(Editor's Note: We intend to update this article periodically as new corporate rating actions occur.)
U.S. broadly syndicated collateralized loan obligations (CLOs) are backed primarily by broadly syndicated loans (BSLs) issued by U.S. companies. The CLO group within S&P Global Ratings' U.S. Structured Finance department believes that a review of recent rating action reports published by U.S. Corporate Ratings can provide insights on developing sector trends. To this end, we are providing a list of rating actions on issuers with loans held in U.S. BSL CLOs since the start of 2024, as well as a monthly summary of the upgrade and downgrade counts (see the table and chart below). (For a list of rating actions in 2023, see "Full-Year 2023 U.S. Corporate Rating Actions Tracker," published Jan. 4, 2024
For each issuer, we include its rank as of the most recent U.S. BSL CLO Top Obligors And Industries Report to give an indication of how widely held the issuer's loans are across U.S. BSL CLOs rated by S&P Global Ratings. These CLOs, collectively, have had exposure to over 1,500 parent issuers operating across several different global industry classification (GIC) industries. (For the list of the issuers held across U.S. BSL CLOs as of the end of fourth-quarter 2023, see "U.S. BSL CLO Top Obligors And Industries Report: Fourth-Quarter 2023," published Jan. 9, 2024.)
In table 1, we categorize the key rationales highlighted within the individual press releases of the U.S. BSL CLO obligors that have experienced a rating change (from table 2). We categorize each upgrade and downgrade action into a primary factor as well as a secondary factor to give additional color behind the rating actions. We summarized the 2024 monthly counts in table 1.
Table 1
U.S. CLO obligor 2024 upgrade and downgrade factors (no.) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Primary factor | Subfactor | Jan. | Feb. | March | April(i) | 2024 total | ||||||||
Downgrade | ||||||||||||||
Cash flow/leverage | (Un)sustainable cap structure | 0 | 0 | 2 | 0 | 2 | ||||||||
Cash flow/leverage | LBO-driven credit measure weakness | 0 | 0 | 1 | 0 | 1 | ||||||||
Cash flow/leverage | M&A-driven credit measure weakness | 0 | 0 | 1 | 0 | 1 | ||||||||
Cash flow/leverage | Weaker-than-expected cash flow/leverage | 4 | 7 | 13 | 3 | 27 | ||||||||
Competitive advantage | Regulatory | 0 | 0 | 2 | 0 | 2 | ||||||||
Corporate governance | Ethics | 0 | 0 | 1 | 0 | 1 | ||||||||
Corporate governance | High risk tolerance | 0 | 1 | 0 | 0 | 1 | ||||||||
Default | Bankruptcy | 1 | 3 | 1 | 3 | 8 | ||||||||
Default | Distress exchange | 8 | 6 | 4 | 2 | 20 | ||||||||
Default | Payment default | 1 | 3 | 0 | 0 | 4 | ||||||||
Liquidity | High risk of payment default (interest, principal) | 0 | 2 | 1 | 0 | 3 | ||||||||
Liquidity | Near-term maturity | 0 | 0 | 6 | 1 | 7 | ||||||||
Liquidity | Persistent cash flow shortfalls | 2 | 3 | 0 | 2 | 7 | ||||||||
Liquidity | Risk of covenant breach | 0 | 0 | 0 | 1 | 1 | ||||||||
Operating performance | Cost pressure (inability to pass through cost)/inflation | 0 | 1 | 0 | 0 | 1 | ||||||||
Operating performance | Revenue decline | 1 | 1 | 3 | 0 | 5 | ||||||||
Upgrade | ||||||||||||||
Cash flow/leverage | Debt reduction | 0 | 0 | 1 | 1 | 2 | ||||||||
Cash flow/leverage | M&A-driven improvements | 1 | 2 | 0 | 1 | 4 | ||||||||
Cash flow/leverage | Stronger-than-expected improvement in cash flow/leverage | 6 | 5 | 13 | 2 | 26 | ||||||||
Corporate governance | Improving ESG profile | 0 | 1 | 0 | 0 | 1 | ||||||||
Corporate governance | Lower risk tolerance | 0 | 1 | 0 | 0 | 1 | ||||||||
Default | Completion of exchange | 5 | 2 | 3 | 4 | 14 | ||||||||
Default | Emergence | 1 | 0 | 0 | 0 | 1 | ||||||||
Liquidity | Cash inflows (asset sale, equity contribution, new funding) | 0 | 1 | 2 | 0 | 3 | ||||||||
Liquidity | Extension of debt maturities | 5 | 1 | 1 | 1 | 8 | ||||||||
Liquidity | Improving cash generation | 0 | 1 | 0 | 0 | 1 | ||||||||
Operating performance | Improving margins and market share | 0 | 1 | 0 | 1 | 2 | ||||||||
Operating performance | Solid revenue growth | 0 | 4 | 3 | 1 | 8 | ||||||||
Totals | 35 | 46 | 58 | 23 | 162 | |||||||||
(i)As of April 12, 2024. BSL CLO--Broadly syndicated loan collateralized loan obligation. |
Table 2
U.S. corporate rating actions | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
As of April 12, 2024 | ||||||||||||
Rating | ||||||||||||
