This is a data companion to our publication "This Month In Credit." This contains exclusively tables and charts that provide more granular and historical data on the credit trends, indicators, and insights described in that publication, including rating actions, outlooks, fallen angels, rising stars, weakest links, and S&P Global Ratings' U.S. distress ratio. Data in this publication has been updated through Dec. 31, 2024.
Rating Actions And Outlooks
Chart 1
Chart 2
Chart 3
Chart 4
Chart 5
Chart 6
Weakest Links
Chart 7
Chart 8
Table 1
| Weakest links by region | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Dec. 31, 2024 | ||||||||||||||||
| Weakest links (no.) | Five-year average (no.) | 10-year average (no.) | Total speculative-grade issuer count (no.) | Proportion of weakest links to speculative grade (%) | Weakest links distribution by region (%) | Weakest links distribution by region--12 months prior (%) | ||||||||||
| U.S. | 168 | 215 | 173 | 1,318 | 12.7 | 69.7 | 73.8 | |||||||||
| Europe | 51 | 55 | 38 | 577 | 8.8 | 21.2 | 15.5 | |||||||||
| Canada | 7 | 10 | 9 | 86 | 8.1 | 2.9 | 2.6 | |||||||||
| EEMEA | 8 | 8 | 12 | 81 | 9.9 | 3.3 | 1.9 | |||||||||
| Latin America | 4 | 15 | 15 | 91 | 4.4 | 1.7 | 6.1 | |||||||||
| Asia/Pacific | 3 | 8 | 7 | 56 | 5.4 | 1.2 | 0.0 | |||||||||
| Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative. EEMEA--Eastern Europe, the Middle East, and Africa. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||||
S&P Global U.S. Distress Ratio
Chart 9
Table 2
| Distribution of S&P Global Ratings' U.S. distress ratio by industry | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Dec. 31, 2024 | ||||||||||||||||
| Sector | Distress ratio (%) | Debt-based distress ratio (%) | Distressed issues (no.) | Distress ratio--previous month (%) | Distressed issues--previous month (no.) | Monthly change in distress ratio (%) | Monthly change in distressed issues (no.) | |||||||||
| Aerospace and defense | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Automotive | 1.8 | 0.1 | 1 | 1.8 | 1 | 0.0 | 0 | |||||||||
| Capital goods | 2.7 | 1.7 | 2 | 1.4 | 1 | 1.3 | 1 | |||||||||
| Chemicals, packaging, and environmental services | 5.6 | 4.5 | 6 | 3.6 | 4 | 2.0 | 2 | |||||||||
| Consumer products | 1.5 | 1.3 | 2 | 0.7 | 1 | 0.7 | 1 | |||||||||
| Financial institutions | 1.3 | 2.0 | 3 | 0.9 | 2 | 0.4 | 1 | |||||||||
| Forest products and building materials | 1.6 | 1.5 | 1 | 1.5 | 1 | 0.0 | 0 | |||||||||
| Health care | 2.7 | 1.7 | 2 | 1.3 | 1 | 1.4 | 1 | |||||||||
| High technology | 6.5 | 2.8 | 5 | 6.6 | 5 | (0.1) | 0 | |||||||||
| Homebuilders/real estate companies | 7.1 | 3.0 | 6 | 7.1 | 6 | 0.1 | 0 | |||||||||
| Insurance | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Media and entertainment | 6.8 | 4.6 | 20 | 6.9 | 20 | (0.1) | 0 | |||||||||
| Metals, mining, and steel | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Oil and gas | 0.6 | 0.4 | 1 | 0.6 | 1 | 0.0 | 0 | |||||||||
| Retail/restaurants | 10.7 | 9.5 | 13 | 10.4 | 13 | 0.3 | 0 | |||||||||
| Telecommunications | 16.5 | 16.0 | 16 | 15.3 | 15 | 1.2 | 1 | |||||||||
| Transportation | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Utilities | 0.0 | 0.0 | 0 | 0.8 | 1 | (0.8) | (1) | |||||||||
| Total | 4.3 | 3.8 | 78 | 3.9 | 72 | 0.3 | 6 | |||||||||
| Notes: S&P Global Ratings' U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues. The debt-based distress ratio is based on the amount associated with distressed issues in the U.S. distress ratio, divided by the total debt outstanding of speculative-grade issues. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||||
Fallen Angels And Rising Stars
Chart 10
Chart 11
Chart 12
Chart 13
Chart 14
Chart 15
Chart 16
U.S. Public Finance Ratings Trends
Chart 17
Chart 18
Chart 19
Chart 20
Chart 21
Chart 22
Appendix: Issuer Lists
Table 3
| Weakest links | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Dec. 31, 2024 | ||||||||||||||||
| Sector/subsector | Issuer | Rating | CreditWatch negative/negative outlook | New to the list this month | Country/market | Region | Rated debt amount (mil. US$) | |||||||||
| Aerospace and defense |
API Holdings III Corp. |
CCC+ | Negative | U.S. | U.S. | 265.0 | ||||||||||
| Aerospace and defense | New Constellis Borrower LLC, (New Constellis Holdings Inc.) | CCC+ | Negative | U.S. | U.S. | 260.0 | ||||||||||
| Aerospace and defense | Forming Machining Industries Holdings LLC, | CCC | Negative | U.S. | U.S. | 320.0 | ||||||||||
| Aerospace and defense |
Cobham Ultra SunCo S.a r.l. |
B- | Watch Neg | Luxembourg | Europe | 1,592.0 | ||||||||||
| Aerospace and defense | MAG DS Corp. | B- | Negative | U.S. | U.S. | 291.0 | ||||||||||
