Key Takeaways
- The global corporate default tally rose to 127 as of Oct. 31, 2023, after an additional nine defaults in October. It is now 13% above the five-year average.
- The U.S. total was the lowest since November 2022, but we expect it to pick up given the elevated number of U.S. and Canadian risky credits.
- Health care led global defaults in October while oil and gas recorded its first default of 2023.
S&P Global Ratings' 2023 global corporate default tally has reached 127, following nine defaults in October:
- U.S.-based plastic packaging manufacturer Poseidon Investment Intermediate L.P.,
- Azerbaijan-based financial service provider Muganbank OJSC,
- U.S.-based air medical transportation service provider Air Methods Corp.,
- Canada-based diagnostic imaging operator Akumin Inc.,
- U.S.-based drugstore retailer Rite Aid Corp.,
- Canada-based drilling contractor Ensign Energy Services Inc.,
- Brazil-based transportation infrastructure group Investimentos e Participacoes em Infraestrutura S.A. - Invepar, and
- Two confidential issuers.
Fewer defaults in the U.S. contributed to much of this month's global slowdown in defaults. In October, the U.S. saw its lowest monthly level of defaults so far this year (see chart 1). However, the 2023 U.S. tally is still over two times 2022 levels and we do not expect this lull to last. The number of risky credits in the U.S. and Canada remains elevated at 181 and 76% are at risk of a further downgrade or default (see "Risky Credits: North American Telecoms In The Spotlight," Nov. 1, 2023).
Chart 1
Latin America Continues To Dominate Emerging Market Defaults
Emerging markets and the other developed region (consisting of Canada, Japan, Australia, and New Zealand) saw higher defaults in October. Defaults from Latin America have been boosting defaults in the emerging markets region this year--contributing to 88% of total defaults. Most of these defaults have been due to a distressed exchange or missed interest payment, triggered by liquidity strains, refinancing risk, and necessary capital restructuring (see "Latin America Sector Roundup Q4 2023: Uneven Trends Amid Rising Crosscurrents," Oct. 24, 2023).
Chart 2
Health Care Led Defaults In October While Oil And Gas Recorded Its First Default In 2023
The health care sector led defaults in October with two, one each in the U.S. and Canada. This brought the year-to-date tally to 14--more than double the previous year. We have also seen more downgrades in the sector this year, particularly among speculative-grade health care issuers, as higher interest rate expenses pressure margins and cash flow (see "This Month In Credit: On Fragile Footing," Oct. 27, 2023).
Meanwhile, the oil and gas sector recorded its first default in 2023 after Canada-based drilling contractor Ensign Energy Services Inc. selectively defaulted due to a distressed exchange after facing refinancing risk. The sector continues to see more upgrades than downgrades in 2023, even across speculative-grade rating categories, as issuers demonstrate resilient cash flow (see "Industry Top Trends Update North America: Oil and Gas," July 18, 2023).
Chart 3
Chart 4
Chart 5
Table 1
We estimate the U.S. default rate will remain 4.1% | ||||||
---|---|---|---|---|---|---|
Region | 12-month trailing speculative-grade default rate (%) | Weakest links | ||||
U.S. | 4.1* | 229 | ||||
Emerging markets | 1.8 | 27 | ||||
Europe | 2.9* | 49 | ||||
Other developed | 2.9 | 9 | ||||
Global | 3.3 | 314 | ||||
