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 the S&P Global U.S. distress ratio. Data in this publication has been updated through April 30, 2023.
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 April 30, 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. | 212 | 196 | 152 | 1,419 | 14.9 | 67.1 | 61.1 | |||||||||
Europe | 52 | 45 | 34 | 568 | 9.2 | 16.5 | 24.9 | |||||||||
Latin America | 22 | 14 | 16 | 108 | 20.4 | 7.0 | 2.6 | |||||||||
EEMEA | 19 | 9 | 11 | 79 | 24.1 | 6.0 | 3.1 | |||||||||
Canada | 8 | 10 | 9 | 87 | 9.2 | 2.5 | 3.6 | |||||||||
Asia-Pacific | 3 | 9 | 8 | 56 | 5.4 | 0.9 | 4.7 | |||||||||
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
Table 2
Distribution of S&P Global Ratings' U.S. distress ratio by industry | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
As of April 28, 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.) | |||||||||
Aerospace & defense | 8.8 | 4.0 | 3 | 8.6 | 3 | 0.3 | 0 | |||||||||
Automotive | 14.5 | 19.3 | 10 | 14.9 | 10 | (0.4) | 0 | |||||||||
Capital goods | 10.8 | 7.7 | 7 | 15.9 | 10 | (5.1) | (3) | |||||||||
Consumer products | 4.3 | 3.4 | 6 | 5.0 | 7 | (0.7) | (1) | |||||||||
CP&ES | 9.3 | 7.6 | 10 | 10.1 | 11 | (0.8) | (1) | |||||||||
Financial institutions | 2.7 | 5.2 | 8 | 3.5 | 10 | (0.8) | (2) | |||||||||
Forest | 4.7 | 3.6 | 3 | 7.9 | 5 | (3.2) | (2) | |||||||||
Health care | 18.1 | 15.2 | 15 | 20.2 | 17 | (2.2) | (2) | |||||||||
High technology | 16.1 | 12.8 | 14 | 16.1 | 14 | 0.0 | 0 | |||||||||
Home/RE | 7.3 | 5.4 | 6 | 8.5 | 7 | (1.2) | (1) | |||||||||
Insurance | 5.7 | 2.5 | 2 | 5.7 | 2 | 0.0 | 0 | |||||||||
Media & entertainment | 10.4 | 9.7 | 28 | 10.1 | 28 | 0.3 | 0 | |||||||||
Oil & gas | 1.6 | 1.1 | 3 | 2.1 | 4 | (0.5) | (1) | |||||||||
Retail | 15.7 | 13.9 | 19 | 16.9 | 21 | (1.2) | (2) | |||||||||
Telecommunications | 26.3 | 21.2 | 26 | 28.9 | 28 | (2.6) | (2) | |||||||||
Transportation | 10.8 | 6.6 | 4 | 10.8 | 4 | 0.0 | 0 | |||||||||
Utilities | 1.4 | 0.5 | 2 | 1.3 | 2 | 0.0 | 0 | |||||||||
Total | 166 | 183 | ||||||||||||||
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/real estate companies. 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
Appendix: Issuer Lists
Table 3
Weakest links | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
As of April 30, 2023 | ||||||||||||||||
Sector/subsector | Issuer | Rating | CreditWatch negative/negative outlook | New to the list this month | Country/market | Region | Debt amount (mil. US$) | |||||||||
Aerospace & defense |
API Holdings III Corp. |
CCC+ | Negative | U.S. | U.S. | 245 | ||||||||||
Aerospace & defense |
Dynasty Acquisition Co. Inc. |
B- | Negative | U.S. | U.S. | 2,340 | ||||||||||
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 (New Constellis Holdings Inc.) |
CCC+ | Negative | U.S. | U.S. | 260 | ||||||||||
Aerospace & defense |
PM General Purchaser LLC |
B- | Negative | U.S. | U.S. | 600 | ||||||||||
Aerospace & defense |
Vectra Co. |
B- | Negative | U.S. | U.S. | 565 | ||||||||||
Aerospace & defense |
Wesco Aircraft Holdings Inc. (Wolverine Intermediate Holding Corp.) |
CCC+ | Negative | U.S. | U.S. | 2,075 | ||||||||||
Aerospace & defense |
WP CPP Holdings LLC |
CCC+ | Negative | U.S. | U.S. | 1,606 | ||||||||||
Automotive |
Accuride Corp. |
CCC | Negative | U.S. | U.S. | 363 | ||||||||||
Automotive |
American Auto Auction Group LLC |
B- | Negative | U.S. | U.S. | 750 | ||||||||||
Automotive |
Bright Bidco B.V. |
CCC+ | Negative | Netherlands | Europe | 300 | ||||||||||
Automotive |
Carvana Co. |
CC | Negative | U.S. | U.S. | 5,725 | ||||||||||
Automotive |
Cooper-Standard Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 1,337 | ||||||||||
Automotive |
Holley Inc. |
B- | Negative | U.S. | U.S. | 657 | ||||||||||
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 | Watch Neg | U.K. | Europe | 620 | ||||||||||
Automotive |
New SK HoldCo Inc. (Carnelian Point Holdings L. P.) |
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 | 303 | ||||||||||
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 |
ASP Unifrax Holdings Inc. |
B- | Negative | U.S. | U.S. | 2,692 | ||||||||||
Capital goods |
Brand Industrial Services Inc. |
CCC+ | Negative | U.S. | U.S. | 3,825 | ||||||||||
Capital goods |
CIRCOR International Inc. |
B- | Negative | U.S. | U.S. | 530 | ||||||||||
Capital goods |
CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. |
CCC- | Negative | Argentina | Latin America | 635 | ||||||||||
Capital goods |
Electro Rent Corp. |
B- | Negative | U.S. | U.S. | 695 | ||||||||||
Capital goods |
Great Lakes Dredge & Dock Corp. |
CCC+ | Negative | U.S. | U.S. | 325 | ||||||||||
Capital goods |
Husky Technologies Ltd. |
B- | Negative | New | Canada | Canada | 3,200 | |||||||||
Capital goods |
JPW Industries Lux Acquisitions Holdings S.a.r.l. |
CCC+ | Negative | New | Luxembourg | Europe | 280 | |||||||||
Capital goods |
Mangrove Luxco III Sarl |
CCC+ | Negative | Luxembourg | Europe | 603 | ||||||||||
Capital goods |
Maxim Crane Works Holdings Capital LLC |
B- | Watch Neg | U.S. | U.S. | 545 | ||||||||||
Capital goods |
Novafives |
B- | Negative | France | Europe | 789 | ||||||||||
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. | 1,025 | ||||||||||
Capital goods |
Praesidiad Group Ltd. |
CCC+ | Negative | U.K. | Europe | 350 | ||||||||||
Capital goods |
Range Parent Inc. |
CCC | Negative | U.S. | U.S. | 620 | ||||||||||
Capital goods |
Sensience Inc. |
CCC+ | Negative | U.S. | U.S. | 470 | ||||||||||
Capital goods |
SPX FLOW Inc. |
B- | Negative | U.S. | U.S. | 2,110 | ||||||||||
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 |
Wittur International Holding GmbH |
CCC+ | Negative | Germany | Europe | 723 | ||||||||||