| Aerospace and defense | HDT HoldCo Inc., | CCC+ | Negative | U.S. | U.S. | 280.0 | ||||||||||
| Automotive |
Aston Martin Lagonda Global Holdings PLC |
B- | Negative | U.K. | Europe | 1,761.0 | ||||||||||
| Automotive |
Bright Bidco B.V. |
CCC+ | Watch Neg | Netherlands | Europe | 300.0 | ||||||||||
| Automotive |
Grupo Antolin-Irausa S.A.U. |
B- | Negative | New | Spain | Europe | 685.0 | |||||||||
| Automotive |
McLaren Group Ltd. |
CCC | Negative | U.K. | Europe | 620.0 | ||||||||||
| Automotive |
Standard Profil Automotive GmbH |
CCC- | Negative | Germany | Europe | 287.0 | ||||||||||
| Automotive |
Burgess Point Purchaser Corp. |
B- | Negative | U.S. | U.S. | 1,666.0 | ||||||||||
| Capital goods | Fortna Group Inc., | B- | Negative | New | U.S. | U.S. | 1,471.0 | |||||||||
| Capital goods | Sensience Inc., | CCC | Negative | U.S. | U.S. | 470.0 | ||||||||||
| Capital goods |
OT Merger Corp. |
CCC+ | Negative | U.S. | U.S. | 1,150.0 | ||||||||||
| Capital goods | Peacock Intermediate Holding II L.P., | B- | Negative | U.S. | U.S. | 525.0 | ||||||||||
| Capital goods | TJC Spartech Acquisition Corp. (Spartech Parent Corp.) | CCC- | Negative | U.S. | U.S. | 420.0 | ||||||||||
| Capital goods |
Congruex Group LLC |
CCC+ | Negative | U.S. | U.S. | 470.0 | ||||||||||
| Capital goods | ASP Unifrax Holdings Inc., | CCC+ | Negative | New | U.S. | U.S. | 2,874.0 | |||||||||
| Chemicals, packaging, and environmental services | Calumet Inc., | CCC+ | Negative | U.S. | U.S. | 3,509.0 | ||||||||||
| Chemicals, packaging, and environmental services | Kleopatra Holdings 2 S.C.A. (Kleopatra Holdings 1 S.C.A.) | CCC+ | Negative | Luxembourg | Europe | 2,081.0 | ||||||||||
| Chemicals, packaging, and environmental services | Lune S.a.r.l | CCC+ | Negative | France | Europe | 469.0 | ||||||||||
| Chemicals, packaging, and environmental services | FXI Holdings Inc., | CCC+ | Negative | U.S. | U.S. | 2,020.0 | ||||||||||
| Chemicals, packaging, and environmental services |
GPD Cos. Parent Inc. |
B- | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Recycle and Resource Operations Pty Ltd. |
B- | Negative | Australia | Asia/Pacific | 639.0 | ||||||||||
| Chemicals, packaging, and environmental services | ARD Finance S.A. (ARD Securities Finance S.a r.l.) | CCC- | Negative | Luxembourg | Europe | 18,415.0 | ||||||||||
| Chemicals, packaging, and environmental services | PMHC II Inc., | B- | Negative | U.S. | U.S. | 3,701.0 | ||||||||||
| Chemicals, packaging, and environmental services | Poseidon Investment Intermediate L.P., | CCC | Negative | U.S. | U.S. | 1,889.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Rohm HoldCo II GmbH |
B- | Negative | Germany | Europe | 1,868.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Tosca Services LLC |
CCC+ | Negative | U.S. | U.S. | 705.0 | ||||||||||
| Chemicals, packaging, and environmental services | Dispatch Acquisition Holdings LLC, | B- | Negative | U.S. | U.S. | 560.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Golden West Packaging Group LLC |
CCC- | Negative | U.S. | U.S. | 290.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Nitrogenmuvek Zrt. |
CCC- | Negative | Hungary | Eastern Europe/Middle East/Africa | 209.0 | ||||||||||
| Chemicals, packaging, and environmental services | SK Mohawk Holdings SARL, | CCC+ | Negative | Germany | Europe | 2,031.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Vantage Specialty Chemicals Inc. |
B- | Negative | U.S. | U.S. | 835.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Anchor Glass Container Corp. |
CCC+ | Negative | U.S. | U.S. | 793.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Innovative Chemical Products Group |
CCC | Negative | U.S. | U.S. | 1,330.0 | ||||||||||
| Chemicals, packaging, and environmental services | Trident TPI Holdings Inc., | B- | Negative | U.S. | U.S. | 3,704.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Trinseo PLC |
CC | Negative | Ireland | Europe | 5,077.0 | ||||||||||
| Chemicals, packaging, and environmental services | Advancion Holdings LLC, | B- | Negative | U.S. | U.S. | 1,485.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Flexsys Holdings Inc. |
CCC+ | Negative | New | U.S. | U.S. | 475.0 | |||||||||
| Chemicals, packaging, and environmental services |
PECF USS Intermediate Holding III Corp. |
CCC+ | Negative | U.S. | U.S. | 2,536.0 | ||||||||||
| Chemicals, packaging, and environmental services |
Venator Materials PLC |
CCC+ | Negative | U.K. | Europe | 550.0 | ||||||||||
| Chemicals, packaging, and environmental services |
WIN Waste Innovations Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 1,000.0 | ||||||||||
| Consumer products |
