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COMMENTS

This Month In Credit: 2023 Data Companion

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


This Month In Credit: 2023 Data Companion

This is a data companion to our publication "This Month In Credit." This contains exclusively tables and charts that provide more granular and historical data on the credit trends, indicators, and insights described in that publication, including rating actions, outlooks, fallen angels, rising stars, weakest links, and 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

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Chart 2

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Chart 3

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Chart 4

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Weakest Links

Chart 5

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Chart 6

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Table 1

Weakest links by region
As of 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

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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

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Chart 9

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Chart 10

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Chart 11

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Appendix: Issuer Lists

Table 3

Weakest links
As of 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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