CP&ES |
Anchor Glass Container Corp. |
CCC | Negative | U.S. | U.S. | 857 | ||||||||||
CP&ES |
FXI Holdings Inc. |
CC | Negative | U.S. | U.S. | 2,075 | ||||||||||
CP&ES |
Innovative Chemical Products Group |
CCC+ | Negative | U.S. | U.S. | 1,250 | ||||||||||
CP&ES |
LTR Intermediate Holdings Inc. |
B- | Negative | New | U.S. | U.S. | 560 | |||||||||
CP&ES |
PECF USS Intermediate Holding III Corp. |
CCC+ | Negative | New | U.S. | U.S. | 2,550 | |||||||||
CP&ES |
PMHC II Inc. |
B- | Negative | U.S. | U.S. | 3,701 | ||||||||||
CP&ES |
Poseidon Investment Intermediate L.P. |
CCC+ | Negative | U.S. | U.S. | 1,670 | ||||||||||
CP&ES |
Schoeller Packaging B.V. |
B- | Negative | Netherlands | Europe | 276 | ||||||||||
CP&ES |
SK Mohawk Holdings S.a.r.l. |
CCC+ | Negative | New | Germany | Europe | 3,550 | |||||||||
CP&ES |
SK Neptune Husky Intermediate IV S.a r.l. |
B- | Negative | Switzerland | Europe | 0 | ||||||||||
CP&ES |
Strategic Materials Holding Corp. |
CCC | Negative | U.S. | U.S. | 315 | ||||||||||
CP&ES |
Tosca Services LLC |
B- | Negative | U.S. | U.S. | 627 | ||||||||||
CP&ES |
Transcendia Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 405 | ||||||||||
CP&ES |
Trinseo PLC |
B- | Negative | Ireland | Europe | 4,793 | ||||||||||
CP&ES |
Venator Materials PLC |
CCC- | Negative | U.K. | Europe | 1,950 | ||||||||||
CP&ES |
Zep Inc. |
CCC+ | Negative | U.S. | U.S. | 725 | ||||||||||
Consumer products |
Amphora Intermediate II Ltd. |
CCC+ | Negative | U.K. | Europe | 756 | ||||||||||
Consumer products |
Anastasia Holdings LLC |
CCC+ | Negative | U.S. | U.S. | 650 | ||||||||||
Consumer products |
Arctic Glacier Group Holdings Inc. |
CCC | Negative | U.S. | U.S. | 880 | ||||||||||
Consumer products |
Armorica Lux S.a.r.l. |
B- | Negative | Luxembourg | Europe | 370 | ||||||||||
Consumer products |
Astro Intermediate Holding II Corp. |
CCC | Negative | U.S. | U.S. | 0 | ||||||||||
Consumer products |
Badger Finance LLC (Badger Intermediate Holdings LLC) |
B- | Negative | U.S. | U.S. | 1,180 | ||||||||||
Consumer products |
BCPE North Star Holdings L.P. |
B- | Negative | U.S. | U.S. | 1,173 | ||||||||||
Consumer products |
Biscuit Holding S.A.S. |
CCC+ | Negative | France | Europe | 888 | ||||||||||
Consumer products |
Blue Ribbon LLC (Blue Ribbon Intermediate Holdings LLC) |
CCC+ | Negative | U.S. | U.S. | 368 | ||||||||||
Consumer products |
Boardriders Inc. |
CCC | Negative | U.S. | U.S. | 861 | ||||||||||
Consumer products |
CatLuxe Sarl (CatLuxe Acquistion Sarl) |
CC | Negative | Luxembourg | Europe | 237 | ||||||||||
Consumer products |
China Dili Group |
CCC | Negative | Cayman Islands | U.S. | 0 | ||||||||||
Consumer products |
City Brewing Co. LLC (Blue Ribbon Holdings LLC) |
CCC | Negative | U.S. | U.S. | 850 | ||||||||||
Consumer products |
Conair Holdings LLC |
B- | Negative | New | 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 |
Edward Don & Co. Holdings LLC |
B- | Negative | U.S. | U.S. | 210 | ||||||||||
Consumer products |
Frigoglass SAIC |
CC | Negative | Greece | Europe | 287 | ||||||||||
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 |
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 |
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 |
La Financiere Atalian SAS |
B- | Negative | France | Europe | 1,359 | ||||||||||
Consumer products |
Mad Engine Global LLC |
CCC+ | Negative | New | U.S. | U.S. | 310 | |||||||||
Consumer products |
MHP SE |
CC | Negative | New | Ukraine | Eastern Europe/Middle East/Africa | 1,400 | |||||||||
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 |
New Trojan Parent Inc. |
B- | Negative | U.S. | U.S. | 715 | ||||||||||
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 |
Output Services Group Inc. |
CCC+ | Negative | U.S. | U.S. | 230 | ||||||||||
Consumer products |
P&L Development Holdings LLC |
CCC+ | Negative | U.S. | U.S. | 465 | ||||||||||
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 | New | Ireland | Europe | 1,187 | |||||||||
Consumer products |
Premier Brands Group Holdings LLC |
CCC | Negative | U.S. | U.S. | 325 | ||||||||||
Consumer products |
S.A. Usina Coruripe Acucar e Alcool |
B- | Negative | Brazil | Latin America | 0 | ||||||||||
Consumer products |
Saga PLC |
B- | Watch Neg | New | U.K. | Europe | 880 | |||||||||
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 |
Stitch Acquisition Corp. |
CCC | Watch Neg | U.S. | U.S. | 370 | ||||||||||
Consumer products |
SWF Holdings I Corp. |
B- | Negative | U.S. | U.S. | 2,250 | ||||||||||
Consumer products |
Takko Fashion S.a.r.l. |
CC | Negative | Luxembourg | Europe | 563 | ||||||||||
Consumer products |
TKC Holdings Inc. (TKC Midco 1 LLC) |
B- | Negative | U.S. | U.S. | 1,625 | ||||||||||
Consumer products |
TMK Hawk Parent Corp. |
CCC | Negative | U.S. | U.S. | 936 | ||||||||||
Consumer products |
Traeger Inc. |
CCC+ | Negative | U.S. | U.S. | 510 | ||||||||||
Consumer products |
Veregy Intermediate Inc. |
B- | Negative | U.S. | U.S. | 291 | ||||||||||
Consumer products |
Weber Inc. |
CCC+ | Negative | U.S. | U.S. | 1,500 | ||||||||||
Consumer products |
Whole Earth Brands Inc. |
B- | Negative | U.S. | U.S. | 375 | ||||||||||
Consumer products |
YS Garments LLC |
B- | Negative | U.S. | U.S. | 330 | ||||||||||
Financial institutions |
Access Bank PLC |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Financial institutions |
AFE S.A. |
B- | Watch Neg | New | U.K. | Europe | 359 | |||||||||
Financial institutions |
Arab Tunisian Bank (Arab Bank Group) |
CCC | Negative | Tunisia | Eastern Europe/Middle East/Africa | 16 | ||||||||||
Financial institutions |
Avison Young (Canada) Inc. |
CCC+ | Negative | Canada | Canada | 443 | ||||||||||