Atlas CC Holding LLC |
B- | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Consumer products |
Eos Finco S.a r.l. |
CCC+ | Negative | New | Luxembourg | Europe | 1,707.0 | |||||||||
| Consumer products |
Halo Buyer Inc. |
CCC+ | Watch Neg | U.S. | U.S. | 440.0 | ||||||||||
| Consumer products |
MHP SE |
CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | 900.0 | ||||||||||
| Consumer products |
Mad Engine Global LLC |
CCC+ | Negative | U.S. | U.S. | 310.0 | ||||||||||
| Consumer products | Packers Holdings LLC, | CCC- | Negative | U.S. | U.S. | 1,240.0 | ||||||||||
| Consumer products | WW International Inc., | CCC | Negative | U.S. | U.S. | 1,500.0 | ||||||||||
| Consumer products | pH Beauty Holdings I Inc., | CCC | Negative | U.S. | U.S. | 340.0 | ||||||||||
| Consumer products | FFP Holdings Group Inc., | CCC | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Consumer products |
Saga PLC |
B- | Negative | U.K. | Europe | 566.0 | ||||||||||
| Consumer products | Covetrus Inc., | B- | Negative | U.S. | U.S. | 1,525.0 | ||||||||||
| Consumer products |
KNS Holdco LLC |
CCC+ | Negative | U.S. | U.S. | 685.0 | ||||||||||
| Consumer products |
Oriflame Investment Holding Plc |
CCC | Negative | Jersey | Europe | 811.0 | ||||||||||
| Consumer products |
Premier Brands Group Holdings LLC |
CCC | Negative | U.S. | U.S. | 325.0 | ||||||||||
| Consumer products |
SWF Holdings I Corp. |
CCC+ | Negative | U.S. | U.S. | 4,385.0 | ||||||||||
| Consumer products |
Victoria PLC |
B- | Negative | U.K. | Europe | 782.0 | ||||||||||
| Consumer products | 8th Avenue Food & Provisions Inc., | CCC | Negative | U.S. | U.S. | 750.0 | ||||||||||
| Consumer products |
Conair Holdings LLC |
B- | Negative | New | U.S. | U.S. | 1,270.0 | |||||||||
| Consumer products | CoolSys Inc., | CCC+ | Negative | U.S. | U.S. | 575.0 | ||||||||||
| Consumer products |
Flamingo II Lux GP S.a.r.l. |
B- | Negative | New | Luxembourg | Europe | 3,246.0 | |||||||||
| Consumer products |
Kernel Holding S.A. |
CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | 300.0 | ||||||||||
| Consumer products |
Platform Bidco |
B- | Negative | Ireland | Europe | 1,458.0 | ||||||||||
| Consumer products |
YS Garments LLC |
CCC | Negative | U.S. | U.S. | 259.0 | ||||||||||
| Consumer products | TMK Hawk Parent Corp., | CCC | Negative | U.S. | U.S. | 215.0 | ||||||||||
| Consumer products | Anastasia Holdings LLC, | CCC- | Negative | U.S. | U.S. | 650.0 | ||||||||||
| Consumer products | City Brewing Co., LLC (Blue Ribbon Holdings LLC) | B- | Negative | U.S. | U.S. | 1,729.0 | ||||||||||
| Consumer products |
Stitch Acquisition Corp. |
CCC | Negative | U.S. | U.S. | 370.0 | ||||||||||
| Consumer products | BCPE North Star Holdings LP, | CCC+ | Negative | U.S. | U.S. | 1,168.0 | ||||||||||
| Consumer products |
Naked Juice LLC |
CCC+ | Negative | U.S. | U.S. | 2,375.0 | ||||||||||
| Consumer products | P&L Development Holdings LLC, | CCC+ | Negative | U.S. | U.S. | 490.0 | ||||||||||
| Consumer products | Signal Parent Inc., | B- | Negative | U.S. | U.S. | 1,080.0 | ||||||||||
| Consumer products | Spin Holdco Inc. | CCC+ | Negative | U.S. | U.S. | 4,000.0 | ||||||||||
| Consumer products | Blue Ribbon LLC, (Blue Ribbon Holdings LLC) | CCC- | Negative | U.S. | U.S. | 368.0 | ||||||||||
| Consumer products | Del Monte Foods Inc., | CCC | Negative | U.S. | U.S. | 1,568.0 | ||||||||||
| Consumer products | Elevate Textiles Holding Corp. | B- | Negative | U.S. | U.S. | 354.0 | ||||||||||
| Consumer products | Thrasio Holdings Inc., | CCC | Negative | U.S. | U.S. | 366.0 | ||||||||||
| Consumer products | Woof Intermediate Inc., | CCC | Negative | U.S. | U.S. | 1,124.0 | ||||||||||
| Financial institutions |
Avison Young (Canada) Inc. |
CCC | Negative | Canada | Canada | 260.0 | ||||||||||
| Financial institutions |
Intrum AB (publ) |
CC | Negative | Sweden | Europe | 3,076.0 | ||||||||||
| Financial institutions |
Axactor ASA |
B- | Negative | Norway | Europe | 577.0 | ||||||||||
| Financial institutions |
World Acceptance Corp. |
B- | Negative | U.S. | U.S. | 300.0 | ||||||||||
| Financial institutions |
Altisource Portfolio Solutions S.A. |
CC | Negative | New | Luxembourg | Europe | 227.0 | |||||||||
| Financial institutions | Ecobank Nigeria Ltd. (Ecobank Transnational Inc.) | CCC | Negative | Nigeria | Eastern Europe/Middle East/Africa | 600.0 | ||||||||||
| Financial institutions |
Innovate Corp. |
CCC | Negative | U.S. | U.S. | 330.0 | ||||||||||
| Financial institutions |
Garfunkelux Holdco 2 S.A. |
CC | Negative | Luxembourg | Europe | 2,039.0 | ||||||||||
| Financial institutions |
PODS LLC |
B- | Negative | U.S. | U.S. | 1,465.0 | ||||||||||
