Key Takeaways
- Fourteen defaults in November--materially higher than five- and 10-year averages--brought the global corporate default tally to 141 as of Nov. 30, 2023.
- Year-to-date global defaults in the media and entertainment sector matched a pandemic-era high, and we expect further deterioration in consumer-facing sectors in 2024.
- The U.S had the most defaults by region (64% of November defaults), with defaults becoming more widespread across sectors.
- Distressed exchanges were the most common reason for defaults (over 70% of November defaults), and the year-to-date tally materially exceeds the five-year average.
S&P Global Ratings' 2023 global corporate default tally has reached 141, following 14 defaults in November:
- U.S.-based golf and country club owner-operator ClubCorp Holdings Inc.,
- U.S.-based asset management company TortoiseEcofin Parent Holdco LLC,
- U.S.-based flexible space provider WeWork Cos. LLC,
- Brazil-based chemical producer Unigel Participacoes S.A.,
- U.S.-based radio company Audacy Inc.,
- U.S.-based corporate travel management company CWT Travel Group Inc.,
- Canada-based satellite services provider Telesat Canada,
- U.S.-based aerospace and defense company API Holdings III Corp.,
- U.S.-based hospital and outpatient services provider Quincy Health LLC,
- Ukraine-based meat producer and exporter MHP SE,
- U.S.-based wholesale grocery distributor Moran Foods LLC,
- U.S.-based health care technology company FinThrive Software Intermediate Holdings Inc.,
- Germany-based cable TV services provider Tele Columbus AG, and
- U.K.-based security systems provider Praesidiad Group Ltd.
The U.S. led defaults in November with nine, a sharp increase from the three defaults seen in October. Year-to-date defaults in the region are 2.7x the year-to-date level in 2022, with defaults in the region becoming more widespread across sectors.
S&P Global Ratings expects the U.S. trailing-12-month speculative-grade corporate default rate to reach 5% by September 2024, from 4.1% in September 2023 (see "Higher Rates For Even Longer Could Push The U.S. Speculative-Grade Corporate Default Rate To 5% By September 2024," Nov. 16, 2023).
Chart 1
In November, monthly defaults at 14 were materially higher than their five-year and 10-year averages of 10 and 8.6, respectively. We expect additional credit deterioration and further defaults in 2024, especially among issuers rated 'B-' and lower. Close to 40% of issuers in this category have negative outlooks, meaning we believe they're at risk of a downgrade.
In addition, defaults in all four regions--the U.S., Europe, emerging markets, and other developed countries--are well above their long-term averages, indicating credit pressures are global (see chart 2). We expect financing conditions to continue to tighten in 2024. While borrowers have reduced 2024 maturities, a large share of speculative-grade debt matures in 2025 and 2026 (see "Global Credit Outlook 2024: New Risks, New Playbook," Dec. 4, 2023).
Chart 2
Media And Entertainment Sector Defaults Match Pandemic-Era High
We believe consumer-facing sectors such as media and entertainment, consumer products, and health care will likely continue leading defaults amid high leverage and strained cash flow. Nearly one-third of November defaults were from the media and entertainment sector. Two of these defaulted due to refinancing risks associated with a material upcoming debt maturity as higher for longer rates continue to pressure lower-rated borrowers. The sector leads global defaults with 30 so far in 2023, over 4x the previous year's amount and level with its 2020 year-to-date tally (see chart 3).
Chart 3
Distressed Exchanges Dominate November Defaults With Over 70%
Distressed exchanges remain the primary reason for defaults in 2023, accounting for 10 out of 14 in November. So far in 2023, there have been 65 distressed exchanges, as companies facing financial distress continue to elect to improve their liability structure or liquidity out of court. This is well above the year-to-date five-year average of 47 (see chart 4).
