dock Corp.

CCC+ Negative U.S. U.S. 325
Capital goods

Husky Technologies Ltd.

B- Negative Canada Canada 3,200
Capital goods

LTI Holdings Inc.

B- Negative U.S. U.S. 2,140
Capital goods

Mangrove Luxco III

CCC+ Negative Luxembourg Europe 604
Capital goods

Novafives

B- Negative France Europe 790
Capital goods

OT Merger Corp.

CCC+ Negative U.S. U.S. 1,150
Capital goods

Peacock Intermediate Holding II L.P.

B- Negative U.S. U.S. 525
Capital goods

Sensience Inc.

CCC Negative U.S. U.S. 470
Capital goods

Tutor Perini Corp.

B- Negative U.S. U.S. 925
Capital goods

Victory Buyer LLC

CCC+ Negative U.S. U.S. 525
Capital goods

Wastequip LLC (Patriot Container Corp.)

CCC+ Negative U.S. U.S. 0
Consumer products

Amphora Intermediate II Ltd.

CCC+ Negative U.K. Europe 767
Consumer products

Anastasia Holdings LLC

CCC+ Negative U.S. U.S. 650
Consumer products

Arterra Wines Canada Inc. (Constellation Brands Canada Inc.)

B- Negative Canada Canada 544
Consumer products

Astro Intermediate Holding II Corp.

CCC Negative U.S. U.S. 0
Consumer products

Atlas CC Holding LLC

B- Negative U.S. U.S. 0
Consumer products

BCPE North Star Holdings L.P.

CCC+ Negative U.S. U.S. 1,173
Consumer products

City Brewing Co. LLC (Blue Ribbon Holdings LLC)

CCC Negative U.S. U.S. 850
Consumer products

Cobra Holdings Inc. (Mandolin Technology Holdings Inc.)

B- Negative U.S. U.S. 755
Consumer products

Conair Holdings LLC

B- Negative U.S. U.S. 1,270
Consumer products

CoolSys Inc.

CCC+ Negative U.S. U.S. 440
Consumer products

Dodge Construction Network LLC

B- Negative U.S. U.S. 585
Consumer products

Elevate Textiles Holding Corp.

B- Negative U.S. U.S. 354
Consumer products

EP Global Production Solutions LLC

B- Watch Neg U.S. U.S. 1,200
Consumer products

FFP Holdings Group Inc.

B- Negative U.S. U.S. 0
Consumer products

H-Food Holdings LLC

CCC Negative U.S. U.S. 3,979
Consumer products

Hunkemoller International B.V. (Shero Holdco B.V.)

CCC+ Negative Netherlands Europe 301
Consumer products

INW Manufacturing LLC

CCC Negative U.S. U.S. 440
Consumer products

KAMC Holdings Inc.

CCC+ Negative U.S. U.S. 445
Consumer products

KCIBT Holdings L.P.

CCC- Negative U.S. U.S. 1,124
Consumer products

Kernel Holding S.A.

CC Negative Ukraine Eastern Europe/Middle East/Africa 600
Consumer products

KNS Holdco LLC

B- Watch Neg New U.S. U.S. 587
Consumer products

La Financiere Atalian SAS

CCC Negative France Europe 1,364
Consumer products

Mad Engine Global LLC

CCC+ Negative U.S. U.S. 310
Consumer products

Never Slip Topco Inc.

CCC- Negative U.S. U.S. 283
Consumer products

New Trojan Parent Inc.

CCC- Negative U.S. U.S. 715
Consumer products

Olaplex

B- Negative U.S. U.S. 675
Consumer products

Oriflame Investment Holding PLC

CCC+ Negative Jersey Europe 826
Consumer products

P&L Development Holdings LLC

CCC+ Negative U.S. U.S. 465
Consumer products

Packers Holdings LLC

CCC Negative U.S. U.S. 1,240
Consumer products

PDC Wellness & Personal Care Co.

B- Negative U.S. U.S. 655
Consumer products

pH Beauty Holdings I Inc.

CCC Negative U.S. U.S. 340
Consumer products

Platform Bidco

B- Negative Ireland Europe 1,195
Consumer products

Premier Brands Group Holdings LLC

CCC Negative U.S. U.S. 325
Consumer products

Rodan & Fields LLC

CCC Negative U.S. U.S. 550
Consumer products

S.A. Usina Coruripe Acucar e Alcool

B- Negative Brazil Latin America 0
Consumer products

Saga PLC

B- Negative U.K. Europe 892
Consumer products

Sierra Enterprises LLC

CCC+ Negative U.S. U.S. 277
Consumer products

Signal Parent Inc.

B- Negative U.S. U.S. 1,080
Consumer products

SIRVA Inc.

B- Negative U.S. U.S. 550
Consumer products

Spin Holdco Inc.

CCC+ Negative New U.S. U.S. 4,000
Consumer products

Stitch Acquisition Corp.

CCC Negative U.S. U.S. 370
Consumer products

SWF Holdings I Corp.

CCC+ Negative U.S. U.S. 2,250
Consumer products

TKC Holdings Inc. (TKC Midco 1 LLC)

B- Negative U.S. U.S. 1,625
Consumer products

TMK Hawk Parent Corp.

CC Negative U.S. U.S. 936
Consumer products

Weber LLC

CCC+ Negative U.S. U.S. 1,500
Consumer products

Whole Earth Brands Inc.

B- Negative U.S. U.S. 375
Consumer products

Woof Intermediate Inc.

CCC+ Negative U.S. U.S. 1,124
Consumer products

YS Garments LLC

CCC Negative U.S. U.S. 330
CP&ES

Advancion Holdings LLC

B- Negative U.S. U.S. 1,507
CP&ES

Anchor Glass Container Corp.

CCC+ Negative U.S. U.S. 793
CP&ES

DCG Acquisition Corp.