*Trailing-12-month speculative grade default rates are preliminary and subject to change. Year-to-date data as of Oct. 31, 2023. Weakest link data is as of Sept. 30, 2023. Other developed region includes Australia, Canada, Japan, and New Zealand. Default counts may include confidentially rated issuers. Sources: S&P Global Ratings Credit Research and S&P Global Market Intelligence’s CreditPro®. |
Table 2
Global corporate defaults so far in 2023 | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Date | Parent company | Country/Market | Subsector | To | From | Reason | ||||||||
Jan. 3, 2023 |
Moran Foods LLC (SAL Acquisition Corp.) |
U.S. | Retail/restaurants | SD | CCC+ | Distressed exchange | ||||||||
Jan. 16, 2023 |
Americanas S.A. (Lojas Americanas S.A.) |
Brazil | Retail/restaurants | D | B | Missed principal and interest payments | ||||||||
Jan. 19, 2023 |
Party City Holdings Inc. (PC Nextco Holdings LLC) |
U.S. | Retail/restaurants | D | CCC | Bankruptcy | ||||||||
Jan. 20, 2023 |
Mexarrend S.A.P.I. de C.V. |
Mexico | Financial institutions | D | CC | Missed principal and interest payments | ||||||||
Jan. 24, 2023 |
Serta Simmons Bedding LLC |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
Jan. 27, 2023 |
Bed Bath & Beyond Inc.(A) |
U.S. | Retail/restaurants | D | CC | Missed principal and interest payments | ||||||||
Jan. 30, 2023 |
Cooper-Standard Holdings Inc. |
U.S. | Automotive | SD | CC | Distressed exchange | ||||||||
Jan. 31, 2023 |
Missouri TopCo Ltd. |
U.K. | Consumer products | SD | CCC- | Distressed exchange | ||||||||
Jan. 31, 2023 |
Invacare Corp. |
U.S. | Health care | D | NR | Bankruptcy | ||||||||
Feb. 3, 2023 |
Oi S.A. |
Brazil | Telecommunications | D | CCC- | Missed principal and interest payments | ||||||||
Feb. 9, 2023 |
KNB Holdings Corp. |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
Feb. 10, 2023 |
Yak Access LLC |
U.S. | Capital goods | D | CCC | Distressed exchange | ||||||||
Feb. 14, 2023 |
K&N Parent Inc. |
U.S. | Automotive | D | CCC- | Distressed exchange | ||||||||
Feb. 15, 2023 |
99 cents only stores LLC |
U.S. | Retail/restaurants | SD | CCC+ | Missed payments | ||||||||
Feb. 15, 2023 |
Avaya Holdings Corp. |
U.S. | High technology | D | CC | Bankruptcy | ||||||||
Feb. 15, 2023 |
Diamond Sports Group LLC |
U.S. | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
Feb. 16, 2023 |
Stanadyne Holdings Inc. |
U.S. | Capital goods | D | NR | Bankruptcy | ||||||||
Feb. 16, 2023 | Confidential | Confidential | Media and entertainment | D | CC | Confidential | ||||||||
Feb. 17, 2023 |
AMC Entertainment Holdings Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
Feb. 17, 2023 |
Premier Brands Group Holdings LLC |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
Feb. 22, 2023 |
Altisource Portfolio Solutions S.A. |
Luxembourg | Financial institutions | SD | CC | Distressed exchange | ||||||||
Feb. 22, 2023 |
Foodco Bondco SAU |
Spain | Retail/restaurants | SD | CCC- | Missed interest payments | ||||||||
Feb. 24, 2023 |
Bausch Health Cos. Inc. |
Canada | Health care | SD | CCC+ | Distressed exchange | ||||||||
Feb. 28, 2023 |
Equinox Holdings Inc. |
U.S. | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
Feb. 28, 2023 |
Rising Tide Holdings Inc.(A) |
U.S. | Retail/restaurants | SD | CC | Distressed exchange | ||||||||
Mar. 1, 2023 |
Akorn Operating Co. LLC |
U.S. | Health care | D | CCC+ | Bankruptcy | ||||||||
Mar. 2, 2023 |
Community Health Systems Inc. |
U.S. | Health care | SD | B- | Distressed exchange | ||||||||
Mar. 6, 2023 |
LendingTree Inc. |
U.S. | Media and entertainment | SD | B- | Distressed exchange | ||||||||
Mar. 10, 2023 |