Action date | Issuer name | GIC industry | Current | Previous | Rank within U.S. BSL CLOs | |||||||
4/12/2024 | Victoria's Secret & Co. | Specialty retail | BB-/Negative | BB-/Stable | 751 to 1,000 | |||||||
4/12/2024 | Michaels Cos. Inc. (The) | Specialty retail | B-/Stable | CCC+/Negative | Top 250 | |||||||
4/12/2024 | PHM Netherlands Midco B.V. | Chemicals | CCC+/Negative | SD/-- | 751 to 1,000 | |||||||
4/10/2024 | Polaris Newco LLC | Health care technology | B-/Negative | B-/Stable | Top 250 | |||||||
4/10/2024 | Atlas Purchaser Inc. | Software | CCC+/Negative | D/-- | 751 to 1,000 | |||||||
4/10/2024 | Summit Midstream Finance Corp. | Oil, gas, and consumable fuels | B/Positive | B/Stable | 1,500+ | |||||||
4/10/2024 | Fender Musical Instruments Corp. | Leisure products | B/Stable | B-/Stable | 751 to 1,000 | |||||||
4/10/2024 | Baldwin Risk Partners LLC | Insurance | B-/Positive | B-/Stable | 251 to 500 | |||||||
4/10/2024 | LTR Intermediate Holdings Inc. | Commercial services and supplies | B-/Stable | B-/Negative | 501 to 750 | |||||||
4/9/2024 | Entain Holdings (Gibraltar) Ltd. | Hotels, restaurants, and leisure | BB-/Stable | BB/Negative | Top 250 | |||||||
4/9/2024 | Congruex Group LLC | Construction and engineering | B-/Stable | B/Stable | 1,001 to 1,250 | |||||||
4/9/2024 | Synaptics Inc. | Semiconductors and semiconductor Equipment | BB-/Negative | BB-/Stable | 1,001 to 1,250 | |||||||
4/8/2024 | OQ Chemicals Holding Drei GmbH | Chemicals | CCC-/Negative | B/Watch Neg | 501 to 750 | |||||||
4/8/2024 | LendingTree Inc. | Consumer finance | B-/Stable | CCC+/Negative | 1,001 to 1,250 | |||||||
4/8/2024 | PHM Netherlands Midco B.V. | Chemicals | SD/-- | CCC+/Negative | 751 to 1,000 | |||||||
4/5/2024 | 1011778 B.C. UnLtd. Liability Co. | Hotels, restaurants, and leisure | BB/Positive | BB/Stable | Top 250 | |||||||
4/5/2024 | Casa Systems Inc. | Communications equipment | D | CCC+/Stable | 1,001 to 1,250 | |||||||
4/5/2024 | Ardagh Metal Packaging Finance PLC | Containers and packaging | B-/Negative | B/Stable | 1,001 to 1,250 | |||||||
4/5/2024 | Ardagh Packaging Finance PLC | Containers and packaging | B-/Negative | B/Stable | 1,001 to 1,250 | |||||||
4/5/2024 | Enviri Corp. | Commercial services and supplies | B+/Stable | B+/Negative | 501 to 750 | |||||||
4/5/2024 | Petco Health and Wellness Co. Inc. | Specialty retail | B/Negative | B+/Stable | Top 250 | |||||||
4/5/2024 | Spectrum Group Buyer Inc. | Paper and forest products | CCC/Watch Dev | B-/Negative | 751 to 1,000 | |||||||
4/5/2024 | Dispatch Acquisition Holdings LLC | Commercial services and supplies | B-/Negative | B-/Stable | 751 to 1,000 | |||||||
4/5/2024 | CPM Holdings Inc. | Machinery | B/Negative | B/Stable | 251 to 500 | |||||||
4/5/2024 | ConvergeOne Holdings Inc. | IT services | D | CCC+/Stable | 501 to 750 | |||||||
4/4/2024 | Accelerated Health Systems LLC | Health care providers and services | CCC+/Stable | B-/Negative | 251 to 500 | |||||||
4/4/2024 | Level 3 Financing INC. | Diversified telecommunication services | CCC+/Stable | SD | Top 250 | |||||||
4/4/2024 | Lumen Technologies Inc. | Diversified telecommunication services | CCC+/Stable | SD | Top 250 | |||||||
4/4/2024 | AZZ Inc. | Building products | B+/Stable | B/Positive | 251 to 500 | |||||||
4/4/2024 | SHO Holding I Corp. | Textiles, apparel, and luxury goods | D | CCC-/Negative | 1,500+ | |||||||
4/4/2024 | Nuvei Corp. | IT services | BB-/Watch Neg | BB-/Stable | 501 to 750 | |||||||
4/3/2024 | VC GB Holdings I Corp. | Electrical equipment | B/Stable | B-/Stable | 251 to 500 | |||||||
4/3/2024 | 8th Avenue Food & Provisions Inc. | Software | CCC+/Negative | CCC+/Positive | 751 to 1,000 | |||||||
4/3/2024 | INW Manufacturing LLC | Personal products | CCC/Developing | CCC/Negative | N/A | |||||||
4/3/2024 | UFC Holdings LLC | Entertainment | BB-/Watch Neg | BB-/Positive | Top 250 | |||||||
4/3/2024 | William Morris Endeavor Entertainment LLC | Entertainment | BB-/Watch Neg | BB-/Positive | Top 250 | |||||||
4/3/2024 | Rackspace Technology Global Inc. | IT services | SD | CCC-/Negative | Top 250 | |||||||
4/2/2024 | AMG Critical Materials N.V. | Metals and mining | B+/Stable | B+/Positive | 751 to 1,000 | |||||||
4/2/2024 | SRS Distribution Inc. | Trading companies and distributors | B-/Watch Pos | B-/Stable | Top 250 | |||||||
4/2/2024 | ChampionX Corp. | Energy equipment and services | BB+/Watch Pos | BB+/Stable | 751 to 1,000 | |||||||