B- Negative U.S. U.S. 865
CP&ES

FXI Holdings Inc.

CCC+ Negative U.S. U.S. 2,020
CP&ES

GPD Cos. Parent Inc.

B- Negative U.S. U.S. 0
CP&ES

Hexion Inc.

B- Negative New U.S. U.S. 1,825
CP&ES

Innovative Chemical Products Group

CCC+ Negative U.S. U.S. 1,250
CP&ES

Kronos Worldwide Inc.

CCC+ Negative U.S. U.S. 442
CP&ES

LTR Intermediate Holdings Inc.

B- Negative U.S. U.S. 560
CP&ES

Nitrogenmuvek Zrt.

CCC+ Watch Neg New Hungary Eastern Europe/Middle East/Africa 221
CP&ES

PECF USS Intermediate Holding III Corp.

CCC Negative U.S. U.S. 2,550
CP&ES

PMHC II Inc.

B- Negative U.S. U.S. 3,701
CP&ES

Rohm HoldCo II GmbH

B- Negative New Germany Europe 1,691
CP&ES

SK Mohawk Holdings S.a.r.l.

CCC Negative Germany Europe 3,550
CP&ES

Tosca Services LLC

CCC+ Negative U.S. U.S. 627
CP&ES

Transcendia Holdings Inc.

CCC- Negative U.S. U.S. 405
CP&ES

Trident TPI Holdings Inc.

B- Negative U.S. U.S. 4,435
CP&ES

Trinseo PLC

CCC+ Negative Ireland Europe 5,870
CP&ES

WIN Waste Innovations Holdings Inc.

CCC+ Negative U.S. U.S. 1,000
Financial institutions

AFE S.A.

CC Negative U.K. Europe 359
Financial institutions

Arab Tunisian Bank (Arab Bank Group)

CCC Negative Tunisia Eastern Europe/Middle East/Africa 15
Financial institutions

Avison Young (Canada) Inc.

CCC Negative Canada Canada 443
Financial institutions

Banco De Galicia Y Buenos Aires S.A.U.

CCC- Negative Argentina Latin America 250
Financial institutions

Banco Mercantil Santa Cruz S.A.

CCC+ Negative Bolivia Latin America 0
Financial institutions

Banco Patagonia S.A. (Banco do Brasil S.A.)

CCC- Negative Argentina Latin America 0
Financial institutions

Banque de Tunisie et des Emirats

CCC Negative Tunisia Eastern Europe/Middle East/Africa 0
Financial institutions

Cooperativa de Ahorro y Credito Fucerep

CCC+ Negative Uruguay Latin America 0
Financial institutions

Curo Group Holdings Corp.

CCC+ Negative U.S. U.S. 1,000
Financial institutions

Ecobank Nigeria Ltd. (Ecobank Transnational Inc.)

B- Negative New Nigeria Eastern Europe/Middle East/Africa 600
Financial institutions

Freedom Holding Corp.

B- Negative U.S. U.S. 0
Financial institutions

LD Holdings Group LLC

B- Negative U.S. U.S. 1,100
Financial institutions

Obra Capital Inc.

CCC Negative U.S. U.S. 275
Financial institutions

Operadora de Servicios Mega S.A. de C.V. SOFOM E.R.

CCC+ Negative Mexico Latin America 500
Financial institutions

Resolute Investment Managers Inc. (American Beacon Advisors Inc.)

CC Negative U.S. U.S. 641
Financial institutions

World Acceptance Corp.

B- Negative U.S. U.S. 300
Forest

ACProducts Inc. (Victors Intermediate Holding II Corp.)

CCC+ Negative U.S. U.S. 1,100
Forest

Apex Tool Group LLC

CCC+ Negative U.S. U.S. 1,205
Forest

Compact Bidco B.V.

CCC+ Negative Netherlands Europe 332
Forest

PHM Netherlands Midco B.V.

CCC+ Negative Netherlands Europe 2,147
Forest

Pixelle Specialty Solutions LLC (Spectrum Group Buyer Inc.)

B- Negative U.S. U.S. 0
Forest

Plaskolite PPC Intermediate II LLC (Plaskolite PPC Intermediate I LLC)

CCC+ Negative U.S. U.S. 767
Forest

Pro.Gest SpA

CCC Negative New Italy Europe 553
Forest

Werner FinCo L.P. (New Werner Holding Co. Inc.)

B- Negative U.S. U.S. 1,290
Health care

Alvogen Pharma US Inc. (Alvogen Lux Holdings S.a.r.l.)

B- Negative U.S. U.S. 1,793
Health care

AMT TopCo LLC

CCC Negative U.S. U.S. 280
Health care

ASP NAPA Intermediate Holdings LLC (ASP NAPA Holdings LLC)

B- Negative U.S. U.S. 610
Health care

Athenahealth Group Inc.

B- Negative U.S. U.S. 9,250
Health care

Athletico Holdings LLC

B- Negative U.S. U.S. 1,750
Health care

Bausch Health Cos. Inc.

CCC Negative Canada Canada 45,650
Health care

Bayou Topco Inc.

B- Negative U.S. U.S. 375
Health care

BVI Holdings Mayfair Ltd.

CCC+ Negative U.K. Europe 669
Health care

BW Homecare Holdings LLC

CCC+ Negative U.S. U.S. 2,392
Health care

Cano Health Inc.

CCC- Negative U.S. U.S. 1,274
Health care

Carestream Dental Technology Parent Ltd.

CCC Negative U.K. Europe 1,360
Health care

Carestream Health Inc.

B- Negative U.S. U.S. 541
Health care

Community Health Systems Inc.

CCC+ Negative U.S. U.S. 12,850
Health care

Covenant Surgical Partners Inc.

CCC+ Negative U.S. U.S. 430
Health care

Covis Finco S.a.r.l.

CCC- Negative Switzerland Europe 824
Health care

Curia Global Inc.

