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U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2024 (As Of April 12)

(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.

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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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