4/1/2024 | GEO Group Inc. (The) | Commercial services and supplies | B/Watch Pos | B/Stable | 1,001 to 1,250 | |||||||
4/1/2024 | Talen Energy Supply LLC | Independent power and renewable electricity producers | B+/Positive | B+/Stable | 251 to 500 | |||||||
4/1/2024 | WellPath Holdings Inc. | Health care providers and services | CCC+/Watch Neg | CCC+/Negative | 751 to 1,000 | |||||||
4/1/2024 | Amynta Agency Borrower Inc. | Insurance | B-/Positive | B-/Stable | N/A | |||||||
4/1/2024 | Callon Petroleum Co. | Oil, gas, and consumable fuels | BB+/Positive | B+/Watch Pos | 1,251 to 1,500 | |||||||
4/1/2024 | Callon Petroleum Co. | Oil, gas, and consumable fuels | NR | BB+/Positive | 1,251 to 1,500 | |||||||
4/1/2024 | GFL Environmental Inc. | Commercial services and supplies | BB-/Positive | B+/Positive | 501 to 750 | |||||||
4/1/2024 | JPMorgan Chase & Co. | Banks | A-/Positive | A-/Stable | 1,001 to 1,250 | |||||||
3/29/2024 | Ali Group North America Corp. | Machinery | BBB-/Positive | BB+/Positive | 251 to 500 | |||||||
3/29/2024 | Atlas Purchaser Inc. | Software | D/-- | CCC+/Stable | 751 to 1,000 | |||||||
3/29/2024 | Aventiv Technologies LLC | Diversified telecommunication services | SD/-- | CC/Negative | 501 to 750 | |||||||
3/29/2024 | Hyster-Yale Group Inc. | Machinery | B/Stable | B-/Stable | 751 to 1,000 | |||||||
3/29/2024 | STS Operating Inc. | Trading companies and distributors | B/Stable | B-/Watch Pos | 501 to 750 | |||||||
3/28/2024 | Altice France S.A. | Diversified telecommunication services | CCC+/Developing | B-/Stable | Top 250 | |||||||
3/28/2024 | GBT Group Services B.V. | Hotels, restaurants, and leisure | B+/Watch Pos | B+/Stable | 1,001 to 1,250 | |||||||
3/28/2024 | Genesee & Wyoming Inc. | Road and rail | BB/Stable | BB+/Stable | Top 250 | |||||||
3/28/2024 | Numericable U.S. LLC | Media | CCC+/Developing | B-/Stable | Top 250 | |||||||
3/28/2024 | Gap Inc. (The) | Specialty retail | BB/Stable | BB/Negative | 1,251 to 1,500 | |||||||
3/28/2024 | Gray Television Inc. | Media | B+/Negative | B+/Stable | Top 250 | |||||||
3/28/2024 | Liquid Tech Solutions Holdings LLC | Oil, gas, and consumable fuels | B-/Positive | B-/Stable | 1,001 to 1,250 | |||||||
3/27/2024 | RVR Dealership Holdings LLC | Specialty retail | B-/Stable | B+/Negative | 251 to 500 | |||||||
3/27/2024 | CBL & Associates HoldCo I LLC | Equity real estate investment trusts (REITs) | B-/Stable | B/Negative | 1,251 to 1,500 | |||||||
3/26/2024 | Badger Finance LLC | Food products | CCC-/Negative | CCC/Developing | 1,001 to 1,250 | |||||||
3/26/2024 | Sandvine Corp. | Communications equipment | CCC/Negative | B-/Stable | 751 to 1,000 | |||||||
3/26/2024 | WhiteWater Whistler Holdings LLC | Oil, gas, and consumable fuels | BB+/Negative | BB+/Stable | 751 to 1,000 | |||||||
3/25/2024 | KB Home | Household durables | BB+/Stable | BB/Stable | 1,251 to 1,500 | |||||||
3/25/2024 | Agiliti Inc. | Health care providers and services | B/Stable | B+/Watch Neg | 251 to 500 | |||||||
3/25/2024 | Glencore Funding LLC | Metals and mining | BBB+/Stable | BBB+/Positive | 1,500+ | |||||||
3/25/2024 | Perrigo Investments LLC | Pharmaceuticals | BB-/Stable | BB/Watch Neg | 251 to 500 | |||||||
3/22/2024 | Tempo Acquisition LLC | Professional services | B+/Watch Pos | B+/Stable | Top 250 | |||||||
3/22/2024 | Vericast Corp. | Media | B-/Stable | CCC/Negative | 1,001 to 1,250 | |||||||
3/22/2024 | Shape Technologies Group Inc. | Machinery | B-/Negative | B-/Stable | 751 to 1,000 | |||||||
3/22/2024 | Viad Corp. | Commercial services and supplies | B/Positive | B/Stable | 751 to 1,000 | |||||||
3/22/2024 | Level 3 Financing Inc. | Diversified telecommunication services | SD/-- | CC/Negative | Top 250 | |||||||
3/22/2024 | Lumen Technologies Inc. | Diversified telecommunication services | SD/-- | CC/Negative | Top 250 | |||||||
3/21/2024 | Gogo Intermediate Holdings LLC | Wireless telecommunication services | B+/Stable | B+/Positive | 501 to 750 | |||||||
3/21/2024 | MaxLinear Inc. | Semiconductors and semiconductor equipment | BB-/Negative | BB-/Stable | 1,001 to 1,250 | |||||||
3/20/2024 | Jo-Ann Stores LLC | Specialty retail | D/-- | CCC/Negative | 751 to 1,000 | |||||||
3/20/2024 | Graftech Finance Inc. | Electrical equipment | B-/Negative | B+/Negative | 1,001 to 1,250 | |||||||
3/20/2024 | Herbalife Nutrition Ltd. | Personal products | B/Watch Neg | B+/Negative | 501 to 750 | |||||||
3/19/2024 | Elastic N.V. | Software | BB-/Stable | B+/Stable | 1,251 to 1,500 | |||||||