CCC+ Negative U.S. U.S. 1,190
Health care

DMG Practice Management Solutions LLC

B- Negative U.S. U.S. 1,119
Health care

Elevate PFS Parent Holdings Inc.

CCC+ Negative U.S. U.S. 0
Health care

Emergent BioSolutions Inc.

B- Negative U.S. U.S. 450
Health care

European Medco Development 3 S.a.r.l.

B- Negative Germany Europe 0
Health care

Exactech Inc.

CCC Negative U.S. U.S. 270
Health care

EyeCare Partners LLC

CCC Negative U.S. U.S. 2,200
Health care

Femur Buyer Inc.

CCC+ Negative U.S. U.S. 485
Health care

FinThrive Software Intermediate Holdings Inc.

CCC Negative U.S. U.S. 1,900
Health care

Gainwell Holding Corp.

B- Negative U.S. U.S. 4,227
Health care

Global Medical Response Inc. (Air Medical Holdings LLC)

CCC+ Negative U.S. U.S. 4,474
Health care

HealthChannels Intermediate HoldCo LLC (HealthChannels LLC)

CCC Negative U.S. U.S. 385
Health care

Knight Health Holdings LLC

B- Negative New U.S. U.S. 450
Health care

LifeScan Global Corp.

CCC+ Negative U.S. U.S. 3,034
Health care

Medical Depot Holdings Inc.

CCC+ Negative U.S. U.S. 689
Health care

Mercury Parent LLC

B- Negative U.S. U.S. 330
Health care

ModivCare Inc.

B- Negative U.S. U.S. 1,000
Health care

National Mentor Holdings Inc. (Civitas Solutions Inc.)

B- Negative U.S. U.S. 2,095
Health care

Pathway Vet Alliance LLC

B- Negative U.S. U.S. 1,560
Health care

Pluto Acquisition I Inc.

B- Watch Neg U.S. U.S. 873
Health care

Premier Dental Services Inc.

CCC Negative U.S. U.S. 540
Health care

Quincy Health LLC

CCC- Negative New U.S. U.S. 732
Health care

Radiology Partners Holdings LLC

CCC+ Watch Neg U.S. U.S. 3,435
Health care

Sound Inpatient Physicians Inc. (Sound Inpatient Physicians Holdings LLC)

CCC Negative U.S. U.S. 975
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

Thrive Merger Sub LLC

B- Negative U.S. U.S. 430
Health care

Vyaire Medical Inc.

CCC Negative U.S. U.S. 360
Health care

WellPath Holdings Inc.

CCC+ Negative U.S. U.S. 610
Health care

YI Group Holdings LLC

CCC Negative U.S. U.S. 338
High technology

4L Topco Corp.

CCC Negative U.S. U.S. 80
High technology

Astra Acquisition Corp.

CCC Negative U.S. U.S. 1,300
High technology

Cascade Parent Ltd.

B- Negative U.K. Europe 585
High technology

CommScope Holding Co. Inc.

CCC Negative U.S. U.S. 7,650
High technology

Cornerstone OnDemand Inc.

B- Negative U.S. U.S. 2,888
High technology

Creation Technologies Inc.

B- Negative U.S. U.S. 455
High technology

Dedalus Healthcare Systems Group SpA

B- Negative Italy Europe 1,282
High technology

East West Manufacturing LLC

B- Negative U.S. U.S. 315
High technology

Electronics for Imaging Inc.

CCC+ Negative U.S. U.S. 875
High technology

Emerald Technologies (U.S.) AcquisitionCo Inc.

B- Negative U.S. U.S. 265
High technology

Ensono Intermediate HoldCo Inc.

B- Negative U.S. U.S. 1,123
High technology

Foundational Education Group Inc.

B- Negative U.S. U.S. 435
High technology

Franklin Ireland Topco Ltd.

B- Negative Ireland Europe 480
High technology

GoTo Group Inc.

B- Negative U.S. U.S. 3,000
High technology

Mitel Networks (International) Ltd.

CCC Negative U.K. Europe 2,237
High technology

Optiv Inc.

B- Negative U.S. U.S. 910
High technology

QBS Parent Inc. (Project Quarterback Parent LLC)

B- Negative U.S. U.S. 420
High technology

Rackspace Technology Global Inc.

CCC+ Negative U.S. U.S. 3,300
High technology

Redstone Buyer LLC

B- Negative U.S. U.S. 2,000
High technology

SuperMoose Newco Inc.

CCC+ Negative U.S. U.S. 1,335
High technology

Tegra118 Wealth Solutions Inc. (InvestCloud Holdings LLC)

CCC+ Negative U.S. U.S. 315
High technology

UKG Inc.

B- Negative U.S. U.S. 8,613
High technology

Veritas Holdings Ltd.

CCC+ Negative Bermuda U.S. 7,366
Home/RE

Adler Group S.A. (ADO Group Ltd.)

CCC+ Negative Luxembourg Europe 5,447
Home/RE

Five Point Holdings LLC

CCC+ Negative U.S. U.S. 1,200
Home/RE

Forest City Realty Trust Inc. (Brookfield Corp.)

B- Negative U.S. U.S. 1,241
Home/RE

Marera Investment Group Ltd.

B- Negative Cyprus Europe 0
Home/RE

Office Properties Income Trust

CCC+ Watch Neg New U.S. U.S. 2,500
Home/RE

Samhallsbyggnadsbolaget i Norden AB (publ)

CCC+ Negative Sweden Europe 5,968
Media and entertainment

All Day AcquisitionCo LLC

CCC- Negative U.S. U.S. 200
Media and entertainment

Beasley Broadcast Group Inc.

CCC+ Negative U.S. U.S. 300
Media and entertainment

CareerBuilder LLC

CCC- Negative U.S. U.S. 415
Media and entertainment

Castle Intermediate Holding V Ltd.