| Financial institutions |
First City Monument Bank |
B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 0.0 | ||||||||||
| Financial institutions | Claros Mortgage Trust Inc, | B- | Negative | U.S. | U.S. | 763.0 | ||||||||||
| Financial institutions | Cooperativa de Ahorro y Credito Fucerep | CCC+ | Negative | Uruguay | Latin America | 0.0 | ||||||||||
| Forest products and building materials |
Loparex Midco B.V. |
CCC+ | Negative | Netherlands | Europe | 3,980.0 | ||||||||||
| Forest products and building materials | BME Group Holding BV | B- | Negative | New | Netherlands | Europe | 2,051.0 | |||||||||
| Forest products and building materials | Werner FinCo LP (New Werner Holding Co., Inc.) | B- | Negative | U.S. | U.S. | 930.0 | ||||||||||
| Forest products and building materials | ACProducts Inc., (Victors Intermediate Holding II Corp.) | CCC+ | Negative | U.S. | U.S. | 1,100.0 | ||||||||||
| Forest products and building materials | CP Atlas Buyer Inc., | B- | Negative | New | U.S. | U.S. | 1,860.0 | |||||||||
| Forest products and building materials | Plaskolite PPC Intermediate II LLC (Plaskolite PPC Intermediate I LLC) | CCC+ | Negative | U.S. | U.S. | 767.0 | ||||||||||
| Forest products and building materials | Apex Tool Group LLC, | CCC+ | Negative | U.S. | U.S. | 1,206.0 | ||||||||||
| Forest products and building materials | Pixelle Specialty Solutions LLC (Spectrum Group Buyer Inc.,) | CCC | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Health care | HealthChannels Intermediate HoldCo LLC, (HealthChannels LLC,) | CCC- | Negative | U.S. | U.S. | 385.0 | ||||||||||
| Health care | Symplr Software Intermediate Holdings Inc., | CCC+ | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Health care |
Colisee Group SAS |
B- | Negative | New | France | Europe | 1,069.0 | |||||||||
| Health care |
Pathway Vet Alliance LLC |
CCC+ | Negative | U.S. | U.S. | 1,560.0 | ||||||||||
| Health care |
Premier Dental Services Inc. |
CCC | Negative | U.S. | U.S. | 135.0 | ||||||||||
| Health care |
Physician Partners LLC |
CCC+ | Negative | U.S. | U.S. | 750.0 | ||||||||||
| Health care |
BW Homecare Holdings LLC |
CCC | Negative | U.S. | U.S. | 2,383.0 | ||||||||||
| Health care |
Bausch Health Cos. Inc. |
CCC+ | Negative | Canada | Canada | 45,650.0 | ||||||||||
| Health care |
Gainwell Holding Corp. |
CCC+ | Negative | U.S. | U.S. | 4,227.0 | ||||||||||
| Health care |
MultiPlan Corp. |
CC | Watch Neg | New | U.S. | U.S. | 3,675.0 | |||||||||
| Health care | Thrive Merger Sub LLC, | CCC+ | Negative | U.S. | U.S. | 430.0 | ||||||||||
| Health care |
Carestream Health Inc. |
B- | Negative | U.S. | U.S. | 541.0 | ||||||||||
| Health care |
Curia Global Inc. |
CCC+ | Negative | U.S. | U.S. | 1,190.0 | ||||||||||
| Health care |
Elevate PFS Parent Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Health care |
ModivCare Inc. |
B- | Negative | U.S. | U.S. | 1,025.0 | ||||||||||
| Health care | ASP NAPA Intermediate Holdings LLC, (ASP NAPA Holdings LLC,) | B- | Negative | U.S. | U.S. | 610.0 | ||||||||||
| Health care | Aegis Toxicology Sciences Corp. (Aegis Acquistion Inc.,) | CCC- | Negative | U.S. | U.S. | 188.0 | ||||||||||
| Health care |
Community Health Systems Inc. |
CCC+ | Negative | U.S. | U.S. | 12,145.0 | ||||||||||
| Health care |
Knight Health Holdings LLC |
CCC+ | Negative | U.S. | U.S. | 450.0 | ||||||||||
| Health care | Upstream Newco Inc., | CCC+ | Negative | U.S. | U.S. | 1,023.0 | ||||||||||
| Health care | Alvogen Pharma US Inc., (Alvogen Lux Holdings S.a.r.l.) | B- | Watch Neg | U.S. | U.S. | 831.0 | ||||||||||
| Health care | Bayou Topco Inc., | B- | Negative | U.S. | U.S. | 545.0 | ||||||||||
| Health care |
DMG Practice Management Solutions LLC |
B- | Negative | U.S. | U.S. | 1,119.0 | ||||||||||
| Health care | Medical Depot Holdings Inc., | CCC+ | Negative | U.S. | U.S. | 355.0 | ||||||||||
| High technology |
4L Topco Corp. |
CCC | Negative | U.S. | U.S. | 80.0 | ||||||||||
| High technology | Ivanti Software Inc., | B- | Negative | U.S. | U.S. | 2,770.0 | ||||||||||
| High technology | Rackspace Technology Global Inc., | B- | Negative | U.S. | U.S. | 5,529.0 | ||||||||||
| High technology | Atlas Midco Inc., | CCC+ | Negative | U.S. | U.S. | 912.0 | ||||||||||
| High technology |
Magenta Buyer LLC |
CCC+ | Negative | U.S. | U.S. | 400.0 | ||||||||||
| High technology | Newfold Digital Holdings Group Inc., | B- | Negative | U.S. | U.S. | 3,585.0 | ||||||||||
| High technology | VeriFone Systems Inc. (Vertex HoldCo Inc.) | CCC+ | Negative | U.S. | U.S. | 2,175.0 | ||||||||||
| High technology |
Poseidon BidCo S.A.S. |
B- | Negative | France | Europe | 1,147.0 | ||||||||||