3/19/2024 | Getty Images Inc. | Interactive media and services | B+/Stable | B+/Positive | 501 to 750 | |||||||
3/19/2024 | Lifetime Brands Inc. | Household durables | B+/Stable | B+/Negative | 751 to 1,000 | |||||||
3/18/2024 | NRG Energy Inc. | Electric utilities | BB/Positive | BB/Stable | Top 250 | |||||||
3/18/2024 | Pactiv Evergreen Group Holdings Inc. | Containers and packaging | B+/Positive | B+/Stable | Top 250 | |||||||
3/16/2024 | American Rock Salt Co. LLC | Metals and mining | CCC+/Negative | B-/Stable | 751 to 1,000 | |||||||
3/15/2024 | Certara Holdco Inc. | Health care technology | BB-/Stable | B+/Positive | 751 to 1,000 | |||||||
3/15/2024 | Hoya Midco LLC | Entertainment | B+/Positive | B+/Stable | 1,001 to 1,250 | |||||||
3/15/2024 | Conair Holdings LLC | Machinery | B-/Stable | B-/Negative | 251 to 500 | |||||||
3/14/2024 | Avison Young (Canada) Inc. | Real estate management and development | CCC/Negative | SD/-- | 1,001 to 1,250 | |||||||
3/14/2024 | Grifols S.A. | Biotechnology | B/Watch Neg | B+/Stable | Top 250 | |||||||
3/14/2024 | Apex Tool Group LLC | Machinery | CCC+/Negative | SD/-- | 751 to 1,000 | |||||||
3/14/2024 | KODIAK BP, LLC | Trading companies and distributors | B+/Stable | B/Stable | 501 to 750 | |||||||
3/14/2024 | MI Windows and Doors LLC | Building products | B+/Stable | B+/Watch Pos | 501 to 750 | |||||||
3/13/2024 | EOS FINCO S.A R.L. | Electronic equipment, instruments, and components | B-/Stable | B/Stable | 751 to 1,000 | |||||||
3/13/2024 | GoTo Group Inc. | Software | CCC+/Stable | SD/-- | Top 250 | |||||||
3/13/2024 | DISH DBS Corp. | Media | CCC-/Negative | CC/Negative | 1,001 to 1,250 | |||||||
3/13/2024 | Russell Investments US Institutional Holdco Inc. | Capital markets | B+/Negative | B+/Stable | 251 to 500 | |||||||
3/13/2024 | B&G Foods Inc. | Food products | B-/Positive | B-/Stable | 751 to 1,000 | |||||||
3/13/2024 | Vistra Operations Co. LLC | Electric utilities | BB/Positive | BB/Stable | Top 250 | |||||||
3/12/2024 | Janus International Group LLC | Building products | B+/Positive | B/Positive | 501 to 750 | |||||||
3/12/2024 | WW International Inc. | Diversified consumer services | CCC+/Negative | B-/Stable | 501 to 750 | |||||||
3/12/2024 | Emergent BioSolutions Inc. | Biotechnology | CCC+/Watch Neg | B-/Negative | 1,251 to 1,500 | |||||||
3/12/2024 | Bella Holding Co. LLC | Health care providers and services | B-/Positive | B-/Stable | 251 to 500 | |||||||
3/11/2024 | Chart Industries Inc. | Machinery | BB-/Stable | B+/Stable | Top 250 | |||||||
3/8/2024 | E.W. Scripps Co. (The) | Media | B/Negative | B+/Negative | 251 to 500 | |||||||
3/8/2024 | GIP III Stetson I L.P. | Capital markets | B/Stable | B-/Positive | 501 to 750 | |||||||
3/8/2024 | Life Time Inc. | Hotels, restaurants, and leisure | B+/Stable | B/Positive | 1,001 to 1,250 | |||||||
3/8/2024 | Bally's Corp. | Hotels, restaurants, and leisure | B-/Stable | B/Negative | Top 250 | |||||||
3/8/2024 | GXO Logistics Inc. | Air freight and logistics | BBB-/Negative | BBB-/Stable | 1,500+ | |||||||
3/8/2024 | U.S. Silica Co. | Construction materials | B/Positive | B/Stable | 751 to 1,000 | |||||||
3/8/2024 | Anglo American PLC | Metals and mining | BBB/Stable | BBB+/Watch Neg | 1,251 to 1,500 | |||||||
3/8/2024 | ThoughtWorks Inc. | IT services | BB-/Negative | BB-/Stable | 751 to 1,000 | |||||||
3/7/2024 | Global Net Lease Inc. | Equity real estate investment trusts (REITs) | BB/Stable | BB+/Negative | 1,251 to 1,500 | |||||||
3/7/2024 | M6 ETX Holdings II MidCo LLC | Oil, gas, and consumable fuels | B/Stable | B+/Stable | 501 to 750 | |||||||
3/7/2024 | ZipRecruiter Inc. | Interactive media and services | B+/Negative | BB-/Negative | 1,500+ | |||||||
3/7/2024 | Covia Holdings LLC | Energy equipment and services | B/Watch Neg | B/Stable | 501 to 750 | |||||||
3/7/2024 | Auris Luxembourg II S.a.r.l. | Health care equipment and supplies | B-/Positive | B-/Stable | 251 to 500 | |||||||
3/7/2024 | Nabors Industries Ltd. | Energy equipment and services | B-/Stable | B-/Positive | N/A | |||||||
3/6/2024 | Molina Healthcare Inc. | Health care providers and services | BB/Stable | BB-/Positive | 1,251 to 1,500 | |||||||
3/6/2024 | NCL Corp. Ltd. | Hotels, restaurants, and leisure | B+/Stable | B/Stable | 1,251 to 1,500 | |||||||
3/6/2024 | Equinox Holdings Inc. | Hotels, restaurants, and leisure | CCC-/Watch Neg | CCC-/Negative | 751 to 1,000 | |||||||