CCC+ Negative U.K. Europe 2,348
Media and entertainment

CD&R Vialto UK Intermediate 3 Ltd.

CCC+ Negative U.K. Europe 969
Media and entertainment

Centerfield Media Parent Inc. (Millennium Top1 Corp.)

CCC+ Negative U.S. U.S. 785
Media and entertainment

CoreLogic Inc.

B- Negative U.S. U.S. 5,250
Media and entertainment

CWT Group LLC

CCC+ Negative New U.S. U.S. 190
Media and entertainment

Digital Media Solutions Inc.

CCC Negative U.S. U.S. 225
Media and entertainment

Duff & Phelps Holdings Corp.

B- Negative U.S. U.S. 3,202
Media and entertainment

EagleView Technology Corp.

B- Negative U.S. U.S. 810
Media and entertainment

EmployBridge Holding Co.

B- Negative U.S. U.S. 2,329
Media and entertainment

Enjoy S.A.

CCC- Negative Chile Latin America 211
Media and entertainment

Equinox Holdings Inc.

CCC- Negative U.S. U.S. 1,285
Media and entertainment

Exela Technologies Inc.

CCC Negative U.S. U.S. 4,129
Media and entertainment

Hornblower HoldCo LLC

CCC Negative U.S. U.S. 655
Media and entertainment

Hubbard Radio LLC

CCC+ Negative U.S. U.S. 480
Media and entertainment

Hurtigruten Group AS (Silk Holdings S.a.r.l.)

CC Negative Norway Europe 1,149
Media and entertainment

iQor Holdings Inc.

CCC Negative U.S. U.S. 395
Media and entertainment

LendingTree Inc.

CCC+ Negative New U.S. U.S. 250
Media and entertainment

Lereta LLC

B- Negative U.S. U.S. 250
Media and entertainment

Maverick Gaming LLC

CCC Negative U.S. U.S. 300
Media and entertainment

National Amusements Inc.

CCC+ Negative U.S. U.S. 300
Media and entertainment

New Insight Holdings Inc.

CCC- Negative U.S. U.S. 3,675
Media and entertainment

Peak Jersey Holdco

B- Watch Neg Jersey Europe 800
Media and entertainment

Photo Holdings LLC

CCC+ Negative U.S. U.S. 1,841
Media and entertainment

PlayPower Holdings Inc.

CCC+ Negative U.S. U.S. 410
Media and entertainment

Safari Beteiligungs GmbH (Dice Holdings S.a.r.l.)

CCC+ Negative Germany Europe 285
Media and entertainment

Salem Media Group Inc.

CCC- Negative U.S. U.S. 115
Media and entertainment

Screenvision LLC

CCC+ Negative U.S. U.S. 350
Media and entertainment

Skillz Inc.

CCC+ Negative U.S. U.S. 300
Media and entertainment

SP PF Buyer LLC

CCC Negative U.S. U.S. 744
Media and entertainment

Spanish Broadcasting System Inc.

CCC+ Watch Neg U.S. U.S. 310
Media and entertainment

Sprint HoldCo B.V.

CCC+ Negative Netherlands Europe 779
Media and entertainment

Stan Holding SAS

B- Negative France Europe 0
Media and entertainment

Staples Inc.

B- Negative U.S. U.S. 5,300
Media and entertainment

Tribe Buyer LLC

CCC- Negative U.S. U.S. 400
Media and entertainment

United PF Holdings LLC

CCC+ Negative U.S. U.S. 706
Media and entertainment

Vericast Corp.

CCC Negative U.S. U.S. 2,743
Media and entertainment

WildBrain Ltd.

B- Negative Canada Canada 285
Metals, mining, and steel

Coeur Mining Inc.

B- Negative U.S. U.S. 375
Metals, mining, and steel

Ferrexpo PLC

CCC Negative New U.K. Europe 0
Metals, mining, and steel

Gopher Resource LLC (ECP Gopher Holdings L.P.)

CCC+ Negative U.S. U.S. 510
Metals, mining, and steel

Kymera International LLC

B- Negative U.S. U.S. 425
Metals, mining, and steel

Metinvest B.V.

CCC+ Negative Netherlands Europe 1,812
Metals, mining, and steel

Mountain Province Diamonds Inc.

CCC+ Negative New Canada Canada 195
Metals, mining, and steel

Vedanta Resources Ltd.

CC Watch Neg U.K. Europe 3,800
Oil and gas

Compania General de Combustibles S.A.

CCC- Negative Argentina Latin America 285
Oil and gas

Tullow Oil

B- Negative U.K. Europe 2,600
Oil and gas

YPF S.A.

CCC- Negative Argentina Latin America 2,900
Retail

99 cents only stores LLC

CCC Negative U.S. U.S. 350
Retail

At Home Group Inc.

CCC Negative U.S. U.S. 2,013
Retail

Belk Inc.

CCC- Negative U.S. U.S. 1,223
Retail

Burger BossCo Intermediate Inc.

CCC+ Negative U.S. U.S. 218
Retail

Cooper's Hawk Intermediate Holding LLC

CCC+ Negative U.S. U.S. 276
Retail

Empire Today LLC

CCC+ Negative U.S. U.S. 595
Retail

Farfetch Ltd.

CC Negative U.K. Europe 600
Retail

Fossil Group Inc.

CCC+ Negative U.S. U.S. 150
Retail

Franchise Group Inc.

B- Negative U.S. U.S. 1,425
Retail

GPS Hospitality Holding Co. LLC

CCC+ Negative U.S. U.S. 400
Retail

Guitar Center Inc. (Guitar Center Holdings Inc.)

CCC+ Negative U.S. U.S. 550
Retail

JOANN Inc.

CCC Negative U.S. U.S. 675
Retail

Moran Foods LLC (SAL Acquisition Corp.)