Financial institutions |
Banco Agricola S.A. (Bancolombia S. A. y Companias Subordinadas) |
B- | Negative | El Salvador | Latin America | 0 | ||||||||||
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. |
B- | Negative | New | 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 |
Belagroprombank JSC |
CC | Negative | Belarus | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Financial institutions |
Cooperativa de Ahorro y Credito Fucerep |
CCC+ | Negative | Uruguay | Latin America | 0 | ||||||||||
Financial institutions |
Credivalores - Crediservicios SAS |
CCC+ | Negative | Colombia | Latin America | 300 | ||||||||||
Financial institutions |
Curo Group Holdings Corp. |
B- | Negative | U.S. | U.S. | 1,000 | ||||||||||
Financial institutions |
Ecobank Nigeria Ltd. (Ecobank Transnational Inc.) |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 300 | ||||||||||
Financial institutions |
FBN Holdings PLC |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 350 | ||||||||||
Financial institutions |
Fidelity Bank PLC |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 400 | ||||||||||
Financial institutions |
First City Monument Bank |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Financial institutions |
Guaranty Trust Holding Co. Plc |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Financial institutions |
JSC Savings Bank Belarusbank (Republic of Belarus) |
CC | Negative | Belarus | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Financial institutions |
LD Holdings Group LLC |
B- | Negative | U.S. | U.S. | 1,100 | ||||||||||
Financial institutions |
Ravnaq-bank Private Open Joint-Stock Commercial Bank |
CCC- | Negative | Uzbekistan | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Financial institutions |
Stanbic IBTC Bank PLC (Stanbic IBTC Holdings PLC) |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Financial institutions |
Standard Chartered Bank Nigeria Ltd. (Standard Chartered PLC) |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Financial institutions |
TMX Finance LLC |
B- | Negative | U.S. | U.S. | 0 | ||||||||||
Financial institutions |
TortoiseEcofin Parent Holdco LLC |
CCC+ | Negative | U.S. | U.S. | 318 | ||||||||||
Financial institutions |
United Bank for Africa Plc |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 300 | ||||||||||
Financial institutions |
World Acceptance Corp. |
B- | Negative | U.S. | U.S. | 300 | ||||||||||
Financial institutions |
Zenith Bank PLC |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Forest |
Compact Bidco B.V. |
B- | Negative | Netherlands | Europe | 331 | ||||||||||
Forest |
Glatfelter Corp. |
CCC+ | Negative | U.S. | U.S. | 500 | ||||||||||
Forest |
Ideal Standard International S.A. |
CCC+ | Negative | Luxembourg | Europe | 359 | ||||||||||
Forest |
InterCement Brasil S.A. (InterCement Participacoes S.A.) |
CCC+ | Negative | New | Brazil | Latin America | 0 | |||||||||
Forest |
Werner FinCo L.P. (New Werner Holding Co. Inc.) |
CCC+ | Negative | U.S. | U.S. | 625 | ||||||||||
Health care |
Air Methods Corp. |
CCC | Negative | U.S. | U.S. | 1,810 | ||||||||||
Health care |
Alvogen Pharma US Inc. (Alvogen Lux Holdings S.a.r.l.) |
B- | Negative | U.S. | U.S. | 1,793 | ||||||||||
Health care |
Athletico Holdings LLC |
B- | Negative | U.S. | U.S. | 1,750 | ||||||||||
Health care |
Bausch Health Cos. Inc. |
CCC | Negative | Canada | Canada | 43,750 | ||||||||||
Health care |
BVI Holdings Mayfair Ltd. |
CCC+ | Negative | U.K. | Europe | 668 | ||||||||||
Health care |
BW Homecare Holdings LLC |
CCC+ | Negative | U.S. | U.S. | 2,392 | ||||||||||
Health care |
Cano Health Inc. |
B- | Negative | U.S. | U.S. | 1,274 | ||||||||||
Health care |
Carestream Health Inc. |
B- | Negative | U.S. | U.S. | 541 | ||||||||||
Health care |
Community Health Systems Inc. |
CCC+ | Negative | U.S. | U.S. | 13,871 | ||||||||||
Health care |
Envision Healthcare Corp. (Envision Healthcare Holdings Inc.) |
CCC | Negative | U.S. | U.S. | 13,547 | ||||||||||
Health care |
Femur Buyer Inc. |
CCC+ | Negative | U.S. | U.S. | 485 | ||||||||||
Health care |
Genesis Care Pty Ltd. |
CCC- | Negative | Australia | Asia/Pacific | 1,592 | ||||||||||
Health care |
Greenway Health LLC |
CCC | Negative | U.S. | U.S. | 530 | ||||||||||
Health care |
Mallinckrodt plc |
CCC | Negative | Ireland | Europe | 5,359 | ||||||||||
Health care |
Medical Depot Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 689 | ||||||||||
Health care |
National Mentor Holdings Inc. (Civitas Solutions Inc.) |
B- | Negative | U.S. | U.S. | 2,095 | ||||||||||
Health care |
Premier Dental Services Inc. |
B- | Negative | U.S. | U.S. | 540 | ||||||||||
Health care |
Quincy Health LLC |
CCC | Negative | U.S. | U.S. | 732 | ||||||||||
Health care |
Radiology Partners Holdings LLC |
B- | Negative | U.S. | U.S. | 3,435 | ||||||||||
Health care |
Sound Inpatient Physicians Inc. (Sound Inpatient Physicians Holdings LLC) |
B- | 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 |
TecoStar Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 950 | ||||||||||
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 |
Zotec Partners LLC |
CCC | Negative | U.S. | U.S. | 309 | ||||||||||
Health care |
Bayou Topco Inc. |
B- | Negative | New | U.S. | U.S. | 375 | |||||||||
Health care |
Carestream Dental Technology Parent Ltd. |
B- | Watch Neg | New | U.K. | Europe | 2,750 | |||||||||
Health care |
European Medco Development 3 S.a.r.l. |
B- | Negative | New | Germany | Europe | 0 | |||||||||
Health care |
Global Medical Response Inc. (Air Medical Holdings LLC) |
CCC+ | Negative | New | U.S. | U.S. | 4,474 | |||||||||
Health care |
LifeScan Global Corp. |
CC | Negative | New | U.S. | U.S. | 1,750 | |||||||||