3/6/2024 | Centene Corp. | Health care providers and services | BBB-/Negative | BBB-/Stable | 1,001 to 1,250 | |||||||
3/6/2024 | Centene Corp. | Health care providers and services | A-/Negative | A-/Stable | 1,001 to 1,250 | |||||||
3/5/2024 | API Group DE Inc. | Construction and engineering | BB/Stable | BB-/Stable | 251 to 500 | |||||||
3/5/2024 | CD&R Hydra Buyer Inc. | Trading companies and distributors | B-/Watch Pos | B-/Watch Dev | 501 to 750 | |||||||
3/5/2024 | First Advantage Holdings LLC | Professional services | B+/Watch Neg | B+/Stable | 501 to 750 | |||||||
3/5/2024 | KAMC Holdings Inc. | Software | B-/Stable | CCC+/Negative | 1,001 to 1,250 | |||||||
3/5/2024 | STS Operating Inc. | Trading companies and distributors | B-/Watch Pos | B-/Watch Dev | 501 to 750 | |||||||
3/5/2024 | Uber Technologies Inc. | Road and rail | BB+/Positive | BB-/Positive | Top 250 | |||||||
3/5/2024 | DaVita Inc. | Health care providers and services | BB/Stable | BB/Negative | Top 250 | |||||||
3/5/2024 | OI European Group B.V. | Containers and packaging | BB-/Positive | BB-/Stable | 1,500+ | |||||||
3/5/2024 | Xerox Corp. | Technology hardware, storage, and peripherals | BB/Negative | BB/Stable | 1,251 to 1,500 | |||||||
3/4/2024 | Virgin Media Secured Finance PLC | Diversified telecommunication services | B+/Stable | BB-/Stable | Top 250 | |||||||
3/1/2024 | Radiology Partners Inc. | Health care providers and services | B-/Stable | SD/-- | 251 to 500 | |||||||
3/1/2024 | Carestream Dental Technology Inc. | Health care equipment and supplies | CCC-/Negative | CCC/Negative | 501 to 750 | |||||||
3/1/2024 | Comstock Resources Inc. | Oil, gas, and consumable fuels | B/Stable | B+/Stable | 1,500+ | |||||||
3/1/2024 | Container Store Inc. (The) | Specialty retail | B-/Negative | B/Negative | 1,001 to 1,250 | |||||||
3/1/2024 | Hillman Group Inc. (The) | Machinery | BB/Stable | BB-/Stable | 251 to 500 | |||||||
3/1/2024 | iHeartCommunications Inc. | Media | CCC+/Negative | B/Negative | Top 250 | |||||||
3/1/2024 | The Chemours Co. | Chemicals | BB-/Watch Neg | BB/Stable | 501 to 750 | |||||||
3/1/2024 | Applovin Corp. | Software | BB+/Stable | BB/Positive | Top 250 | |||||||
3/1/2024 | Ascend Performance Materials Operations LLC | Chemicals | B/Negative | B+/Negative | 251 to 500 | |||||||
3/1/2024 | International Game Technology PLC | Hotels, restaurants, and leisure | BB+/Watch Pos | BB+/Stable | 1,251 to 1,500 | |||||||
3/1/2024 | Wolverine World Wide Inc. | Textiles, apparel, and luxury goods | B/Negative | B+/Negative | 1,251 to 1,500 | |||||||
3/1/2024 | Foundever Group SA | Software | BB-/Negative | BB-/Stable | N/A | |||||||
3/1/2024 | MARCEL BIDCO GMBH | Software | B+/Negative | B+/Stable | 501 to 750 | |||||||
3/1/2024 | Marriott Vacations Worldwide Corp. | Hotels, restaurants, and leisure | BB-/Stable | BB-/Positive | 501 to 750 | |||||||
2/29/2024 | Blackstone Mortgage Trust Inc. | Mortgage real estate investment trusts (REITs) | B+/Stable | BB-/Negative | Top 250 | |||||||
2/29/2024 | Perrigo Investments LLC | Pharmaceuticals | BB/Watch Neg | BB/Stable | 251 to 500 | |||||||
2/29/2024 | Rackspace Technology Global Inc. | IT services | CCC-/Negative | CCC+/Negative | Top 250 | |||||||
2/29/2024 | ALKERMES INC. | Biotechnology | BB/Stable | BB-/Positive | 751 to 1,000 | |||||||
2/29/2024 | Grab Holdings Ltd. | Road and rail | B+/Stable | B/Stable | 751 to 1,000 | |||||||
2/29/2024 | Vaco Holdings LLC | Professional services | B-/Stable | B/Stable | 501 to 750 | |||||||
2/29/2024 | Claros Mortgage Trust Inc. | Mortgage real estate investment trusts (REITs) | B-/Negative | B/Stable | 501 to 750 | |||||||
2/29/2024 | KKR Real Estate Finance Trust Inc. | Mortgage real estate investment trusts (REITs) | B+/Negative | B+/Stable | 751 to 1,000 | |||||||
2/29/2024 | Pacific Dental Services LLC | Health care providers and services | B/Stable | B/Positive | 501 to 750 | |||||||
2/28/2024 | Cumulus Media New Holdings Inc. | Media | CC/Negative | B-/Stable | 751 to 1,000 | |||||||
2/27/2024 | Agiliti Health Inc. | Health care providers and services | B+/Watch Neg | B+/Stable | 251 to 500 | |||||||
2/27/2024 | Apex Tool Group LLC | Machinery | SD/-- | CCC+/Negative | 751 to 1,000 | |||||||
2/27/2024 | Pluto Acquisition I Inc. | Health care providers and services | B-/Stable | SD/-- | 501 to 750 | |||||||
2/27/2024 | Alvogen Pharma US Inc. | Pharmaceuticals | B-/Watch Neg | B-/Negative | 501 to 750 | |||||||