CCC+ Negative New U.S. U.S. 479
Retail

Mountaineer Merger Corp.

CCC+ Negative U.S. U.S. 200
Retail

PAI Holdco Inc.

B- Negative U.S. U.S. 850
Retail

Qurate Retail Inc.

CCC+ Negative U.S. U.S. 5,302
Retail

Rising Tide Holdings Inc.

CCC+ Negative U.S. U.S. 0
Retail

Runner Buyer Inc.

CCC+ Negative U.S. U.S. 500
Retail

The Michaels Cos. Inc.

CCC+ Negative U.S. U.S. 4,100
Retail

Wheel Bidco Ltd.

B- Negative New U.K. Europe 427
Retail

Wok Holdings Inc.

CCC+ Negative U.S. U.S. 430
Telecommunications

Aventiv Technologies LLC

CC Negative U.S. U.S. 1,665
Telecommunications

Connect Holding II LLC

B- Negative U.S. U.S. 4,485
Telecommunications

Conterra Ultra Broadband Holdings Inc.

B- Negative U.S. U.S. 370
Telecommunications

Dawn Acquisitions LLC (Infra Colodata Holdings LLC)

CCC Negative U.S. U.S. 550
Telecommunications

DISH Network Corp.

CCC+ Negative U.S. U.S. 22,500
Telecommunications

Eolo S.p.A.

B- Negative Italy Europe 414
Telecommunications

Logix Intermediate Holding Corp.

CCC Negative U.S. U.S. 250
Telecommunications

Lumen Technologies Inc.

CCC+ Watch Neg U.S. U.S. 27,572
Telecommunications

Mavenir Private Holdings II Ltd.

CCC Negative U.K. Europe 585
Telecommunications

ORBCOMM Inc.

B- Negative U.S. U.S. 360
Telecommunications

Radiate Holdco LLC

CCC+ Negative U.S. U.S. 9,940
Telecommunications

Syniverse Corp.

CCC+ Negative U.S. U.S. 1,025
Telecommunications

Telecom Argentina S.A.

CCC- Negative Argentina Latin America 400
Telecommunications

Telesat Canada (Telesat Holdings Inc.)

CCC+ Negative Canada Canada 3,359
Telecommunications

Tosca IoM Ltd.

B- Watch Neg U.K. Europe 873
Telecommunications

U.S. TelePacific Holdings Corp.

CCC Negative U.S. U.S. 365
Telecommunications

Xplore Inc.

CCC+ Negative Canada Canada 1,195
Telecommunications

Zayo Group Holdings Inc. (Front Range Bidco Inc.)

B- Negative U.S. U.S. 10,154
Transportation

Aeropuertos Argentina 2000 S.A.

CCC- Negative Argentina Latin America 750
Transportation

ENC Parent Corp.

B- Negative U.S. U.S. 680
Transportation

Gol Linhas Aereas Inteligentes S.A.

CCC- Negative New Brazil Latin America 0
Transportation

Investimentos e Participacoes em Infraestrutura S.A. - Invepar

CCC+ Negative Brazil Latin America 0
Transportation

Neovia Logistics L.P. (Neovia Logistics Intermediate Holdings L.P.)

CCC+ Negative U.S. U.S. 248
Transportation

Reception Purchaser LLC

B- Negative New U.S. U.S. 795
Transportation

Rinchem Co. LLC

CCC+ Negative U.S. U.S. 300
Transportation

Toro Private Holdings I Ltd.

CC Negative U.K. Europe 3,715
Transportation

Ukrainian Railways JSC

CCC+ Negative Ukraine Eastern Europe/Middle East/Africa 0
Utilities

AES Argentina Generacion S.A. (The AES Corp.)

CCC- Negative Argentina Latin America 300
Utilities

CAPEX S.A.

CCC- Negative Argentina Latin America 300
Utilities

DTEK Renewables B.V.

CCC- Negative Netherlands Europe 0
Utilities

Empresa Distribuidora Y Comercializadora Norte S.A.

CCC- Negative Argentina Latin America 0
Utilities

Enviva Inc.

CCC- Negative U.S. U.S. 1,500
Utilities

Freeport LNG Investments LLLP

B- Negative U.S. U.S. 2,331
Utilities

FTAI Infrastructure Inc.

B- Negative U.S. U.S. 600
Utilities

Hawaiian Electric Industries Inc.

B- Watch Neg U.S. U.S. 0
Utilities

Pampa Energia S.A.

CCC- Negative Argentina Latin America 1,050
Utilities

Southeast Supply Header LLC

CCC+ Negative U.S. U.S. 400
Utilities

Transportadora de Gas del Sur S.A. (TGS) (Compania De Inversiones de Energia S.A.)

CCC- Negative Argentina Latin America 500
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 and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 4

List of distressed credits by issuers
As of Dec. 31, 2023
Sector Company Issuer ratings are for a related entity Issue count (no.) Outstanding amount (mil. US$) Rating Outlook/CreditWatch
Automotive

Wheel Pros Inc.

1 365 CCC+ Negative
Media and entertainment

Spanish Broadcasting System Inc.

1 310 CCC+ Watch Neg
Media and entertainment

Staples Inc.

1 1,000 B- Negative
CP&ES

FXI Holdings Inc.

2 1,232 CCC+ Negative
Health care

Cano Health LLC

Cano Health Inc. 1 300 CCC- Negative
Health care

Radiology Partners Inc.

Radiology Partners Holdings LLC 2 1,510 CCC+ Watch Neg
Retail

GPS Hospitality Holding Co. LLC

1 400 CCC+ Negative
Consumer products

P&L Development LLC

P&L Development Holdings LLC 1 465 CCC+ Negative
Telecommunications

Qwest Corp.

Lumen Technologies Inc. 4 1,522 CCC+ Watch Neg
Telecommunications

DISH DBS Corp.