| High technology | Project Leopard Holdings Inc., (Kofax Parent Ltd.) | B- | Negative | U.S. | U.S. | 1,744.0 | ||||||||||
| High technology | Dedalus Healthcare Systems Group S.p.A. | B- | Negative | Italy | Europe | 1,278.0 | ||||||||||
| High technology | Foundational Education Group Inc., | B- | Negative | U.S. | U.S. | 435.0 | ||||||||||
| High technology | Mitel Networks (International) Ltd | CCC | Negative | U.K. | Europe | 2,237.0 | ||||||||||
| High technology |
Astra Acquisition Corp. |
CCC | Watch Neg | U.S. | U.S. | 1,027.0 | ||||||||||
| High technology | Tegra118 Wealth Solutions Inc. (InvestCloud Holdings LLC) | CCC+ | Negative | U.S. | U.S. | 315.0 | ||||||||||
| High technology | Centurion Newco S.p.A. | B- | Negative | Italy | Europe | 1,137.0 | ||||||||||
| High technology | Electronics for Imaging Inc., | CCC+ | Negative | U.S. | U.S. | 875.0 | ||||||||||
| High technology |
MYOB Group Co. Pty Ltd. |
B- | Negative | Australia | Asia/Pacific | 783.0 | ||||||||||
| High technology |
Veracode Parent L.P. |
B- | Negative | U.S. | U.S. | 815.0 | ||||||||||
| High technology |
Cascade Parent Ltd. |
B- | Negative | U.K. | Europe | 585.0 | ||||||||||
| High technology | Emerald Technologies (U.S.) AcquisitionCo., Inc. | CCC+ | Negative | U.S. | U.S. | 265.0 | ||||||||||
| High technology | Optiv Inc., | CCC+ | Negative | U.S. | U.S. | 910.0 | ||||||||||
| High technology | Polaris Parent LLC, | B- | Negative | U.S. | U.S. | 5,309.0 | ||||||||||
| High technology |
Quest Software US Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 3,575.0 | ||||||||||
| High technology |
Sharp Corp. |
B- | Negative | Japan | Asia/Pacific | 0.0 | ||||||||||
| Homebuilders/real estate companies |
Diversified Healthcare Trust |
CCC+ | Negative | U.S. | U.S. | 3,541.0 | ||||||||||
| Homebuilders/real estate companies | Adler Group S.A. (ADO Group Ltd.) | B- | Negative | Luxembourg | Europe | 3,001.0 | ||||||||||
| Homebuilders/real estate companies |
Branicks Group AG |
CCC | Negative | Germany | Europe | 417.0 | ||||||||||
| Homebuilders/real estate companies |
Samhallsbyggnadsbolaget i Norden AB (publ) |
CCC | Negative | New | Sweden | Europe | 6,238.0 | |||||||||
| Homebuilders/real estate companies | Forest City Realty Trust Inc. (Brookfield Corp.) | CCC+ | Negative | U.S. | U.S. | 1,241.0 | ||||||||||
| Homebuilders/real estate companies | Heimstaden AB (publ) (Fredensborg AS) | B- | Negative | Sweden | Europe | 1,704.0 | ||||||||||
| Homebuilders/real estate companies |
Marera Investment Group Ltd. |
CCC+ | Negative | Cyprus | Europe | 0.0 | ||||||||||
| Homebuilders/real estate companies |
Medical Properties Trust Inc. |
CCC+ | Negative | U.S. | U.S. | 12,890.0 | ||||||||||
| Insurance | NOVIS Insurance Co. | CCC | Watch Neg | Slovak Republic | Europe | 0.0 | ||||||||||
| Media and entertainment |
AMC Entertainment Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | 8,419.0 | ||||||||||
| Media and entertainment | Aimbridge Acquisition Co Inc | CCC | Negative | U.S. | U.S. | 1,034.0 | ||||||||||
| Media and entertainment | Centerfield Media Parent Inc., (Millennium Top1 Corp.) | CCC+ | Negative | U.S. | U.S. | 785.0 | ||||||||||
| Media and entertainment |
E.W. Scripps Co. (The) |
B- | Negative | U.S. | U.S. | 3,111.0 | ||||||||||
| Media and entertainment | Peak Jersey Holdco Ltd. | B- | Negative | Jersey | Europe | 800.0 | ||||||||||
| Media and entertainment | Confluence Technologies Inc., | CCC+ | Negative | U.S. | U.S. | 765.0 | ||||||||||
| Media and entertainment |
Skillz Inc. |
CCC+ | Negative | U.S. | U.S. | 300.0 | ||||||||||
| Media and entertainment |
iHeartMedia Inc. |
CCC+ | Negative | U.S. | U.S. | 10,429.0 | ||||||||||
| Media and entertainment | All Day AcquisitionCo LLC | CCC- | Negative | U.S. | U.S. | 200.0 | ||||||||||
| Media and entertainment |
Hurtigruten Newco AS |
CC | Negative | Norway | Europe | 1,585.0 | ||||||||||
| Media and entertainment | Rithum Holdings Inc., | B- | Negative | U.S. | U.S. | 740.0 | ||||||||||
| Media and entertainment | United FP Holdings LLC, | CCC+ | Negative | U.S. | U.S. | 706.0 | ||||||||||
| Media and entertainment |
Castle Intermediate Holding V Ltd. |
CCC- | Negative | U.K. | Europe | 2,316.0 | ||||||||||
| Media and entertainment |
Cumulus Media Inc. |
CCC+ | Negative | U.S. | U.S. | 1,646.0 | ||||||||||
| Media and entertainment | Odyssey Europe Holdco S.a r.l. | B- | Negative | Luxembourg | Europe | 209.0 | ||||||||||
| Media and entertainment | Urban One Inc., | CCC+ | Negative | New | U.S. | U.S. | 825.0 | |||||||||
| Media and entertainment |
CoreLogic Inc. |
B- | Negative | U.S. | U.S. | 5,250.0 | ||||||||||