2/27/2024 | Upstream Newco Inc. | Health care providers and services | B/Negative | B/Stable | 251 to 500 | |||||||
2/23/2024 | Avison Young (Canada) Inc. | Real estate management and development | SD | CCC/Negative | 1,001 to 1,250 | |||||||
2/23/2024 | CIMPRESS USA INCORPORATED | Commercial services and supplies | B+/Positive | B/Positive | 501 to 750 | |||||||
2/23/2024 | Pacific Gas & Electric Co. | Electric utilities | BB/Stable | BB-/Positive | Top 250 | |||||||
2/23/2024 | PG&E Corp. | Electric utilities | BB/Stable | BB-/Positive | Top 250 | |||||||
2/23/2024 | Quikrete Holdings Inc. | Construction materials | BB/Stable | BB-/Stable | Top 250 | |||||||
2/23/2024 | Cyanco Intermediate 2 Corp. | Chemicals | B/Watch Pos | B/Stable | 751 to 1,000 | |||||||
2/23/2024 | Domtar Corp. | Paper and forest products | B+/Negative | BB-/Stable | 751 to 1,000 | |||||||
2/23/2024 | Paramount Global | Media | BBB-/Watch Neg | BBB-/Stable | 1,500+ | |||||||
2/23/2024 | Brunswick Corp. | Leisure products | BBB-/Positive | BBB-/Stable | 1,500+ | |||||||
2/23/2024 | American Trailer World Corp. | Machinery | B/Stable | B/Negative | 251 to 500 | |||||||
2/22/2024 | Hornblower HoldCo LLC | Hotels, restaurants, and leisure | D/NM | CCC-/Watch Neg | 1,001 to 1,250 | |||||||
2/22/2024 | Cablevision Lightpath LLC | Diversified telecommunication services | B-/Stable | B/Negative | Top 250 | |||||||
2/22/2024 | CSC Holdings LLC | Media | B-/Stable | B/Negative | Top 250 | |||||||
2/22/2024 | Tribe Buyer LLC | Professional services | D/-- | CCC-/Negative | 1,251 to 1,500 | |||||||
2/22/2024 | C&D Technologies Inc. | Electrical equipment | B-/Negative | B-/Stable | 1,001 to 1,250 | |||||||
2/22/2024 | Hyperion Materials & Technologies Inc. | Machinery | B/Negative | B/Stable | 501 to 750 | |||||||
2/21/2024 | Gates Global LLC | Machinery | BB-/Stable | B+/Stable | Top 250 | |||||||
2/21/2024 | Hornblower HoldCo LLC | Hotels, restaurants, and leisure | CCC-/Watch Neg | CCC/Negative | 1,001 to 1,250 | |||||||
2/21/2024 | Celestica Inc. | Electronic equipment, instruments, and components | BB/Stable | BB-/Stable | 1,001 to 1,250 | |||||||
2/21/2024 | Ensono Intermediate HoldCo Inc. | IT services | B-/Stable | B-/Negative | 251 to 500 | |||||||
2/21/2024 | U.S. Anesthesia Partners Inc. | Health care providers and services | B/Stable | B/Negative | Top 250 | |||||||
2/20/2024 | Barentz Midco B.V. | Chemicals | B/Negative | B/Stable | 1,001 to 1,250 | |||||||
2/16/2024 | Crocs Inc. | Textiles, apparel, and luxury goods | BB/Stable | BB-/Stable | 501 to 750 | |||||||
2/16/2024 | Robertshaw US Holding Corp. | Electronic equipment, instruments, and components | D/-- | CCC-/Negative | 1,251 to 1,500 | |||||||
2/16/2024 | Novelis Inc. | Metals and mining | BB/Negative | BB/Stable | 501 to 750 | |||||||
2/16/2024 | Jump Financial LLC | Capital markets | BB-/Negative | BB-/Watch Neg/-- | 501 to 750 | |||||||
2/16/2024 | WestJet Airlines Ltd. | Airlines | B/Stable | B-/Stable | Top 250 | |||||||
2/16/2024 | Victory Capital Holdings Inc. | Capital Markets | BB/Stable | BB-/Stable | 751 to 1,000 | |||||||
2/16/2024 | PENN Entertainment Inc. | Hotels, restaurants, and leisure | B+/Negative | B+/Stable | 1,500+ | |||||||
2/15/2024 | Adevinta ASA | Interactive media and services | BB-/Watch Neg/-- | BB-/Watch Dev/-- | 501 to 750 | |||||||
2/15/2024 | B.A.T Capital Corp. | Tobacco | BBB+/Stable | BBB+/Negative | Top 250 | |||||||
2/14/2024 | Xplore Inc. | Diversified telecommunication services | CCC-/Negative | CCC+/Negative | 251 to 500 | |||||||
2/14/2024 | Blue Ribbon LLC | Beverages | CCC+/Stable | CCC/Watch Dev | 251 to 500 | |||||||
2/14/2024 | GoTo Group Inc. | Software | SD/-- | CCC+/Negative | 501 to 750 | |||||||
2/13/2024 | Ares Capital Corp. | Capital markets | BBB-/Positive | BBB-/Stable | 1,001 to 1,250 | |||||||
2/12/2024 | Dayforce Inc. | Professional services | BB-/Stable | B+/Positive | 1,500+ | |||||||
2/9/2024 | CMG Media Corp. | Media | B-/Negative | B/Negative | Top 250 | |||||||
2/9/2024 | Masonite International Corp. | Building products | BB+/Watch Pos | BB+/Stable | 1,251 to 1,500 | |||||||
2/9/2024 | Pluto Acquisition I Inc. | Health care providers and services | SD/-- | CC/Negative | 501 to 750 | |||||||
2/9/2024 | AMC Entertainment Holdings Inc. | Entertainment | CCC+/Negative | SD/-- | 751 to 1,000 | |||||||
2/9/2024 | Intel Corp. | Semiconductors and semiconductor equipment | A-/Negative | A/Negative | 1,500+ | |||||||