Health care |
Pathway Vet Alliance LLC |
B- | Negative | New | U.S. | U.S. | 1,560 | |||||||||
High technology |
4L Topco Corp. |
CCC | Negative | U.S. | U.S. | 80 | ||||||||||
High technology |
Astra Acquisition Corp. |
B- | Negative | U.S. | U.S. | 1,300 | ||||||||||
High technology |
Cardinal Parent Inc. |
B- | Negative | U.S. | U.S. | 687 | ||||||||||
High technology |
Casa Systems Inc. |
CCC | Negative | U.S. | U.S. | 300 | ||||||||||
High technology |
Creation Technologies Inc. |
B- | Negative | U.S. | U.S. | 455 | ||||||||||
High technology |
Diebold Nixdorf Inc. |
CCC | Watch Neg | U.S. | U.S. | 4,646 | ||||||||||
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 |
Finastra Ltd. |
CCC+ | Negative | Cayman Islands | U.S. | 35,186 | ||||||||||
High technology |
Imperva Inc. |
B- | Negative | U.S. | U.S. | 1,197 | ||||||||||
High technology |
Mitel Networks (International) Ltd. |
CCC+ | Negative | U.K. | Europe | 2,237 | ||||||||||
High technology |
MYOB Group Co. Pty Ltd. |
B- | Negative | Australia | Asia/Pacific | 651 | ||||||||||
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 | U.S. | U.S. | 2,000 | ||||||||||
High technology |
Riverbed Intermediate Holdings LLC |
CCC | Negative | U.S. | U.S. | 900 | ||||||||||
High technology |
SuperMoose Newco Inc. |
CCC+ | Negative | U.S. | U.S. | 1,335 | ||||||||||
High technology |
Tegra118 Wealth Solutions Inc. (InvestCloud Holdings LLC) |
B- | Negative | U.S. | U.S. | 315 | ||||||||||
High technology |
Triton UK Midco Ltd. |
B- | Negative | U.K. | Europe | 305 | ||||||||||
High technology |
Veritas Holdings Ltd. |
B- | Negative | Bermuda | U.S. | 7,364 | ||||||||||
High technology |
Cornerstone OnDemand Inc. |
B- | Negative | New | U.S. | U.S. | 2,888 | |||||||||
High technology |
GoTo Group Inc. |
B- | Negative | New | U.S. | U.S. | 3,000 | |||||||||
High technology |
UKG Inc. |
B- | Negative | New | U.S. | U.S. | 8,213 | |||||||||
Home/RE |
Adler Group S.A. (ADO Group Ltd.) |
CCC+ | Negative | Luxembourg | Europe | 5,780 | ||||||||||
Home/RE |
Empire Communities Corp. |
B- | Negative | Canada | Canada | 575 | ||||||||||
Home/RE |
Five Point Holdings LLC |
CCC+ | Negative | U.S. | U.S. | 1,200 | ||||||||||
Home/RE |
Marera Investment Group Ltd. |
B- | Negative | Cyprus | Europe | 0 | ||||||||||
Home/RE |
Washington Prime Group LLC |
B- | Negative | U.S. | U.S. | 1,262 | ||||||||||
Media & entertainment |
All Day AcquisitionCo LLC |
CCC- | Negative | U.S. | U.S. | 200 | ||||||||||
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 |
CareerBuilder LLC |
CCC | Negative | U.S. | U.S. | 415 | ||||||||||
Media & entertainment |
Castle Intermediate Holding V Ltd. |
CCC+ | Negative | U.K. | Europe | 2,347 | ||||||||||
Media & entertainment |
CD&R Vialto UK Intermediate 3 Ltd. |
B- | Negative | U.K. | Europe | 969 | ||||||||||
Media & entertainment |
Centerfield Media Parent Inc. (Millennium Top1 Corp.) |
CCC+ | Negative | U.S. | U.S. | 785 | ||||||||||
Media & entertainment |
ClubCorp Holdings Inc. |
CCC+ | Negative | New | U.S. | U.S. | 1,600 | |||||||||
Media & entertainment |
Codere Luxembourg 2 S.a.r.l (Codere New TopCo S.A.) |
CC | Negative | Luxembourg | Europe | 0 | ||||||||||
Media & entertainment |
Comet Bidco Ltd. |
CCC+ | Negative | U.K. | Europe | 816 | ||||||||||
Media & entertainment |
ConvergeOne Holdings Inc. |
B- | Negative | U.S. | U.S. | 1,385 | ||||||||||
Media & entertainment |
CoreLogic Inc. |
B- | Negative | U.S. | U.S. | 5,250 | ||||||||||
Media & entertainment |
CWT Travel Group Inc. |
CCC+ | Negative | U.S. | U.S. | 715 | ||||||||||
Media & entertainment |
Dice Acquico (Dice Holdings S.a r.l.) |
CCC+ | Negative | Germany | Europe | 0 | ||||||||||
Media & entertainment |
Digital Media Solutions Inc. |
CCC+ | Negative | U.S. | U.S. | 225 | ||||||||||
Media & entertainment |
EagleView Technology Corp. |
B- | Negative | U.S. | U.S. | 800 | ||||||||||
Media & entertainment |
Enjoy S.A. |
CCC+ | Negative | Chile | Latin America | 211 | ||||||||||
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 | ||||||||||
Media & entertainment |
Hornblower HoldCo LLC |
CCC | Negative | U.S. | U.S. | 655 | ||||||||||
Media & entertainment |
Hubbard Radio LLC |
B- | Negative | U.S. | U.S. | 480 | ||||||||||
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 |
Lereta LLC |
B- | Negative | U.S. | U.S. | 250 | ||||||||||
Media & entertainment |
Lucky Bucks LLC |
CCC- | Watch Neg | U.S. | U.S. | 555 | ||||||||||
Media & entertainment |
Monitronics International Inc. |
CCC | Negative | U.S. | U.S. | 823 | ||||||||||
Media & entertainment |
New Insight Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 3,675 | ||||||||||
Media & entertainment |
Peak Jersey Holdco Ltd. |
B- | Negative | Jersey | Eastern Europe/Middle East/Africa | 800 | ||||||||||
Media & entertainment |
Photo Holdings LLC |
CCC | Negative | U.S. | U.S. | 3,290 | ||||||||||
Media & entertainment |
PlayPower Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 410 | ||||||||||
Media & entertainment |
Red Planet Intermediate LLC |
B- | Negative | U.S. | U.S. | 1,400 | ||||||||||
Media & entertainment |
Richmond UK Holdco Ltd. |
CCC+ | Negative | U.K. | Europe | 1,696 | ||||||||||
Media & entertainment |
Salem Media Group Inc. |
B- | Negative | U.S. | U.S. | 115 | ||||||||||
Media & entertainment |
Screenvision LLC |
CCC+ | Negative | U.S. | U.S. | 350 | ||||||||||
Media & entertainment |
Skillz Inc. |
CCC+ | Negative | New | U.S. | U.S. | 300 | |||||||||
Media & entertainment |
SP PF Buyer LLC |
CCC | Negative | U.S. | U.S. | 744 | ||||||||||
Media & entertainment |
Spanish Broadcasting System Inc. |
CCC+ | Negative | U.S. | U.S. | 310 | ||||||||||