Loyalty Ventures Inc. |
U.S. | Media and entertainment | D | CCC+ | Bankruptcy | ||||||||
Mar. 10, 2023 |
Silicon Valley Bank |
U.S. | Financial institutions | D | BBB | Regulatory | ||||||||
Mar. 14, 2023 |
Bioplan USA Inc. |
U.S. | Media and entertainment | D | CCC | Out-of-court restructuring | ||||||||
Mar. 14, 2023 |
Gol Linhas Aereas Inteligentes S.A. |
Brazil | Transportation | SD | CC | Distressed exchange | ||||||||
Mar. 14, 2023 |
Technicolor Creative Studios |
France | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
Mar. 16, 2023 |
Mallinckrodt plc |
Ireland | Health care | SD | B- | Distressed exchange | ||||||||
Mar. 17, 2023 |
National CineMedia Inc. |
U.S. | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
Mar. 17, 2023 |
SVB Financial Group |
U.S. | Financial institutions | D | NR | Regulatory | ||||||||
Mar. 20, 2023 |
TV Azteca S.A. de C.V. |
Mexico | Media and entertainment | D | NR | Bankruptcy | ||||||||
Mar. 23, 2023 |
Flint HoldCo S.a.r.l. |
Luxembourg | Chemicals, packaging, and environmental services | SD | CCC | Missed principal payments | ||||||||
Mar. 31, 2023 |
Toro Private Holdings I Ltd. |
U.K. | Transportation | SD | CCC+ | Distressed exchange | ||||||||
Mar. 31, 2023 |
Wahoo Fitness Acquisition LLC |
U.S. | Consumer products | D | CCC- | Missed principal and interest payments | ||||||||
Apr. 5, 2023 |
FQM (Akubra) Inc. |
Canada | Metals, mining, and steel | D | NR | Bankruptcy | ||||||||
Apr. 6, 2023 |
Lannett Co. Inc. |
U.S. | Health care | SD | CCC+ | Missed interest payments | ||||||||
Apr. 6, 2023 |
Rodan & Fields LLC |
U.S. | Consumer products | D | CCC- | Out-of-court restructuring | ||||||||
Apr. 6, 2023 |
Covis Finco S.a.r.l. |
Switzerland | Health care | SD | CCC+ | Distressed exchange | ||||||||
Apr. 6, 2023 | Confidential | Confidential | Capital goods | D | CCC- | Confidential | ||||||||
Apr. 10, 2023 |
QualTek LLC |
U.S. | Capital goods | SD | CCC+ | Missed interest payments | ||||||||
Apr. 10, 2023 | Confidential | Confidential | Media and entertainment | D | CC | Confidential | ||||||||
Apr. 12, 2023 | Confidential | Confidential | Utlities | D | CCC- | Confidential | ||||||||
Apr. 12, 2023 |
Guacolda Energia S.A.(A) |
Chile | Utlities | D | CC | Distressed exchange | ||||||||
Apr. 17, 2023 |
Adler Group S.A. (ADO Group Ltd.) |
Luxembourg | Homebuilders/real estate companies | SD | CC | Distressed exchange | ||||||||
Apr. 17, 2023 |
David's Bridal Inc. |
U.S. | Consumer products | D | NR | Bankruptcy | ||||||||
Apr. 19, 2023 |
Skillz Inc. |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
Apr. 24, 2023 | Bed Bath & Beyond Inc.(B) | U.S. | Retail/restaurants | D | CCC- | Bankruptcy | ||||||||
Apr. 27, 2023 |
Burger BossCo Intermediate Inc. |
U.S. | Retail/restaurants | D | CCC- | Missed principal and interest payments | ||||||||
Apr. 27, 2023 |
Grupo IDESA S.A. de C.V. |
Mexico | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
May. 1, 2023 |
FXI Holdings Inc. |
U.S. | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
May. 2, 2023 | Confidential | Confidential | Consumer products | D | CCC- | Confidential | ||||||||
May. 2, 2023 |
WeWork Cos. LLC |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
May. 5, 2023 |
Frigoglass SAIC |
Greece | Consumer products | SD | CC | Distressed exchange | ||||||||
May. 8, 2023 |
CatLuxe S.a.r.l. (CatLuxe Acquistion S.a.r.l.) |
Luxembourg | Consumer products | D | CC | Out-of-court restructuring | ||||||||
May. 10, 2023 |
Range Parent Inc. |
U.S. | Capital goods | SD | CCC | Distressed exchange | ||||||||
May. 15, 2023 |