3 4,499 CCC+ Negative
High technology

CommScope Technologies LLC

CommScope Holding Co. Inc. 2 2,043 CCC Negative
Automotive

Cooper-Standard Automotive Inc.

Cooper-Standard Holdings Inc. 1 357 CCC+ Negative
High technology

GoTo Group Inc.

1 750 B- Negative
Capital goods

OT Merger Corp.

1 300 CCC+ Negative
Forest

Werner FinCo L.P.

1 14 B- Negative
CP&ES

Advancion Sciences Inc.

Advancion Holdings LLC 1 200 B- Negative
Retail

99 cents only stores LLC

1 350 CCC Negative
Retail

Fossil Group Inc.

1 140 CCC+ Negative
Automotive

Carvana Co.

7 4,299 CCC+ Negative
Health care

Global Medical Response Inc.

1 600 CCC+ Negative
Media and entertainment

AMC Entertainment Holdings Inc.

4 2,562 CCC+ Stable
High technology

Pitney Bowes Inc.

1 375 B+ Stable
Insurance

Assurant Inc.

1 250 BBB Stable
Media and entertainment

AMC Entertainment Inc.

AMC Entertainment Holdings Inc. 1 98 CCC+ Stable
Telecommunications

Radiate Holdco LLC

1 1,000 CCC+ Negative
Media and entertainment

CDK Global II LLC

1 34 B+ Stable
Media and entertainment

Skillz Inc.

1 130 CCC+ Negative
Retail

The Michaels Cos. Inc.

1 1,300 CCC+ Negative
Retail

At Home Group Inc.

3 802 CCC Negative
Media and entertainment

Allen Media LLC

1 640 B- Stable
Media and entertainment

Castle US Holding Corp.

Castle Intermediate Holding V Ltd. 1 300 CCC+ Negative
Telecommunications

CSC Holdings LLC

2 3,296 B Negative
Home/RE

Diversified Healthcare Trust

2 600 CCC- Watch Pos
Metals, mining, and steel

GrafTech Global Enterprise Inc.

GrafTech International Ltd. 1 450 B+ Negative
Capital goods

ASP Unifrax Holdings Inc.

1 400 CCC+ Negative
Media and entertainment

CMG Media Corp.

1 1,015 B Negative
Media and entertainment

Beasley Mezzanine Holdings LLC

1 287 CCC+ Negative
Telecommunications

Hughes Satellite Systems Corp.

1 750 BB Watch Neg
Financial institutions

Navient Corp.

1 300 BB- Stable
Insurance

Unum Group

1 300 BBB Stable
High technology

CommScope Inc.

2 1,650 CCC Negative
Telecommunications

Embarq Corp.

Connect Holding II LLC 1 1,437 B- Negative
Financial institutions

Innovate Corp.

1 330 CCC+ Stable
Media and entertainment

iHeartCommunications Inc.

1 1,100 B Negative
Transportation

XO Management Holding Inc.

1 500 B+ Stable
Health care

U.S. Acute Care Solutions LLC

U.S. Acute Care Solutions Inc. 1 725 B- Stable
Media and entertainment

Centerfield Media Parent Inc.

1 785 CCC+ Negative
Health care

Emergent BioSolutions Inc.

1 450 B- Negative
CP&ES

PECF USS Intermediate Holding III Corp.

1 550 CCC Negative
Media and entertainment

Cumulus Media New Holdings Inc.

Cumulus Media Inc. 1 346 B- Stable
Health care

Bausch Health Americas Inc.

Bausch Health Cos. Inc. 1 643 CCC Negative
CP&ES

Schenectady International Group Inc.

SK Mohawk Holdings S.a.r.l. 1 300 CCC Negative
CP&ES

Trinseo Materials Finance Inc.

Trinseo PLC 2 562 CCC+ Negative
Financial institutions

Curo Group Holdings Corp.

1 682 CCC+ Negative
Retail

Liberty Interactive LLC

4 1,253 CCC+ Negative
Consumer products

H-Food Holdings LLC

1 350 CCC Negative
High technology

Rackspace Technology Global Inc.

2 935 CCC+ Negative
Health care

Team Health Holdings Inc.

1 714 CCC Negative
Telecommunications

Lumen Technologies Inc.

9 3,412 CCC+ Watch Neg
Telecommunications

Zayo Group Holdings Inc.

1 1,080 B- Negative
CP&ES

PMHC II Inc.

1 756 B- Negative
Home/RE

Office Properties Income Trust

5 1,850 CCC+ Watch Neg
Telecommunications

United States Cellular Corp.

3 1,500 BB Watch Dev
Retail

Guitar Center Inc.

1 550 CCC+ Negative
Oil and gas

Nine Energy Service Inc.

1 300 CCC+ Stable
Retail

QVC Inc.

2 660 CCC+ Negative
Note: S&P Global Ratings' 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&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 5

Fallen angels in 2023
Date Issuer To From Sector/subsector Country/market Rated debt affected (mil. US$)
March 7, 2023

Nissan Motor Co. Ltd.

BB+ BBB- Automotive Japan 14,769
March 10, 2023

SVB Financial Group

CC BBB- Financial institutions U.S. 6,000
March 15, 2023

First Republic Bank

BB+ A- Financial institutions U.S. 5,150
March 20, 2023

Newell Brands Inc.

BB+ BBB- Consumer products U.S. 6,560
March 22, 2023

Globalworth Real Estate Investments Ltd.

BB+ BBB- Home/RE Guernsey 429
March 31, 2023

Office Properties Income Trust

BB BBB- Home/RE U.S. 2,500
March 31, 2023

Crane Holdings Co.

BB+ BBB High technology U.S. 1,200
April 3, 2023

Fluor Corp.

BB+ BBB- Capital goods U.S. 1,100
May 1, 2023

CI Financial Corp.