| Media and entertainment |
EagleView Technology Corp. |
CCC | Negative | U.S. | U.S. | 810.0 | ||||||||||
| Media and entertainment | Screenvision LLC, | CCC+ | Negative | U.S. | U.S. | 350.0 | ||||||||||
| Media and entertainment | Double Eagle Buyer Inc., | B- | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Media and entertainment |
Mashantucket (Western) Pequot Tribe |
CCC | Negative | U.S. | U.S. | 275.0 | ||||||||||
| Media and entertainment |
Maverick Gaming LLC |
CCC | Negative | U.S. | U.S. | 594.0 | ||||||||||
| Media and entertainment | College Parent LP | B- | Negative | U.S. | U.S. | 1,800.0 | ||||||||||
| Media and entertainment |
Corus Entertainment Inc. |
CCC | Negative | Canada | Canada | 1,162.0 | ||||||||||
| Media and entertainment |
Duff & Phelps Holdings Corp. |
B- | Negative | U.S. | U.S. | 3,177.0 | ||||||||||
| Media and entertainment | Lereta LLC, | CCC+ | Negative | U.S. | U.S. | 250.0 | ||||||||||
| Media and entertainment |
Stan Holding SAS |
B- | Negative | France | Europe | 0.0 | ||||||||||
| Media and entertainment | Allen Media LLC, | CCC+ | Negative | U.S. | U.S. | 1,505.0 | ||||||||||
| Media and entertainment | EmployBridge Holding Co | CCC+ | Negative | U.S. | U.S. | 2,329.0 | ||||||||||
| Media and entertainment |
Vue Entertainment International Ltd |
CCC+ | Negative | U.K. | Europe | 537.0 | ||||||||||
| Metals, mining, and steel |
GrafTech International Ltd. |
CCC+ | Negative | U.S. | U.S. | 1,219.0 | ||||||||||
| Metals, mining, and steel |
Metinvest B.V. |
CCC+ | Negative | Netherlands | Europe | 1,794.0 | ||||||||||
| Metals, mining, and steel |
American Rock Salt Co. LLC |
CCC+ | Negative | U.S. | U.S. | 710.0 | ||||||||||
| Metals, mining, and steel |
Mountain Province Diamonds Inc. |
CCC | Negative | Canada | Canada | 195.0 | ||||||||||
| Metals, mining, and steel | ASCE GROUP Open Joint-Stock Co. | B- | Negative | New | Armenia | Eastern Europe/Middle East/Africa | 0.0 | |||||||||
| Metals, mining, and steel |
Ferrexpo PLC |
CCC | Negative | U.K. | Europe | 0.0 | ||||||||||
| Metals, mining, and steel |
Petra Diamonds Ltd. |
B- | Negative | New | Bermuda | U.S. | 0.0 | |||||||||
| Metals, mining, and steel |
Baffinland Iron Mines Corp. |
CCC | Negative | Canada | Canada | 1,150.0 | ||||||||||
| Oil and gas | KLX Energy Services Holdings Inc., | CCC | Negative | U.S. | U.S. | 250.0 | ||||||||||
| Oil and gas | Tullow Oil PLC | B- | Negative | U.K. | Europe | 2,600.0 | ||||||||||
| Oil and gas | W&T Offshore Inc | B- | Negative | U.S. | U.S. | 275.0 | ||||||||||
| Oil and gas |
Canacol Energy Ltd. |
B- | Negative | Canada | Canada | 500.0 | ||||||||||
| Retail/restaurants | PAI Holdco Inc., | CCC+ | Negative | U.S. | U.S. | 850.0 | ||||||||||
| Retail/restaurants |
At Home Group Inc. |
CCC | Negative | U.S. | U.S. | 2,013.0 | ||||||||||
| Retail/restaurants |
Mountaineer Merger Corp. |
CCC+ | Negative | U.S. | U.S. | 200.0 | ||||||||||
| Retail/restaurants |
Empire Today LLC |
CCC+ | Negative | U.S. | U.S. | 694.0 | ||||||||||
| Retail/restaurants |
GPS Hospitality Holding Co. LLC |
CCC+ | Negative | U.S. | U.S. | 400.0 | ||||||||||
| Retail/restaurants | Guitar Center Inc. (Guitar Center Holdings Inc.) | CCC | Negative | U.S. | U.S. | 550.0 | ||||||||||
| Retail/restaurants | Burger BossCo Intermediate Inc., | CCC+ | Negative | U.S. | U.S. | 100.0 | ||||||||||
| Retail/restaurants |
Runner Buyer Inc. |
CCC | Negative | U.S. | U.S. | 500.0 | ||||||||||
| Retail/restaurants | Fossil Group Inc., | CCC | Negative | U.S. | U.S. | 150.0 | ||||||||||
| Retail/restaurants |
JOANN Inc. |
B- | Negative | U.S. | U.S. | 154.0 | ||||||||||
| Retail/restaurants | Sotheby's (BidFair Holdings Inc.) | B- | Negative | U.S. | U.S. | 900.0 | ||||||||||
| Telecommunications | Altice USA Inc., | CCC+ | Negative | U.S. | U.S. | 24,165.0 | ||||||||||
| Telecommunications | Aventiv Technologies LLC, | CCC | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Telecommunications | Altice International S.a.r.l. (Altice Europe N.V.) | B- | Negative | Luxembourg | Europe | 9,932.0 | ||||||||||
| Telecommunications |
ORBCOMM Inc. |
B- | Negative | U.S. | U.S. | 360.0 | ||||||||||
| Telecommunications |
Oi S.A. |
CCC | Negative | Brazil | Latin America | 1,385.0 | ||||||||||
| Telecommunications |
Tele Columbus AG |
CCC+ | Negative | Germany | Europe | 525.0 | ||||||||||
| Telecommunications | Telesat Canada (Telesat Holdings Inc.) | CCC+ | Negative | Canada | Canada | 3,359.0 | ||||||||||
| Telecommunications | Altice France Holding S.A. (Altice Europe N.V.) | CCC- | Negative | New | Luxembourg | Europe | 30,281.0 | |||||||||
| Telecommunications |
Consolidated Communications Holdings Inc. |