Telesat Canada (Telesat Holdings Inc.) |
Canada | Telecommunications | SD | CCC+ | Distressed exchange | ||||||||
May. 16, 2023 |
Envision Healthcare Corp. (Envision Healthcare Holdings Inc.) |
U.S. | Health care | D | CCC | Bankruptcy | ||||||||
May. 16, 2023 |
Monitronics International Inc. |
U.S. | Media and entertainment | D | CCC | Bankruptcy | ||||||||
May. 17, 2023 |
At Home Group Inc. |
U.S. | Retail/restaurants | SD | CCC+ | Distressed exchange | ||||||||
May. 17, 2023 |
CareerBuilder LLC |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
May. 18, 2023 |
Curo Group Holdings Corp. |
U.S. | Financial institutions | SD | B- | Distressed exchange | ||||||||
May. 18, 2023 |
Venator Materials PLC |
U.K. | Chemicals, packaging, and environmental services | D | CCC- | Bankruptcy | ||||||||
May. 22, 2023 |
LifeScan Global Corp. |
U.S. | Health care | SD | CC | Distressed exchange | ||||||||
May. 24, 2023 | Confidential | Confidential | Media and entertainment | D | CCC | Confidential | ||||||||
May. 29, 2023 | Confidential | Confidential | Forest products and building materials | SD | CCC- | Confidential | ||||||||
Jun. 1, 2023 |
Genesis Care Pty Ltd. |
Australia | Health care | D | CCC- | Bankruptcy | ||||||||
Jun. 1, 2023 |
Lucky Bucks LLC |
U.S. | Media and entertainment | D | CCC- | Missed principal and interest payments | ||||||||
Jun. 2, 2023 |
Diebold Nixdorf Inc. |
U.S. | High technology | D | CC | Bankruptcy | ||||||||
Jun. 4, 2023 |
PGX Holdings Inc. |
U.S. | Media and entertainment | D | NR | Bankruptcy | ||||||||
Jun. 5, 2023 |
KCIBT Holdings L.P. |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
Jun. 6, 2023 |
Cyxtera Technologies Inc. |
U.S. | Telecommunications | D | CCC- | Bankruptcy | ||||||||
Jun. 7, 2023 |
U.S. TelePacific Holdings Corp. |
U.S. | Telecommunications | SD | CCC- | Distressed exchange | ||||||||
Jun. 9, 2023 |
Tacora Resources Inc. |
Canada | Metals, mining, and steel | D | CCC- | Missed interest payments | ||||||||
Jun. 12, 2023 |
InterCement Brasil S.A. (InterCement Participacoes S.A.) |
Brazil | Forest products and building materials | SD | CC | Missed principal and interest payments | ||||||||
Jun. 13, 2023 |
Instant Brands Holdings Inc. |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
Jun. 21, 2023 |
Photo Holdings LLC |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
Jun. 23, 2023 |
URS Holdco Inc. |
U.S. | Transportation | SD | CCC+ | Distressed exchange | ||||||||
Jun. 30, 2023 | Confidential | Confidential | Aerospace and defense | D | CCC- | Confidential | ||||||||
Jul. 14, 2023 |
Azul S.A. |
Brazil | Transportation | SD | CC | Distressed exchange | ||||||||
Jul. 14, 2023 |
NSA International LLC |
U.S. | Consumer products | D | CCC- | Distressed exchange | ||||||||
Jul. 18, 2023 |
MVK Intermediate Holdings LLC |
U.S. | Consumer products | SD | CCC- | Missed interest payments | ||||||||
Jul. 18, 2023 |
Mallinckrodt plc |
Ireland | Health care | SD | CCC | Missed interest payments | ||||||||
Jul. 20, 2023 |
Anchor Glass Container Corp. |
U.S. | Chemicals, packaging, and environmental services | SD | CCC | Missed interest payments | ||||||||
Jul. 21, 2023 |
Exela Technologies Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
Jul. 28, 2023 |
U.S. Renal Care Inc. |
U.S. | Health care | D | CCC+ | Distressed exchange | ||||||||
Aug. 1, 2023 | Confidential | Confidential | Homebuilders/real estate companies | SD | CCC- | Confidential | ||||||||
Aug. 1, 2023 | Confidential | Confidential | Capital Goods | D | CCC | Confidential | ||||||||
