This Month In Credit: 2023 Data Companion

In This List

COMMENTS

COMMENTS

Credit FAQ: S&P Global Ratings' Evolving View Of Ontario's Regulatory Construct

COMMENTS

Credit FAQ: Panelists Debate Risks And Opportunities Along The EV Value Chain

COMMENTS

Credit FAQ: What Declining Commercial Real Estate Values Could Mean For U.S. Banks

COMMENTS

Credit FAQ: Hot Retail And Restaurant Topics In A Cooling Economy

COMMENTS
31 May, 2023 | 14:12
United States of America, Latin America, EMEA, APAC, APAC, Canada

Sector Credit Markets Research Default Transition & Recovery
Tags Americas Latin America APAC EMEA

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Table of Contents

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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