BB+ BBB- Financial institutions Canada 2,634
May 8, 2023

Samhallsbyggnadsbolaget i Norden AB (publ)

BB+ BBB- Home/RE Sweden 5,943
May 17, 2023

One Rail Australia Holdings Ltd.

BB BBB- Transportation Australia 409
June 6, 2023

System Energy Resources Inc. (Entergy Corp.)

BB BBB+ Utilities U.S. 525
June 28, 2023

Brandywine Realty Trust

BB+ BBB- Home/RE U.S. 1,500
Sept. 12, 2023

Advance Auto Parts Inc.

BB+ BBB- Retail U.S. 1,800
Oct. 9, 2023

Eutelsat Communications S.A.

B+ BBB- Telecommunications France 2,740
Oct. 20, 2023

Alstria Office REIT-AG

BB+ BBB- Home/RE Germany 1,159
Nov. 21, 2023

Falabella S.A.

BB+ BBB- Retail Chile 1,450
Dec. 15, 2023

Vornado Realty Trust

BB+ BBB- Home/RE U.S. 2,250
Dec. 21, 2023

Brookfield Property Partners L.P. (Brookfield Corp.)

BB BBB- Home/RE Bermuda 11,999
Data as of Dec. 31, 2023. Notes: Fallen angels are defined as investment-grade issuers that have been downgraded to speculative grade (that is, 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. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 6

Rising stars in 2023
Date Issuer To From Sector/subsector Country/market Rated debt affected (mil. US$)
Jan. 17, 2023

Booz Allen Hamilton Inc.

BBB- BB+ Aerospace and defense U.S. 3,368
Feb. 7, 2023

Nokia Corp.

BBB- BB+ High technology Finland 3,712
Feb. 23, 2023

MSCI Inc.

BBB- BB+ Media and entertainment U.S. 4,550
March 9, 2023

Pilot Travel Centers LLC

BBB+ BB+ Retail U.S. 8,000
March 13, 2023

Seminole Hard Rock Entertainment Inc. (Seminole Tribe of Florida)

BBB- B+ Media and entertainment U.S. 1,140
March 13, 2023

Seminole Hard Rock International LLC (Seminole Tribe of Florida)

BBB- B+ Media and entertainment U.S. 1,140
March 21, 2023

Ingersoll Rand Inc.

BBB- BB+ Capital goods U.S. 5,768
April 3, 2023

Belron Group S.A.

BBB- BB+ Media and entertainment Luxembourg 4,540
April 3, 2023

The Weir Group PLC

BBB- BB+ Capital goods U.K. 800
April 5, 2023

LPL Holdings Inc.

BBB- BB+ Financial institutions U.S. 3,670
April 26, 2023

Teollisuuden Voima Oyj

BBB- BB+ Utilities Finland 3,464
April 27, 2023

Mattel Inc.

BBB- BB+ Media and entertainment U.S. 2,350
May 4, 2023

Host Hotels & Resorts Inc.

BBB- BB+ Media and entertainment U.S. 4,150
May 5, 2023

Verallia S.A. (Horizon Parent Holdings S.a.r.l.)

BBB- BB+ CP&ES France 1,106
May 17, 2023

Aristocrat Leisure Ltd.

BBB- BB+ Media and entertainment Australia 3,800
June 5, 2023

K+S AG

BBB- BB+ CP&ES Germany 644
July 18, 2023

Gartner Inc.

BBB- BB+ Media and entertainment U.S. 2,100
July 26, 2023

Las Vegas Sands Corp.

BBB- BB+ Media and entertainment U.S. 11,150
July 27, 2023

Toll Brothers Inc.

BBB- BB+ Home/RE U.S. 1,600
July 27, 2023

Meritage Homes Corp.

BBB- BB+ Home/RE U.S. 950
Aug. 4, 2023

Leonardo SpA

BBB- BB+ Aerospace and defense Italy 1,748
Aug. 8, 2023

PDC Energy Inc.

AA- BB Oil and gas U.S. 1,700
Sept. 1, 2023

Patterson-UTI Energy Inc.

BBB- BB+ Oil and gas U.S. 875
Sept. 6, 2023

Black Knight Inc.

A- BB High technology U.S. 750
Sept. 12, 2023

Accor S.A.

BBB- BB+ Media and entertainment France 4,608
Sept. 12, 2023

Banco Comercial Portugues S.A.

BBB- BB+ Financial institutions Portugal 1,265
Oct. 4, 2023

International Consolidated Airlines Group S.A.

BBB- BB+ Transportation Spain 1,784
Oct. 4, 2023

British Airways PLC

BBB- BB+ Transportation U.K. 806
Oct. 4, 2023

Sagicor Financial Co. Ltd.

BBB BB+ Financial institutions Bermuda 400
Oct. 12, 2023

ICON PLC

BBB- BB+ Consumer products Ireland 6,015
Oct. 20, 2023

Greece

BBB- BB+ Sovereign Greece 155,935
Oct. 30, 2023

Ford Motor Co.

BBB- BB+ Automotive U.S. 113,328
Nov. 3, 2023

Crestwood Equity Partners L.P. (Crestwood Holdings LLC)

BBB BB Utilities U.S. 5,662
Nov. 16, 2023

Elis S.A.

BBB- BB+ Consumer products France 2,004
Nov. 21, 2023

Marks & Spencer PLC (Marks & Spencer Group PLC)

BBB- BB+ Retail U.K. 1,854
Dec. 1, 2023

Holly Energy Partners L.P. (HF Sinclair Corp.)

BBB- BB+ Utilities U.S. 2,800
Dec. 4, 2023

Deutsche Lufthansa AG

BBB- BB+ Transportation Germany 5,962
Dec. 15, 2023

Howmet Aerospace Inc.

BBB- BB+ Aerospace and defense U.S. 6,005
Dec. 20, 2023

Ultrapar Participacoes S.A.