Aug. 4, 2023 | Confidential | Confidential | Media and entertainment | SD | CC | Confidential | ||||||||
Aug. 7, 2023 |
Western Global Airlines Inc. |
U.S. | Transportation | D | NR | Bankruptcy | ||||||||
Aug. 8, 2023 |
Takko Fashion S.a.r.l. |
Luxembourg | Consumer products | D | CC | Distressed exchange | ||||||||
Aug. 8, 2023 |
Yellow Corp. |
U.S. | Transportation | D | CC | Bankruptcy | ||||||||
Aug. 9, 2023 | Confidential | Confidential | Homebuilders/real estate companies | SD | CCC | Confidential | ||||||||
Aug. 10, 2023 |
Rackspace Technology Global Inc. |
U.S. | High technology | SD | CCC+ | Distressed exchange | ||||||||
Aug. 16, 2023 |
CNG Holdings Inc. |
U.S. | Financial institutions | SD | CC | Distressed exchange | ||||||||
Aug. 16, 2023 | Guacolda Energia S.A (B) | Chile | Utlities | D | CC | Distressed exchange | ||||||||
Aug. 16, 2023 |
Strategic Materials Holding Corp. |
U.S. | Chemicals, packaging, and environmental services | D | CC | Missed principal and interest payments | ||||||||
Aug. 21, 2023 |
Pure Fishing Inc. |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
Aug. 22, 2023 |
Dawn Acquisitions LLC (Infra Colodata Holdings LLC) |
U.S. | Telecommunications | SD | CCC | Distressed exchange | ||||||||
Aug. 25, 2023 |
Maverick Gaming LLC |
U.S. | Media and entertainment | SD | B- | Distressed exchange | ||||||||
Aug. 28, 2023 |
Digital Media Solutions Inc. |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
Aug. 31, 2023 |
Casino Guichard - Perrachon S.A. |
France | Retail/restaurants | D | CC | Missed interest payments | ||||||||
Sep. 1, 2023 |
Carvana Co. |
U.S. | Automotive | D | CC | Distressed exchange | ||||||||
Sep. 7, 2023 |
Cornerstone Chemical Co. |
U.S. | Chemicals, packaging, and environmental services | D | CC | Missed interest payments | ||||||||
Sep. 11, 2023 |
Haya Holdco 2 PLC |
Spain | Consumer products | D | CC | Distressed exchange | ||||||||
Sep. 13, 2023 |
Learfield Communications LLC |
U.S. | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
Sep. 15, 2023 | Confidential | Confidential | Transportation | SD | CC | Confidential | ||||||||
Sep. 19, 2023 |
Sunac China Holdings Ltd. |
Cayman Island | Homebuilders/real estate companies | D | NR | Bankruptcy | ||||||||
Sep. 21, 2023 |
Ideal Standard International S.A. |
Luxembourg | Forest products and building materials | D | CC | Distressed exchange | ||||||||
Sep. 21, 2023 | Confidential | Confidential | Capital goods | SD | CCC+ | Confidential | ||||||||
Sep. 21, 2023 | Rising Tide Holdings Inc.(B) | U.S. | Retail/restaurants | SD | CCC | Distressed exchange | ||||||||
Sep. 21, 2023 |
Wheel Pros Inc. |
U.S. | Automotive | SD | CCC | Distressed exchange | ||||||||
Sep. 25, 2023 | Confidential | Confidential | Capital goods | SD | CC | Confidential | ||||||||
Oct. 4, 2023 |
Poseidon Investment Intermediate L.P. |
U.S. | Chemicals, packaging, and environmental services | SD | CCC+ | Distressed exchange | ||||||||
Oct. 4, 2023 | Confidential | Confidential | Consumer products | SD | CCC+ | Confidential | ||||||||
Oct. 13, 2023 |
Ensign Energy Services Inc. |
Canada | Oil and gas | SD | CCC | Distressed exchange | ||||||||
Oct. 16, 2023 |
Rite Aid Corp. |
U.S. | Retail/restaurants | D | CCC- | Bankruptcy | ||||||||
Oct. 19, 2023 | Confidential | Confidential | Media and entertainment | SD | CCC | Confidential | ||||||||
Oct. 24, 2023 |
Akumin Inc. |
Canada | Health care | D | CCC | Bankruptcy | ||||||||
Oct. 25, 2023 |
Air Methods Corp. |
U.S. | Health care | D | CCC | Bankruptcy | ||||||||
Oct. 25, 2023 |
Investimentos e Participacoes em Infraestrutura S.A. - Invepar |