Media & entertainment |
Stan Holding SAS |
B- | Negative | France | Europe | 0 | ||||||||||
Media & entertainment |
Tribe Buyer LLC |
CCC- | Negative | U.S. | U.S. | 400 | ||||||||||
Media & entertainment |
United PF Holdings LLC |
CCC+ | Negative | New | U.S. | U.S. | 706 | |||||||||
Media & entertainment |
Universal Entertainment Corp. |
CCC+ | Negative | Japan | Asia/Pacific | 760 | ||||||||||
Media & entertainment |
Vericast Corp. |
CCC | Negative | U.S. | U.S. | 2,781 | ||||||||||
Media & entertainment |
WeWork Cos. LLC |
CC | Negative | U.S. | U.S. | 702 | ||||||||||
Media & entertainment |
Zephyr Midco 2 Ltd. |
B- | Negative | U.K. | Europe | 2,252 | ||||||||||
Metals, mining, & steel |
Coeur Mining Inc. |
B- | Negative | New | U.S. | U.S. | 375 | |||||||||
Metals, mining, & steel |
Gopher Resource LLC (ECP Gopher Holdings L.P.) |
CCC+ | Negative | U.S. | U.S. | 510 | ||||||||||
Metals, mining, & steel |
IAMGOLD Corp. |
CCC+ | Negative | Canada | Canada | 450 | ||||||||||
Metals, mining, & steel |
Tacora Resources Inc. |
CCC- | Negative | Canada | Canada | 225 | ||||||||||
Midstream |
Southeast Supply Header LLC |
B- | Negative | U.S. | U.S. | 400 | ||||||||||
Oil and gas |
Compania General de Combustibles S.A. |
CCC- | Negative | Argentina | Latin America | 285 | ||||||||||
Oil and gas |
DTEK Renewables B.V. |
CCC- | Watch Neg | Netherlands | Europe | 0 | ||||||||||
Oil and gas |
Ensign Energy Services Inc. |
CCC+ | Negative | Canada | Canada | 700 | ||||||||||
Oil and gas |
Transocean Ltd. |
CCC | Negative | Switzerland | Europe | 7,517 | ||||||||||
Oil and gas |
Tullow Oil PLC |
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 | New | U.S. | U.S. | 350 | |||||||||
Retail |
At Home Group Inc. |
CCC+ | Negative | U.S. | U.S. | 1,400 | ||||||||||
Retail |
Belk Inc. |
CCC- | Negative | U.S. | U.S. | 1,223 | ||||||||||
Retail |
Carrols Restaurant Group Inc. |
CCC+ | Negative | U.S. | U.S. | 800 | ||||||||||
Retail |
Cooper's Hawk Intermediate Holding LLC |
CCC+ | Negative | New | U.S. | U.S. | 250 | |||||||||
Retail |
Empire Today LLC |
B- | Negative | U.S. | U.S. | 595 | ||||||||||
Retail |
Farfetch Ltd. |
B- | Negative | U.K. | Europe | 400 | ||||||||||
Retail |
Fossil Group Inc. |
B- | Negative | U.S. | U.S. | 150 | ||||||||||
Retail |
GPS Hospitality Holding Co. LLC |
CCC+ | Negative | U.S. | U.S. | 400 | ||||||||||
Retail |
Guitar Center Inc. (Guitar Center Holdings Inc.) |
B- | Negative | U.S. | U.S. | 550 | ||||||||||
Retail |
JOANN Inc. |
CCC+ | Negative | U.S. | U.S. | 675 | ||||||||||
Retail |
Kirk Beauty 2 Beteiligungs GmbH and Co. KG |
B- | Negative | Germany | Europe | 3,686 | ||||||||||
Retail |
MED ParentCo L.P. |
CCC+ | Negative | U.S. | U.S. | 1,571 | ||||||||||
Retail |
Michaels Cos. Inc. (The) |
B- | Negative | U.S. | U.S. | 4,100 | ||||||||||
Retail |
Moran Foods LLC (SAL Acquisition Corp.) |
CCC+ | Negative | U.S. | U.S. | 318 | ||||||||||
Retail |
Qurate Retail Inc. |
CCC+ | Negative | U.S. | U.S. | 6,052 | ||||||||||
Retail |
Rising Tide Holdings Inc. |
CCC | Negative | U.S. | U.S. | 521 | ||||||||||
Retail |
Rite Aid Corp. |
CCC+ | Negative | U.S. | U.S. | 2,169 | ||||||||||
Retail |
Wok Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 430 | ||||||||||
Telecommunications |
Aventiv Technologies LLC |
CCC+ | 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 |
Cyxtera Technologies Inc. |
CCC | Negative | U.S. | U.S. | 915 | ||||||||||
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 |
Logix Intermediate Holding Corp. |
CCC | Negative | U.S. | U.S. | 250 | ||||||||||
Telecommunications |
Matrix Holdings Inc. |
B- | Negative | U.S. | U.S. | 640 | ||||||||||
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. |
B- | Negative | U.S. | U.S. | 1,025 | ||||||||||
Telecommunications |
Tele Columbus AG |
B- | Negative | Germany | Europe | 510 | ||||||||||
Telecommunications |
Telecom Argentina S.A. |
CCC- | Negative | Argentina | Latin America | 400 | ||||||||||
Telecommunications |
Telesat Canada (Telesat Holdings Inc.) |
CCC+ | Negative | Canada | Canada | 6,717 | ||||||||||
Telecommunications |
U.S. TelePacific Holdings Corp. |
CCC+ | Negative | U.S. | U.S. | 655 | ||||||||||
Transportation |
Aeropuertos Argentina 2000 S.A. |
CCC- | Negative | Argentina | Latin America | 750 | ||||||||||
Transportation |
Azul S.A. |
CCC- | Negative | Brazil | Latin America | 0 | ||||||||||
Transportation |
CAR Inc. |
B- | Negative | Cayman Islands | U.S. | 250 | ||||||||||
Transportation |
ENC Parent Corp. |
B- | Negative | U.S. | U.S. | 680 | ||||||||||
Transportation |
Investimentos e Participacoes em Infraestrutura S.A. - Invepar |
CCC | Negative | Brazil | Latin America | 0 | ||||||||||
Transportation |
LaserShip Inc. |
B- | Negative | U.S. | U.S. | 880 | ||||||||||
Transportation |
Neovia Logistics L.P. (Neovia Logistics Intermediate Holdings, LP) |
CCC+ | Negative | U.S. | U.S. | 248 | ||||||||||
Transportation |
Toro Private Holdings I Ltd. |
CCC+ | Negative | New | U.K. | Europe | 3,715 | |||||||||
Transportation |
Ukrainian Railways JSC |
CCC+ | Negative | Ukraine | Eastern Europe/Middle East/Africa | 0 | ||||||||||
Transportation |
URS Holdco Inc. |
CCC+ | Negative | U.S. | U.S. | 747 | ||||||||||
Transportation |
Western Global Airlines Inc. |
CCC | Negative | U.S. | U.S. | 400 | ||||||||||
Utilities |
AES Argentina Generacion S.A (AES Corp. (The)) |
CCC- | Negative | Argentina | Latin America | 300 | ||||||||||
Utilities |
CAPEX 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 | ||||||||||
Utilities |
Freeport LNG Investments L.P. |
B- | Negative | U.S. | U.S. | 2,331 | ||||||||||
Utilities |
Guacolda Energia S.A. |
CCC+ | Negative | Chile | Latin America | 500 | ||||||||||