B- | Negative | U.S. | U.S. | 2,150.0 | ||||||||||
| Telecommunications |
Mavenir Private Holdings II Ltd. |
CCC- | Negative | U.K. | Europe | 585.0 | ||||||||||
| Telecommunications |
U.S. TelePacific Holdings Corp. |
CCC | Negative | U.S. | U.S. | 365.0 | ||||||||||
| Telecommunications |
WideOpenWest Finance LLC |
B- | Negative | U.S. | U.S. | 909.0 | ||||||||||
| Telecommunications | Zayo Group Holdings Inc., (Front Range Bidco Inc.,) | B- | Negative | U.S. | U.S. | 10,107.0 | ||||||||||
| Telecommunications | PrJSC VF Ukraine | CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | 798.0 | ||||||||||
| Telecommunications |
Speedcast Holdings III LLC |
B- | Negative | U.S. | U.S. | 300.0 | ||||||||||
| Telecommunications |
EchoStar Corp. |
CCC+ | Negative | U.S. | U.S. | 30,519.0 | ||||||||||
| Telecommunications | Logix Intermediate Holding Corp. | CCC- | Negative | U.S. | U.S. | 250.0 | ||||||||||
| Telecommunications |
Connect Holding II LLC |
CCC+ | Negative | U.S. | U.S. | 7,141.0 | ||||||||||
| Telecommunications | Radiate Holdco LLC, | CCC | Negative | U.S. | U.S. | 9,940.0 | ||||||||||
| Transportation |
ENC Parent Corp. |
B- | Negative | U.S. | U.S. | 680.0 | ||||||||||
| Transportation | LaserShip Inc., | CCC+ | Negative | New | U.S. | U.S. | 3,070.0 | |||||||||
| Transportation |
Ukrainian Railways JSC |
CC | Negative | Ukraine | Eastern Europe/Middle East/Africa | 0.0 | ||||||||||
| Transportation |
Azul S.A. |
CC | Negative | Brazil | Latin America | 0.0 | ||||||||||
| Transportation |
Investimentos e Participacoes em Infraestrutura S.A. - Invepar |
CCC | Watch Neg | Brazil | Latin America | 0.0 | ||||||||||
| Transportation | Reception Purchaser LLC, | CCC+ | Negative | U.S. | U.S. | 956.0 | ||||||||||
| Transportation | Neovia Logistics LP, (Neovia Logistics Intermediate Holdings, LP) | CCC+ | Negative | U.S. | U.S. | 248.0 | ||||||||||
| Utilities |
Hawaiian Electric Industries Inc. |
B- | Negative | U.S. | U.S. | 0.0 | ||||||||||
| Utilities |
FTAI Infrastructure Inc. |
B- | Negative | U.S. | U.S. | 600.0 | ||||||||||
| Utilities | Freeport LNG Investments LLLP, | B- | Negative | U.S. | U.S. | 2,331.0 | ||||||||||
| Utilities |
Thames Water Utilities Ltd. |
CC | Negative | U.K. | Europe | 12,576.0 | ||||||||||
| Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||||
Table 4
| List of distressed credits by issuers | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Dec. 31, 2024 | ||||||||||||||
| Sector | Company | Issuer ratings are for a related entity | Issue count (no.) | Outstanding amount (mil. $) | Rating | Outlook/CreditWatch | ||||||||
| Telecommunications |
CSC Holdings LLC |
4 | 6,121 | CCC+ | Negative | |||||||||
| Telecommunications |
DISH DBS Corp. |
3 | 4,499 | CC | Negative | |||||||||
| Retail/restaurants |
Michaels Cos. Inc. (The) |
2 | 2,150 | B- | Stable | |||||||||
| Media and entertainment | Gray Television Inc. | 2 | 1,925 | B- | Stable | |||||||||
| Telecommunications |
United States Cellular Corp. |
3 | 1,500 | BB | Watch Dev | |||||||||
| Financial institutions |
Hertz Corp. (The) |
2 | 1,500 | B | Negative | |||||||||
| Telecommunications |
Embarq Corp. |
Connect Holding II LLC | 1 | 1,437 | CCC+ | Negative | ||||||||
| Telecommunications |
Qwest Corp. |
Lumen Technologies, Inc. | 2 | 1,425 | CCC+ | Watch Pos | ||||||||
| Retail/restaurants |
Liberty Interactive LLC |
4 | 1,253 | CCC+ | Stable | |||||||||
| Chemicals, packaging, and environmental services |
FXI Holdings Inc. |
2 | 1,232 | CCC+ | Negative | |||||||||
| High technology | Newfold Digital Holdings Group, Inc. | 2 | 1,185 | B- | Negative | |||||||||
| Telecommunications |
Radiate Holdco LLC |
1 | 1,000 | CCC | Negative | |||||||||
| Media and entertainment |
Staples Inc. |
1 | 826 | B- | Stable | |||||||||
| Media and entertainment |
E.W. Scripps Co. (The) |
2 | 818 | B- | Negative | |||||||||
| Retail/restaurants |
At Home Group Inc. |
3 | 802 | CCC | Negative | |||||||||
| Chemicals, packaging, and environmental services |
Ardagh Holdings USA Inc. |
Ardagh Group S.A. | 1 | 800 | CCC- | Negative | ||||||||
| Media and entertainment |
iHeartCommunications Inc. |
4 | 799 | CCC+ | Negative | |||||||||
| Media and entertainment |
Centerfield Media Parent Inc. |
1 | 785 | CCC+ | Negative | |||||||||
| Telecommunications |
Hughes Satellite Systems Corp. |
1 | 750 | CCC+ | Negative | |||||||||
| Telecommunications |
Viasat Inc. |
1 | 733 | B | Negative | |||||||||
| Retail/restaurants |
QVC Inc. |
2 | 660 | CCC+ | Stable | |||||||||
| Health care |
Bausch Health Americas Inc. |
Bausch Health Cos. Inc. | 1 | 643 | CCC+ | Negative | ||||||||
| Media and entertainment |
Allen Media LLC |