BBB- BB+ Oil and gas Brazil 1,600
Data as of Dec. 31, 2023. Notes: Rising stars are defined as speculative-grade issuers that have been upgraded to investment grade (that is, from 'BB+' or below to 'BBB-' or 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&ES--Chemicals, packaging, and environmental services. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 7

Potential fallen angels
As of Dec. 31, 2023
Sector/subsector Issuer CreditWatch negative/negative outlook New to the list this month Country/market Debt amount (mil. US$)
Utilities

Adani Electricity Mumbai Ltd.

Negative India 1,000
Transportation

Adani Ports and Special Economic Zone Ltd.

Negative India 4,200
Home/RE

Altarea SCA

Negative France 1,989
Financial institutions

AmFam Holdings Inc.

Negative U.S. 1,000
Financial institutions

American Equity Investment Life Holding Co.

Watch Neg U.S. 1,200
Home/RE

Argan S.A.

Negative France 553
Financial institutions

Argo Group International Holdings Ltd.

Watch Neg U.S. 275
Consumer products

Becle S.A.B. de C.V.

Negative Mexico 1,300
CP&ES

Braskem S.A.

Negative Brazil 6,200
Home/RE

CPI Property Group S.A.

Negative New Luxembourg 5,598
CP&ES

Celanese Corp.

Negative U.S. 14,495
Financial institutions

China Bohai Bank Co. Ltd.

Negative China 300
Media and entertainment

Choice Hotels International Inc.

Watch Neg U.S. 850
Home/RE

D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH

Negative Germany 387
Retail

ELO

Negative France 6,166
CP&ES

FMC Corp.

Negative New U.S. 3,400
Health care

Fresenius Medical Care AG

Negative Germany 7,379
Home/RE

Heimstaden Bostad AB

Negative New Sweden 10,748
CP&ES

Huntsman Corp.

Negative New U.S. 1,482
Financial institutions

Intercorp Financial Services Inc.

Negative Peru 1,300
Consumer products

International Flavors & Fragrances Inc.

Negative U.S. 9,087
Consumer products

JBS S.A.

Negative Brazil 47,114
Media and entertainment

JCDecaux SE

Negative France 2,542
Capital goods

KION Group AG

Negative Germany 553
Metals, mining, and steel

Kinross Gold Corp.

Negative Canada 1,250
Capital goods

MasTec Inc.

Negative U.S. 1,200
Utilities

Nova Scotia Power Inc.

Negative Canada 2,495
Home/RE

Piedmont Office Realty Trust Inc.

Negative U.S. 1,600
Telecommunications

Rogers Communications Inc.

Negative Canada 28,839
Home/RE

SITE Centers Corp.

Negative U.S. 2,225
Utilities

South Staffordshire PLC

Negative U.K. 292
Financial institutions

Tanner Servicios Financieros S.A.

Negative Chile 149
Telecommunications

Telefonica Moviles Chile S.A.

Negative Chile 500
Health care

Viatris Inc.

Negative U.S. 21,337
Retail

Walgreens Boots Alliance Inc.

Negative U.S. 9,711
Automotive

Zhejiang Geely Holding Group Co. Ltd.

Negative China 2,721
Notes: Potential fallen angels are defined as issuers rated 'BBB-' with negative outlooks or on CreditWatch negative, 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&ES--Chemicals, packaging, and environmental services. Home/RE--Homebuilders and real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights.

Table 8

Potential rising stars
As of Dec. 31, 2023
Sector/subsector Issuer CreditWatch positive/positive outlook New to the list this month Country/market Debt amount (mil. US$)
Retail

Albertsons Cos. Inc.

Watch Pos U.S. 28,312
Metals, mining, and steel

Alcoa Corp.

Positive U.S. 3,000
Capital goods

Ali Holding Srl

Positive Italy 2,250
Oil and gas

Antero Resources Corp.

Positive U.S. 8,300
Oil and gas

Apache Corp.

Positive U.S. 9,430
Forest

Cemex S.A.B. de C.V.

Positive Mexico 5,192
Telecommunications

Cellnex Telecom S.A.

Positive Spain 11,431
Transportation

Delta Air Lines Inc.

Positive U.S. 6,750
Utilities

Empresa Nacional del Petroleo

Positive Chile 2,440
Oil and gas

Endeavor Energy Resources L.P.

Positive U.S. 2,000
Utilities

Enlink Midstream LLC

Positive U.S. 6,193
Metals, mining, and steel

Freeport-McMoRan Inc.

Positive U.S. 7,462
Oil and gas

Hess Midstream Operations L.P.

Watch Pos U.S. 2,900
Aerospace and defense

Hexcel Corp.

Positive U.S. 700
Financial institutions

Iccrea Banca SpA

Positive Italy 2,497
Forest

Louisiana-Pacific Corp.

Positive U.S. 350
Financial institutions

MBH Investment Bank Co. Ltd.

Positive Hungary 1,169
Media and entertainment

NASCAR Holdings LLC

Positive U.S. 1,410
Capital goods

Nexans S.A.

Positive France 663
Financial institutions

Nexi SpA

Positive Italy 3,675
CP&ES

Olin Corp.

Positive U.S. 2,150
Telecommunications

PPF Telecom Group B.V.

Watch Pos Czech Republic 2,487
Aerospace and defense

Rolls-Royce PLC

Positive New U.K. 5,217
Oil and gas

Southwestern Energy Co.

Positive U.S. 4,200
Automotive

Tata Motors Ltd.

Positive India 6,054
Oil and gas

TechnipFMC PLC

Positive U.K. 1,249
Telecommunications

Videotron Ltee

Positive Canada 3,956
Notes: Potential rising stars are defined as issuers rated 'BB+' with positive outlooks or on CreditWatch positive, 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&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. 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:Lyndon Fernandes, 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
Amol Nakashe, CRISIL Global Analytical Center, an S&P affiliate, Mumbai

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