2/8/2024 | Array Midco Corp. | Containers and packaging | CCC/Negative | CCC+/Negative | 1,500+ | |||||||
2/8/2024 | Royal Caribbean Cruises Ltd. | Hotels, restaurants, and leisure | BB+/Stable | BB-/Stable | 1,251 to 1,500 | |||||||
2/8/2024 | Sensience, Inc. | Electronic equipment, instruments, and components | CCC-/Negative | CCC/Negative | 1,251 to 1,500 | |||||||
2/7/2024 | Astro One Acquisition Corp. | Leisure products | SD/NM | CCC/Negative | N/A | |||||||
2/7/2024 | Forward Air Corp. | Air freight and logistics | B+/Stable | BB-/Stable | 251 to 500 | |||||||
2/7/2024 | Pluto Acquisition I Inc. | Health care providers and Ssrvices | CC/Negative | B-/Watch Neg | 501 to 750 | |||||||
2/7/2024 | Atkore Inc. | Electrical equipment | BB+/Stable | BB/Stable | 1,001 to 1,250 | |||||||
2/7/2024 | Air Methods LLC | Health care providers and services | NR/-- | D/-- | 251 to 500 | |||||||
2/6/2024 | Cano Health LLC | Health care providers and services | D/-- | CCC-/Negative | 751 to 1,000 | |||||||
2/5/2024 | Ryman Hospitality Properties Inc. | Hotel and resort REITs | B+/Positive | B/Positive | 501 to 750 | |||||||
2/2/2024 | Stitch Acquisition Corp. | Household durables | CCC-/Negative | CCC/Negative | N/A | |||||||
2/2/2024 | TMK Hawk Parent Corp. | Trading companies and distributors | B-/Stable | SD/-- | 751 to 1,000 | |||||||
2/2/2024 | Phoenix Guarantor Inc. | Health care providers and services | B+/Stable | B/Stable | Top 250 | |||||||
2/1/2024 | AMC Entertainment Holdings Inc. | Entertainment | SD/-- | CCC+/Stable | 751 to 1,000 | |||||||
1/31/2024 | Level 3 Financing Inc. | Diversified telecommunication services | CC/Negative | CCC+/Watch Neg | Top 250 | |||||||
1/31/2024 | Lumen Technologies Inc. | Diversified telecommunication services | CC/Negative | CCC+/Watch Neg | Top 250 | |||||||
1/31/2024 | Orchid Merger Sub II LLC | Commercial services and supplies | CCC+/Stable | SD/-- | 1,001 to 1,250 | |||||||
1/31/2024 | Florida Food Products LLC | Food products | CCC/Negative | B-/Negative | 1,001 to 1,250 | |||||||
1/31/2024 | Hudson River Trading LLC | Capital markets | BB-/Positive | BB-/Stable | Top 250 | |||||||
1/30/2024 | Consolidated Energy Ltd. | Chemicals | BB-/Stable | BB-/Positive | 501 to 750 | |||||||
1/29/2024 | Core & Main L.P. | Trading companies and distributors | BB-/Positive | B+/Stable | 251 to 500 | |||||||
1/29/2024 | Bulldog Purchaser Inc. | Hotels, restaurants, and leisure | CCC+/Positive | CCC+/Negative | 751 to 1,000 | |||||||
1/26/2024 | Artera Services LLC | Construction and engineering | B-/Stable | CCC+/Negative | 251 to 500 | |||||||
1/26/2024 | Radiology Partners Inc. | Health care providers and services | CC/Negative | CCC+/Watch Neg | 251 to 500 | |||||||
1/26/2024 | Anastasia Parent LLC | Specialty retail | CCC/Negative | CCC+/Negative | 751 to 1,000 | |||||||
1/26/2024 | Femur Buyer Inc. | Health care equipment and supplies | CCC-/Negative | CCC+/Negative | 751 to 1,000 | |||||||
1/26/2024 | Venator Materials PLC | Chemicals | CCC+/Negative | D/-- | N/A | |||||||
1/25/2024 | Camelot Finance S.A. | Interactive media and services | BB-/Stable | B+/Positive | Top 250 | |||||||
1/25/2024 | Clarivate Science Holdings Corp. | Professional services | BB-/Stable | B+/Positive | Top 250 | |||||||
1/25/2024 | New Trojan Parent Inc. | Capital markets | D/NM | CCC-/Negative | 501 to 750 | |||||||
1/25/2024 | Cinemark USA Inc. | Entertainment | BB-/Stable | B+/Positive | 751 to 1,000 | |||||||
1/25/2024 | Wellful Inc. | Personal products | CCC+/Negative | SD/NM | 1,001 to 1,250 | |||||||
1/25/2024 | Hyundai Capital America | Consumer finance | BBB+/Positive | BBB+/Stable | 1,001 to 1,250 | |||||||
1/25/2024 | Kestrel Acquisition LLC | Project: power | B/Stable | B/Negative | 751 to 1,000 | |||||||
1/24/2024 | Travelport Finance (Luxembourg) S.a.r.l. | IT services | CCC+/Stable | D/-- | 751 to 1,000 | |||||||
1/24/2024 | Summit Materials LLC | Construction materials | BB+/Stable | BB/Watch Pos | 1,001 to 1,250 | |||||||
1/24/2024 | Alexandria Real Estate Equities Inc. | Office REITs | BBB+/Stable | BBB+/Positive | 1,251 to 1,500 | |||||||
1/23/2024 | BW NHHC Holdco Inc. | Health care providers and services | CCC/Negative | CCC+/Negative | 1,001 to 1,250 | |||||||
1/23/2024 | UKG Inc. | Software | B-/Stable | B-/Negative | Top 250 | |||||||
1/22/2024 | MDC Holdings Inc. | Household durables | BBB-/Watch Pos | BBB-/Stable | 1,500+ | |||||||
1/22/2024 | Sunoco LP | Oil, gas, and consumable fuels | BB/Watch Pos | BB/Stable | 1,500+ | |||||||