Utilities |
Pampa Energia S.A. |
CCC- | Negative | Argentina | Latin America | 1,550 | ||||||||||
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/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 April 28, 2023 | ||||||||||||||
Sector | Company | Issuer ratings are for a related entity | Issue count (no.) | Outstanding amount (mil. $) | Rating | Outlook/CreditWatch | ||||||||
Aerospace & defense |
Wesco Aircraft Holdings Inc. |
3 | 1,043.8 | CCC+ | Negative | |||||||||
Automotive |
Ford Motor Co. |
2 | 1,550.0 | BB+ | Positive | |||||||||
Automotive |
Wheel Pros Inc. |
1 | 365.0 | CCC | Negative | |||||||||
Automotive |
Carvana Co. |
5 | 5,725.0 | CC | Negative | |||||||||
Automotive |
Cooper-Standard Automotive Inc. |
Cooper-Standard Holdings Inc. |
2 | 399.6 | CCC+ | Negative | ||||||||
Capital goods |
Tutor Perini Corp. |
1 | 500.0 | B- | Negative | |||||||||
Capital goods |
Artera Services LLC |
1 | 986.0 | CCC+ | Stable | |||||||||
Capital goods |
Aptim Corp. |
1 | 515.0 | CCC+ | Stable | |||||||||
Capital goods |
ASP Unifrax Holdings Inc. |
1 | 400.0 | B- | Negative | |||||||||
Capital goods |
OT Merger Corp. |
1 | 300.0 | CCC+ | Negative | |||||||||
Capital goods |
JPW Industries Holdings Corp. |
JPW Industries Lux Acquisitions Holdings S.a.r.l. |
2 | 280.0 | CCC+ | Negative | ||||||||
CP&ES |
Trinseo Materials Finance Inc. |
Trinseo PLC |
1 | 447.0 | B+ | Negative | ||||||||
CP&ES |
FXI Holdings Inc. |
2 | 1,266.5 | CC | Negative | |||||||||
CP&ES |
PMHC II Inc. |
1 | 756.0 | B- | Negative | |||||||||
CP&ES |
PECF USS Intermediate Holding III Corp. |
1 | 550.0 | CCC+ | Negative | |||||||||
CP&ES |
Iris Holding Inc. |
1 | 400.0 | B- | Stable | |||||||||
CP&ES |
Venator Materials LLC |
Venator Materials PLC |
2 | 600.0 | CCC- | Negative | ||||||||
CP&ES |
Schenectady International Group Inc. |
SK Mohawk Holdings S.a.r.l. |
1 | 300.0 | CCC+ | Negative | ||||||||
CP&ES |
Kobe US Midco 2 Inc. |
Aruba Investments Holdings LLC |
1 | 200.0 | B- | Stable | ||||||||
Consumer products |
H-Food Holdings LLC |
1 | 350.0 | B- | Negative | |||||||||
Consumer products |
TKC Holdings Inc. |
1 | 675.0 | B- | Negative | |||||||||
Consumer products |
Signal Parent Inc. |
1 | 300.0 | B- | Negative | |||||||||
Consumer products |
SWF Holdings I Corp. |
1 | 625.0 | B- | Negative | |||||||||
Consumer products |
Grubhub Holdings Inc. |
Grubhub Inc. |
1 | 500.0 | CCC+ | Developing | ||||||||
Consumer products |
P&L Development LLC |
P&L Development Holdings LLC |
1 | 465.0 | CCC+ | Negative | ||||||||
Financial institutions |
Innovate Corp. |
1 | 330.0 | B- | Stable | |||||||||
Financial institutions |
CNG Holdings Inc. |
1 | 259.0 | CCC+ | Stable | |||||||||
Financial institutions |
Curo Group Holdings Corp. |
1 | 1,000.0 | B- | Negative | |||||||||
Financial institutions |
Navient Corp. |
1 | 300.0 | BB- | Stable | |||||||||
Financial institutions |
LD Holdings Group LLC |
2 | 1,100.0 | B- | Negative | |||||||||
Financial institutions |
Coinbase Global Inc. |
1 | 1,000.0 | BB- | Negative | |||||||||
Financial institutions |
Cobra AcquisitionCo LLC |
1 | 400.0 | B- | Stable | |||||||||
Forest |
Werner FinCo L.P. |
1 | 265.0 | CCC+ | Negative | |||||||||
Forest |
BCPE Ulysses Intermediate Inc. |
LBM Acquisition LLC |
1 | 400.0 | B- | Stable | ||||||||
Forest |
Victors Intermediate Holding II Corp. |
ACProducts Inc. |
1 | 550.0 | B- | Stable | ||||||||
Health care |
Envision Healthcare Corp. |
1 | 1,026.4 | CCC | Negative | |||||||||
Health care |
Global Medical Response Inc. |
1 | 600.0 | CCC+ | Negative | |||||||||
Health care |
U.S. Renal Care Inc. |
1 | 505.0 | CCC+ | Stable | |||||||||
Health care |
Bausch Health Americas Inc. |
Bausch Health Cos. Inc. |
2 | 1,383.5 | CCC+ | Negative | ||||||||
Health care |
Heartland Dental LLC |
1 | 310.0 | B- | Stable | |||||||||
Health care |
MPH Acquisition Holdings LLC |
1 | 1,300.0 | B | Stable | |||||||||
Health care |
Team Health Holdings Inc. |
1 | 714.4 | CCC+ | Negative | |||||||||
Health care |
LifePoint Health Inc. |
2 | 1,925.0 | B | Negative | |||||||||
Health care |
Emergent BioSolutions Inc. |
1 | 450.0 | B+ | Negative | |||||||||
Health care |
CHS/Community Health Systems Inc. |
Community Health Systems Inc. |
1 | 755.9 | CCC+ | Negative | ||||||||
Health care |
Radiology Partners Inc. |
Radiology Partners Holdings LLC |
2 | 1,510.0 | B- | Negative | ||||||||
Health care |
Cano Health LLC |
Cano Health Inc. |
1 | 300.0 | B- | Negative | ||||||||
High technology |
Pitney Bowes Inc. |
3 | 1,075.0 | BB | Negative | |||||||||
High technology |
Diebold Nixdorf Inc. |
2 | 322.0 | CCC | Negative | |||||||||
High technology |
Unisys Corp. |
1 | 400.0 | B+ | Stable | |||||||||
High technology |
CommScope Inc. |
2 | 1,700.0 | B- | Stable | |||||||||
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 | ||||||||
High technology |
GoTo Group Inc. |
1 | 750.0 | B- | Negative | |||||||||
High technology |
Newfold Digital Holdings Group Inc. |
1 | 685.0 | B | Stable | |||||||||
High technology |
CommScope Technologies LLC |
CommScope Holding Co. Inc. |
1 | 750.0 | B- | Stable | ||||||||
Home/RE |
Diversified Healthcare Trust |
3 | 1,100.0 | CCC+ | Positive | |||||||||
Home/RE |
Office Properties Income Trust |
3 | 800.0 | BB | Negative | |||||||||
Insurance |
Assurant Inc. |
1 | 250.0 | BBB | Stable | |||||||||
Insurance |
Unum Group |
1 | 300.0 | BBB | Stable | |||||||||
Media & entertainment |
Staples Inc. |
2 | 3,000.0 | B | Stable | |||||||||
Media & entertainment |
E.W. Scripps Co. (The) |
1 | 500.0 | B+ | Stable | |||||||||
Media & entertainment |
Spanish Broadcasting System Inc. |
1 | 310.0 | CCC+ | Negative | |||||||||
Media & entertainment |
iHeartCommunications Inc. |