Chart 4
Chart 5
Table 1
Global corporate default rally rises to 3.4% | ||||||
---|---|---|---|---|---|---|
Region | 12-month trailing speculative-grade default rate (%) | Weakest links | ||||
U.S. | 4.36* | 229 | ||||
Emerging market | 1.9 | 25 | ||||
Europe | 2.84* | 52 | ||||
Other developed | 5.1 | 8 | ||||
Global | 3.4 | 314 | ||||
*Trailing-12-month speculative-grade default rates for from Nov. 30, 2022-Nov. 30, 2023 are preliminary and subject to change. Trailing-12-month speculative-grade default rates from Oct. 31, 2022-Oct. 31, 2023. Year-to-date data as of Nov. 30, 2023. Weakest link data as of Oct. 31, 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
Year-to-date global corporate default tally rose to 141 in November | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Date | Parent company | Country/market | Subsector | To | From | Reason | ||||||||
Jan. 3, 2023 |
Moran Foods LLC (A) |
U.S. | Retail/restaurants | SD | CCC+ | Distressed exchange | ||||||||
Jan. 16, 2023 |
Americanas S.A. |
Brazil | Retail/restaurants | D | B | Missed principal and interest payments | ||||||||
Jan. 19, 2023 |
Party City Holdings Inc. |
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 (A) |
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. |
Luxembourg | Homebuilders/real estate companies | SD | CC | Distressed exchange | ||||||||
Apr. 17, 2023 |
David's Bridal LLC |
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 (A) |
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. |
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 (A) |
Canada | Telecommunications | SD | CCC+ | Distressed exchange | ||||||||
May. 16, 2023 |
Envision Healthcare Corp. |
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. |
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 (B) | 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 |
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 | ||||||||
Nov. 1, 2023 |
ClubCorp Holdings Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
Nov. 1, 2023 |
TortoiseEcofin Parent Holdco LLC |
U.S. | Financial institutions | SD | CCC | Distressed exchange | ||||||||
Nov. 1, 2023 | WeWork Cos. LLC (B) | U.S. | Media and entertainment | SD | CCC | Missed interest payments | ||||||||
Nov. 2, 2023 |
Unigel Participacoes S.A. |
Brazil | Chemicals, packaging, and environmental services | D | CCC- | Missed interest payments | ||||||||
Nov. 8, 2023 |
Audacy Inc. |
U.S. | Media and entertainment | D | CCC- | Missed interest payments | ||||||||
Nov. 9, 2023 |
CWT Travel Group Inc. |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
Nov. 10, 2023 | Telesat Canada (B) | Canada | Telecommunications | SD | CCC+ | Distressed exchange | ||||||||
Nov. 13, 2023 |
API Holdings III Corp. |
U.S. | Aerospace and defense | SD | CCC+ | Distressed exchange | ||||||||
Nov. 13, 2023 |
Quincy Health LLC |
U.S. | Health care | SD | CCC | Distressed exchange | ||||||||
Nov. 14, 2023 |
MHP SE |
Ukraine | Consumer products | SD | CC | Distressed exchange | ||||||||
Nov. 15, 2023 | Moran Foods LLC (B) | U.S. | Retail/restaurants | SD | CCC+ | Distressed exchange | ||||||||
Nov. 20, 2023 |
FinThrive Software Intermediate Holdings Inc. |
U.S. | Health care | SD | CCC+ | Distressed exchange | ||||||||
Nov. 27, 2023 |
Tele Columbus AG |
Germany | Telecommunications | D | CCC | Missed interest payments | ||||||||
Nov. 28, 2023 |
Praesidiad Group Ltd. |
U.K. | Capital goods | D | CCC- | Distressed exchange | ||||||||
Data as of Nov. 30, 2023. NR--Not rated. SD--Selective defaults. (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: Rising Stars Reach A New High (November 2023), Nov. 29, 2023
- Praesidiad Group Ltd. Downgraded To ‘D’; Rating On Senior Secured Notes Lowered To ‘D’, Nov. 28, 2023
- German Cable Operator Tele Columbus AG Downgraded To ‘D’ From ‘CCC’ On Missed Coupon Payment And Debt Restructuring, Nov. 27, 2023
- FinThrive Software Intermediate Holdings Inc. Downgraded To ‘SD’; Rating On Second-Lien Term Loan Lowered To ‘D’, Nov. 20, 2023
- Elevated Interest Rates Could Push The European Speculative-Grade Corporate Default Rate To 3.75% By September 2024, Nov. 17, 2023
- Higher Rates For Even Longer Could Push The U.S. Speculative-Grade Corporate Default Rate To 5% By September 2024, Nov. 16, 2023
- Moran Foods LLC Downgraded To ‘SD’ (Selective Default) From ‘CCC+’ On Distressed Exchange; Debt Ratings Lowered To ‘D’, Nov. 15, 2023
- API Holdings III Corp. Downgraded To ‘SD’ On Restructuring Transaction, Nov. 14, 2023
- Quincy Health LLC Downgraded To ‘SD’ On Credit Amendment; Term Loan Rating Lowered To ‘D’, Nov. 14, 2023
- MHP SE Downgraded To ‘SD’ And 2024 Senior Notes To ‘D’ On Tender Offer Completion; 2026 And 2029 Notes Affirmed At ‘CC’, Nov. 14, 2023
- Telesat Canada Downgraded To ‘SD’ From ‘CCC+’ On Distressed Debt Repurchase; Term Loan Debt Rating Lowered To ‘D’, Nov. 11, 2023
- CWT Travel Group Inc. Downgraded To ‘SD’ Following Debt To Equity Exchange; Senior Secured Notes Rating Lowered To ‘D’, Nov. 9, 2023
- Audacy Inc. Downgraded To ‘D’ From ‘CCC-‘ On Missed Interest Payments, Nov. 8, 2023
- TortoiseEcofin Parent Holdco LLC Downgraded To ‘SD’ From ‘CCC’ On Completed Distressed Exchange, Nov. 2, 2023
- Unigel Participacoes S.A. Downgraded To ‘D’ From ‘CCC-‘ On Missed Interest Payment After Grace Period, Nov. 2, 2023
- WeWork Cos. LLC Downgraded To ‘SD’ On Forbearance Agreement; Issue-Level Ratings Lowered To ‘D’, Nov. 1, 2023
- ClubCorp Holdings Inc. Downgraded To 'SD' From 'CC' On Distressed Exchange, Nov. 1, 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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