1/19/2024 | Masonite International Corp. | Building products | BB+/Stable | BB+/Watch Neg | 1,251 to 1,500 | |||||||
1/19/2024 | Orchid Merger Sub II LLC | Commercial services and supplies | SD/-- | CCC/Watch Dev/-- | 1,001 to 1,250 | |||||||
1/19/2024 | Ahead DB Holdings LLC | Electronic equipment, instruments, and components | B/Negative | B/Stable | 501 to 750 | |||||||
1/19/2024 | MI Windows and Doors LLC | Building products | B+/Watch Pos | B+/Stable | 501 to 750 | |||||||
1/19/2024 | Wellful Inc. | Personal products | SD/NM/-- | B-/Watch Neg/-- | 1,001 to 1,250 | |||||||
1/19/2024 | Canpack S.A. | Containers and packaging | BB-/Stable | BB-/Negative | 1,500+ | |||||||
1/19/2024 | Canpack S.A. | Containers and packaging | NR | BB-/Stable | 1,500+ | |||||||
1/18/2024 | Fitness International LLC | Hotels, restaurants, and leisure | B/Stable | B-/Positive | 501 to 750 | |||||||
1/18/2024 | NGL Energy Operating LLC | Oil, gas, and consumable fuels | B/Stable | B-/Stable | 1,500+ | |||||||
1/18/2024 | Quarternorth Energy Holding Inc. | Oil, gas, and consumable fuels | B-/Watch Pos | B-/Stable | 1,500+ | |||||||
1/17/2024 | Covis Finco S.a.r.l. | Health care providers and services | SD/-- | CCC-/Negative | 1,251 to 1,500 | |||||||
1/17/2024 | Covis Finco S.a.r.l. | Health care providers and services | NR | SD/-- | 1,251 to 1,500 | |||||||
1/17/2024 | DISH DBS Corp. | Media | CC/Negative | CCC+/Negative | 1,001 to 1,250 | |||||||
1/17/2024 | TMK Hawk Parent Corp. | Trading companies and distributors | SD/-- | CC/Negative/-- | 751 to 1,000 | |||||||
1/17/2024 | Rinchem Co. LLC | Air freight and logistics | CCC+/Stable | CCC+/Negative | 751 to 1,000 | |||||||
1/12/2024 | Cushman & Wakefield U.S. Borrower LLC | Real estate management and development | BB-/Negative | BB/Stable | Top 250 | |||||||
1/12/2024 | Robertshaw U.S. Holding Corp. | Electronic equipment, instruments, and components | CCC-/Negative | SD/-- | 1,001 to 1,250 | |||||||
1/12/2024 | WEC US Holdings Ltd | Electrical equipment | B+/Stable | B/Positive | Top 250 | |||||||
1/12/2024 | Buzz Finco LLC | Interactive media and services | B/Positive | B/Stable | 501 to 750 | |||||||
1/12/2024 | Del Monte Foods Inc. | Food products | B-/Negative | B/Positive | 501 to 750 | |||||||
1/12/2024 | GoTo Group Inc. | Software | CCC+/Negative | B-/Negative | Top 250 | |||||||
1/12/2024 | Reynolds Consumer Products Inc. | Containers and packaging | BB/Positive | BB/Stable | 251 to 500 | |||||||
1/11/2024 | Southwestern Energy Co. | Oil, gas, and consumable fuels | BB+/Watch Pos | BB+/Positive | 1,251 to 1,500 | |||||||
1/11/2024 | TJC Spartech Acquisition Corp. | Chemicals | B-/Negative | B-/Stable | 1,251 to 1,500 | |||||||
1/11/2024 | Chobani LLC | Food products | B/Stable | B-/Watch Pos | 751 to 1,000 | |||||||
1/5/2024 | Gordian Medical Inc. | Health care providers and Services | D/-- | CC/Negative/-- | N/A | |||||||
1/5/2024 | NASCAR Holdings LLC | Entertainment | BBB/Stable | BB+/Positive | 501 to 750 | |||||||
1/5/2024 | Callon Petroleum Co. | Oil, gas, and consumable fuels | B+/Watch Pos | B+/Stable | 1,251 to 1,500 | |||||||
1/5/2024 | Hilton Grand Vacations Inc. | Hotels, restaurants, and leisure | BB/Stable | BB/Watch Neg | 251 to 500 | |||||||
1/5/2024 | Kilroy Realty L.P. | Office REITs | BBB/Negative | BBB/Stable | 1,500+ | |||||||
1/4/2024 | Travelport Finance (Luxembourg) S.a.r.l. | IT services | D/-- | CC/Negative/-- | 751 to 1,000 | |||||||
1/5/2023 | Resolute Investment Managers Inc. | Capital markets | B/Stable | D/-- | 751 to 1,000 | |||||||
1/3/2023 | Diversified Healthcare Trust | Health care REITs | CCC+/Negative | CCC-/Watch Pos | 1,251 to 1,500 | |||||||
1/3/2023 | Zelis Payments Buyer Inc. | IT services | B+/Stable | B/Positive | Top 250 | |||||||
GIC--Global industry classification. BSL CLO--Broadly syndicated loan collateralized loan obligation. D--Default. SD--Selective default. NM--Not meaningful. N/A--Not applicable. |
This report does not constitute a rating action.
Primary Contacts: | Daniel Hu, FRM, New York + 1 (212) 438 2206; daniel.hu@spglobal.com |
Stephen A Anderberg, New York + (212) 438-8991; stephen.anderberg@spglobal.com | |
Rachel Miles, Dallas (1) 214-871-1476; rachel.miles@spglobal.com | |
Research Contributors: | Shivani Singh, Pune; shivani.singh3@spglobal.com |
Saraswati Tiwari, Mumbai; saraswati.tiwari@spglobal.com |
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