1 | 1,450.0 | B+ | Negative | |||||||||
Media & entertainment |
Sabre GLBL Inc. |
1 | 555.0 | B- | Stable | |||||||||
Media & entertainment |
Beasley Mezzanine Holdings LLC |
1 | 295.0 | CCC+ | Negative | |||||||||
Media & entertainment |
AMC Entertainment Holdings Inc. |
4 | 2,567.2 | CCC+ | Stable | |||||||||
Media & entertainment |
Likewize Corp. |
1 | 420.0 | B- | Positive | |||||||||
Media & entertainment |
Empire Resorts Inc. |
1 | 300.0 | B+ | Stable | |||||||||
Media & entertainment |
Clear Channel Outdoor Holdings Inc. |
2 | 2,050.0 | CCC+ | Stable | |||||||||
Media & entertainment |
Audacy Capital Corp. |
2 | 1,010.0 | CCC+ | Negative | |||||||||
Media & entertainment |
Shutterfly LLC |
1 | 750.0 | CCC | Negative | |||||||||
Media & entertainment |
ClubCorp Holdings Inc. |
1 | 425.0 | CCC+ | Negative | |||||||||
Media & entertainment |
WeWork Cos. LLC |
1 | 669.0 | CC | Negative | |||||||||
Media & entertainment |
Allen Media LLC |
1 | 640.0 | B- | Stable | |||||||||
Media & entertainment |
CMG Media Corp. |
1 | 1,015.0 | B | Negative | |||||||||
Media & entertainment |
Centerfield Media Parent Inc. |
1 | 785.0 | CCC+ | Negative | |||||||||
Media & entertainment |
Skillz Inc. |
1 | 129.7 | CCC+ | Negative | |||||||||
Media & entertainment |
CWT Travel Group Inc. |
1 | 625.0 | CCC+ | Negative | |||||||||
Media & entertainment |
AMC Entertainment Inc. |
AMC Entertainment Holdings Inc. |
1 | 98.3 | CCC+ | Stable | ||||||||
Media & entertainment |
Cumulus Media New Holdings Inc. |
Cumulus Media Inc. |
1 | 380.9 | B- | Stable | ||||||||
Media & entertainment |
Castle US Holding Corp. |
Castle Intermediate Holding V Ltd. |
1 | 300.0 | CCC+ | Negative | ||||||||
Oil and gas |
Gran Tierra Energy Inc. |
1 | 300.0 | B | Positive | |||||||||
Oil and gas |
Nine Energy Service Inc. |
1 | 300.0 | CCC+ | Stable | |||||||||
Oil and gas |
Gran Tierra Energy International Holdings Ltd. |
Gran Tierra Energy Inc. |
1 | 300.0 | B | Positive | ||||||||
Retail |
Rite Aid Corp. |
3 | 1,338.7 | CCC+ | Negative | |||||||||
Retail |
QVC Inc. |
7 | 3,034.8 | CCC+ | Negative | |||||||||
Retail |
Liberty Interactive LLC |
4 | 1,253.2 | CCC+ | Negative | |||||||||
Retail |
Michaels Cos. Inc. (The) |
1 | 1,300.0 | B- | Negative | |||||||||
Retail |
Fossil Group Inc. |
1 | 140.0 | B- | Negative | |||||||||
Retail |
At Home Group Inc. |
2 | 800.0 | CCC+ | Negative | |||||||||
Retail |
GPS Hospitality Holding Co. LLC |
1 | 400.0 | CCC+ | Negative | |||||||||
Telecommunications |
Lumen Technologies Inc. |
9 | 3,411.6 | B | Negative | |||||||||
Telecommunications |
United States Cellular Corp. |
3 | 1,500.0 | BB | Stable | |||||||||
Telecommunications |
DISH DBS Corp. |
4 | 6,498.7 | CCC+ | Negative | |||||||||
Telecommunications |
CSC Holdings LLC |
4 | 6,120.9 | B | Negative | |||||||||
Telecommunications |
West Technology Group LLC |
1 | 685.5 | CCC+ | Stable | |||||||||
Telecommunications |
Radiate Holdco LLC |
1 | 1,000.0 | CCC+ | Negative | |||||||||
Telecommunications |
Zayo Group Holdings Inc. |
1 | 1,080.0 | B- | Stable | |||||||||
Telecommunications |
Qwest Corp. |
Lumen Technologies Inc. |
2 | 1,425.0 | B | Negative | ||||||||
Telecommunications |
Embarq Corp. |
Connect Holding II LLC |
1 | 1,437.3 | B- | Negative | ||||||||
Transportation |
Western Global Airlines Inc. |
1 | 400.0 | CCC | Negative | |||||||||
Transportation |
Carriage Purchaser Inc. |
1 | 300.0 | B | Stable | |||||||||
Transportation |
Azul Investments LLP |
Azul S.A. |
2 | 1,000.0 | CCC- | Negative | ||||||||
Utilities |
Summit Midstream Finance Corp. |
Summit Midstream Partners L.P. |
1 | 259.5 | B | Stable | ||||||||
Utilities |
CSI Compressco L.P. |
1 | 155.0 | B- | Stable | |||||||||
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/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. $) | ||||||||
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- | Homebuilders/real estate companies | Guernsey | 429 | ||||||||
March 31, 2023 |
Crane Holdings Co. |
BB+ | BBB | High technology | U.S. | 1,200 | ||||||||
March 31, 2023 |
Office Properties Income Trust |
BB | BBB- | Home/RE | U.S. | 2,500 | ||||||||
April 3, 2023 |
Fluor Corp. |
BB+ | BBB- | Capital goods | U.S. | 1,100 | ||||||||
Data as of April 30, 2023. Note: 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. 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. $) | ||||||||
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+ | High technology | U.S. | 4,550 | ||||||||
March 9, 2023 |
Pilot Travel Centers LLC |
BBB+ | BB+ | Retail and restaurants | 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 |
The Weir Group PLC |
BBB- | BB+ | Capital goods | U.K. | 800 | ||||||||
April 3, 2023 |
Belron Group S.A. |
BBB- | BB+ | Media and entertainment | Luxembourg | 4,540 | ||||||||
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 | ||||||||
Data as of April 30, 2023. 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. Source: S&P Global Ratings Credit Research & Insights. |
Table 7
Potential fallen angels | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
As of April 30, 2023 | ||||||||||||
Sector/subsector | Issuer | CreditWatch negative/negative outlook | New to the list this month | Country/market | Debt amount (mil. US$) | |||||||
Aerospace & defense |
Boeing Co. |
Negative | U.S. | 55,798 | ||||||||
Aerospace & defense |
Huntington Ingalls Industries Inc. |
Negative | U.S. | 2,150 | ||||||||
Automotive |
Zhejiang Geely Holding Group Co. Ltd. |
Negative | China | 2,717 | ||||||||
Capital goods |
KION Group AG |
Negative | Germany | 552 | ||||||||
Consumer products |
Conagra Brands Inc. |
Negative | U.S. | 10,283 | ||||||||
Consumer products |