Brazil | Transportation | D | CCC- | Distressed exchange | ||||||||
Oct. 25, 2023 |
Muganbank OJSC |
Azerbaijan | Financial institutions | D | B- | Regulatory | ||||||||
Data as of Oct. 31, 2023. NR--Not rated. SD--Selective default. (A) indicates an issuer's first default this year. (B) indicates an issuer's second default this year. Sources: S&P Global Ratings Credit Research & Insights and S&P Global Market Intelligence's CreditPro®. |
Related Research
- This Month In Credit: On Fragile Footing (October 2023), Oct. 27, 2023
- Air Methods Corp. Downgraded To ‘D’ On Chapter 11 Filing, Oct. 26, 2023
- Brazilian Infrastructure Group Invepar Downgraded To ‘D’ From ‘CCC-‘ On Distressed Debt Exchange, Oct. 26, 2023
- Azerbaijan-Based Muganbank Downgraded To ‘D/D’ And Ratings Withdrawn After Central Bank Revokes License, Oct. 25, 2023
- Akumin Inc. Downgraded To ‘D’ From ‘CCC’ On Bankruptcy Filing, Oct. 25, 2023
- Rite Aid Corp. Downgraded To 'D' From 'CCC-' After Chapter 11 Bankruptcy Announcement, Oct. 16, 2023
- Ensign Energy Services Inc. Downgraded To 'SD' From 'CCC' On Distressed Credit Facility Extension ,Oct. 14, 2023
- Poseidon Investment Intermediate L.P. Downgraded To ‘SD’ From ‘CCC+’ On Planned Restructuring Transaction, Oct. 4, 2023
- The European Speculative-Grade Corporate Default Rate Could Rise To 3.75% By June 2024, Aug. 18, 2023
- The U.S. Speculative-Grade Corporate Default Rate Could Rise To 4.5% By June 2024, Aug. 17, 2023
- Industry Top Trends Update North America: Oil and Gas, July 18, 2023
- Industry Top Trends Update Europe: Oil and Gas, July 18, 2023
Default Studies
More analysis and statistics are available in our annual default studies, published on RatingsDirect:
Corporate (financial and nonfinancial)
- 2022 Annual Global Financial Services Default And Rating Transition Study
- 2022 Annual Global Corporate Default And Rating Transition Study
- 2022 Annual U.S. Corporate Default And Rating Transition Study
- 2022 Annual European Corporate Default And Rating Transition Study
- 2022 Annual Japanese Corporate And Public Finance Default And Rating Transition Study
- 2022 Annual Asia Corporate Default And Rating Transition Study
- 2022 Annual Taiwan Ratings Corp. Corporate Default And Rating Transition Study
- 2022 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study
- 2022 Annual Greater China Corporate Default And Rating Transition Study
Structured finance
- 2022 Annual Global Structured Finance Default And Rating Transition Study
- 2022 Annual Japanese Structured Finance Default And Rating Transition Study
- 2022 Annual European Structured Finance Default And Rating Transition Study
- 2022 Annual Taiwan Ratings Corp. Structured Finance Default And Rating Transition Study
- 2021 Annual Mexican Structured Finance Default And Rating Transition Study
- 2022 Annual Global Leveraged Loan CLO Default And Rating Transition Study
Public finance
- 2022 Annual U.S. Public Finance Default And Rating Transition Study
- 2022 Annual International Public Finance Default And Rating Transition Study
- 2021 Annual Mexican National Scale Corporate And Public Finance Default And Rating Transition Study
Sovereign and international public finance
This report does not constitute a rating action.
Credit Research & Insights: | Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com |
Patrick Drury Byrne, Dublin (00353) 1 568 0605; patrick.drurybyrne@spglobal.com | |
Research Contributor: | Vaishali Singh, Pune; vaishali.singh2@spglobal.com |
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