International Flavors & Fragrances Inc. |
Negative | U.S. | 9,385 | ||||||||
Financial institutions |
CI Financial Corp. |
Negative | Canada | 2,634 | ||||||||
Financial institutions |
Tanner Servicios Financieros S.A. |
Negative | Chile | 140 | ||||||||
Financial institutions |
China Bohai Bank Co. Ltd. |
Negative | China | 300 | ||||||||
Financial institutions |
Far East Horizon Ltd. |
Negative | Hong Kong | 1,317 | ||||||||
Financial institutions |
Intercorp Financial Services Inc. |
Negative | Peru | 1,300 | ||||||||
Financial institutions |
AmFam Holdings Inc. |
Negative | U.S. | 1,000 | ||||||||
Financial institutions |
Argo Group International Holdings Ltd. |
Watch Neg | U.S. | 275 | ||||||||
Health care |
Fresenius Medical Care AG & Co. KGaA |
Negative | Germany | 8,090 | ||||||||
High technology |
SK Hynix Inc. |
Negative | Korea | 5,500 | ||||||||
Homebuilders/real estate companies |
D.V.I. Deutsche Vermögens- und Immobilienverwaltungs GmbH |
Negative | Germany | 386 | ||||||||
Homebuilders/real estate companies |
GLP Pte. Ltd. |
Negative | Singapore | 3,857 | ||||||||
Homebuilders/real estate companies |
Samhallsbyggnadsbolaget i Norden AB (publ) |
Negative | Sweden | 5,959 | ||||||||
Homebuilders/real estate companies |
Brandywine Realty Trust Inc. |
Negative | U.S. | 1,500 | ||||||||
Homebuilders/real estate companies |
Vornado Realty Trust |
Negative | U.S. | 2,250 | ||||||||
Media & entertainment |
Jinjiang International Holding Co. Ltd. |
Negative | China | 552 | ||||||||
Media & entertainment |
JCDecaux SE |
Negative | France | 4,193 | ||||||||
Oil & gas |
SK Innovation Co. Ltd. |
Watch Neg | Korea | 500 | ||||||||
Telecommunications |
Rogers Communications Inc. |
Negative | New | Canada | 27,496 | |||||||
Telecommunications |
Eutelsat Communications S.A. |
Watch Neg | France | 3,090 | ||||||||
Transportation |
One Rail Australia Holdings Ltd. |
Watch Neg | Australia | 407 | ||||||||
Transportation |
Adani Ports and Special Economic Zone Ltd. |
Negative | India | 4,200 | ||||||||
Transportation |
GXO Logistics Inc. |
Negative | U.S. | 800 | ||||||||
Utilities |
Inter Pipeline Ltd. |
Negative | Canada | 5,198 | ||||||||
Utilities |
Nova Scotia Power Inc. |
Negative | Canada | 2,426 | ||||||||
Utilities |
Adani Electricity Mumbai Ltd. |
Negative | India | 1,000 | ||||||||
Utilities |
South Staffordshire PLC |
Negative | U.K. | 288 | ||||||||
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. Source: S&P Global Ratings Credit Research & Insights. |
Table 8
Potential rising stars | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
As of April 30, 2023 | ||||||||||||
Sector/subsector | Issuer | CreditWatch positive/positive outlook | New to the list this month | Country/market | Debt amount (mil. US$) | |||||||
Aerospace & defense |
Leonardo SpA |
Positive | Italy | 1,766 | ||||||||
Aerospace & defense |
Hexcel Corp. |
Positive | U.S. | 700 | ||||||||
Aerospace & defense |
Howmet Aerospace Inc. |
Positive | New | U.S. | 6,005 | |||||||
Automotive |
Ford Motor Co. |
Positive | U.S. | 114,384 | ||||||||
Capital goods |
Nexans S.A. |
Positive | France | 1,021 | ||||||||
Consumer products |
Elis S.A. |
Positive | France | 2,041 | ||||||||
Consumer products |
ICON PLC |
Positive | Ireland | 6,015 | ||||||||
Chemicals, packaging, and environmental services |
Verallia S.A. |
Positive | France | 1,104 | ||||||||
Chemicals, packaging, and environmental services |
K+S AG |
Positive | Germany | 662 | ||||||||
Chemicals, packaging, and environmental services |
Olin Corp. |
Positive | U.S. | 2,150 | ||||||||
Financial institutions |
Sagicor Financial Co. Ltd. |
Positive | Bermuda | 400 | ||||||||
Financial institutions |
MTB Magyar Takarekszovetkezeti Bank Zrt. |
Positive | Hungary | 1,088 | ||||||||
Financial institutions |
Nexi SpA |
Positive | Italy | 3,669 | ||||||||
Financial institutions |
Banco Comercial Portugues S.A. |
Positive | New | Portugal | 1,302 | |||||||
Financial institutions |
Newmark Group Inc. |
Positive | U.S. | 550 | ||||||||
Homebuilders/real estate companies |
Toll Brothers Inc. |
Positive | U.S. | 1,600 | ||||||||
Media & entertainment |
Aristocrat Leisure Ltd. |
Positive | Australia | 3,799 | ||||||||
Media & entertainment |
Accor S.A. |
Positive | France | 4,745 | ||||||||
Media & entertainment |
CoStar Group Inc. |
Positive | U.S. | 1,000 | ||||||||
Media & entertainment |
Host Hotels & Resorts Inc. |
Positive | U.S. | 4,150 | ||||||||
Metals, mining, & steel |
Minsur S.A. |
Positive | Peru | 500 | ||||||||
Metals, mining, & steel |
Alcoa Corp. |
Positive | U.S. | 3,000 | ||||||||
Metals, mining, & steel |
Freeport-McMoRan Inc. |
Positive | New | U.S. | 7,462 | |||||||
Oil & gas |
Antero Resources Corp. |
Positive | New | U.S. | 8,300 | |||||||
Oil & gas |
Apache Corp. |
Positive | U.S. | 9,430 | ||||||||
Oil & gas |
Endeavor Energy Resources L.P |
Positive | New | U.S. | 2,000 | |||||||
Oil & gas |
Southwestern Energy Co. |
Positive | U.S. | 4,200 | ||||||||
Sovereign |
Greece |
Positive | New | Greece | 159,438 | |||||||
Telecommunications |
Cellnex Telecom S.A. |
Positive | Spain | 11,414 | ||||||||
Transportation |
Deutsche Lufthansa AG |
Positive | New | Germany | 6,731 | |||||||
Transportation |
RXO Inc. |
Positive | U.S. | 355 | ||||||||
Utilities |
Empresa Nacional del Petroleo |
Positive | Chile | 2,540 | ||||||||
Utilities |
Enlink Midstream LLC |
Positive | U.S. | 6,193 | ||||||||
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. 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 |
Yogesh Kumar, CRISIL Global Analytical Center, an S&P affiliate, Pune | |
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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