1 | 640 | CCC+ | Negative | |||||||||
| Media and entertainment |
Urban One Inc. |
1 | 614 | CCC+ | Negative | |||||||||
| Media and entertainment |
CMG Media Corp. |
2 | 606 | B- | Stable | |||||||||
| Homebuilders/real estate companies |
Diversified Healthcare Trust |
2 | 600 | CCC+ | Negative | |||||||||
| Consumer products |
Herbalife International Inc. |
Herbalife Nutrition Ltd. | 1 | 600 | B | Stable | ||||||||
| Forest products and building materials |
Victors Intermediate Holding II Corp. |
ACProducts, Inc. | 1 | 550 | CCC+ | Negative | ||||||||
| Retail/restaurants |
Guitar Center Inc. |
1 | 550 | CCC | Negative | |||||||||
| Media and entertainment |
Affinity Interactive |
1 | 545 | CCC+ | Stable | |||||||||
| Health care |
ModivCare Inc. |
1 | 500 | B- | Negative | |||||||||
| Consumer products |
WW International Inc. |
1 | 500 | CCC | Negative | |||||||||
| Homebuilders/real estate companies |
Office Properties Income Trust |
4 | 498 | CCC- | Watch Dev | |||||||||
| Media and entertainment |
Sinclair Television Group Inc. |
1 | 485 | B | Negative | |||||||||
| Capital goods |
ASP Unifrax Holdings Inc. |
1 | 480 | CCC+ | Negative | |||||||||
| Chemicals, packaging, and environmental services |
Trinseo Materials Finance Inc. |
Trinseo PLC | 1 | 447 | CC | Negative | ||||||||
| Retail/restaurants |
GPS Hospitality Holding Co. LLC |
1 | 400 | CCC+ | Negative | |||||||||
| High technology |
Pitney Bowes Inc. |
1 | 375 | B+ | Stable | |||||||||
| Media and entertainment |
Cumulus Media New Holdings Inc. |
Cumulus Media Inc. | 2 | 337 | CCC+ | Negative | ||||||||
| Financial institutions |
Innovate Corp. |
1 | 330 | CCC | Negative | |||||||||
| Oil and gas |
Nine Energy Service Inc. |
1 | 300 | CCC+ | Stable | |||||||||
| Chemicals, packaging, and environmental services |
Schenectady International Group Inc. |
SK Mohawk Holdings, SARL | 1 | 300 | CCC+ | Negative | ||||||||
| Capital goods |
OT Merger Corp. |
1 | 300 | CCC+ | Negative | |||||||||
| Media and entertainment |
Castle US Holding Corp. |
Castle Intermediate Holding V Ltd. | 1 | 300 | CCC- | Negative | ||||||||
| Chemicals, packaging, and environmental services | Advancion Sciences, Inc. | Advancion Holdings, LLC | 1 | 200 | B- | Negative | ||||||||
| High technology |
Rackspace Technology Global Inc. |
2 | 169 | B- | Negative | |||||||||
| Media and entertainment |
Skillz Inc. |
1 | 130 | CCC+ | Negative | |||||||||
| Automotive |
Cooper-Standard Automotive Inc. |
Cooper-Standard Holdings, Inc. | 1 | 43 | CCC+ | Positive | ||||||||
| Note: S&P Global Ratings' U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||
Table 5
| Fallen angels in 2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Issuer | To | From | Sector/subsector | Country/market | Rated debt affected (mil. $) | ||||||||
| 26-02-2024 | Braskem S.A. (Odebrecht S.A.) | BB+ | BBB- | Chemicals, packaging, and environmental services | Brazil | 6,200 | ||||||||
| 11-03-2024 |
ELO |
BB+ | BBB- | Retail/restaurants | France | 5,014 | ||||||||
| 13-03-2024 | New Immo Holding S.A. (ELO) | BB+ | BBB- | Homebuilders/real estate companies | France | 328 | ||||||||
| 27-03-2024 |
Paramount Global |
BB+ | BBB- | Media and entertainment | U.S. | 18,379 | ||||||||
| 10-04-2024 |
China Vanke Co. Ltd. |
BB+ | BBB+ | Homebuilders/real estate companies | China | 2,593 | ||||||||
| 12-04-2024 |
Longfor Group Holdings Ltd. |
BB+ | BBB- | Homebuilders/real estate companies | Cayman Islands | 1,500 | ||||||||
| 25-04-2024 | Asplundh Tree Expert LLC, | BB+ | BBB- | Consumer products | U.S. | 2,995 | ||||||||
| 26-04-2024 | Intercorp Financial Services Inc. (Intercorp Peru Ltd.) | BB+ | BBB- | Financial institutions | Peru | 1,600 | ||||||||
| 31-05-2024 |
CPI Property Group S.A. |
BB+ | BBB- | Homebuilders/real estate companies | Luxembourg | 6,299 | ||||||||
| 19-07-2024 | Walgreens Boots Alliance Inc, | BB | BBB- | Retail/restaurants | U.S. | 9,710 | ||||||||
| 01-08-2024 | D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH | BB+ | BBB- | Homebuilders/real estate companies | Germany | 378 | ||||||||
| 23-09-2024 |
Belron Group S.A. |
BB- | BBB- | Media and entertainment | Luxembourg | 15,331 | ||||||||
| 01-10-2024 | Holding d'Infrastructures des Metiers de l'Environnement (HIME) | BB+ | BBB- | Utilities | France | 1,398 | ||||||||
| 04-10-2024 | Telefonica Moviles Chile S.A. (Telefonica S.A.) | BB+ | BBB- | Telecommunications | Chile | 500 | ||||||||
| 17-10-2024 |
Piedmont Office Realty Trust Inc. |
BB+ | BBB- | Homebuilders/real estate companies | U.S. | 1,600 | ||||||||
| 13-11-2024 |
VF Corp. |
BB | BBB- | Consumer products | U.S. | 4,779 | ||||||||
| 14-11-2024 |
Celanese Corp. |
BB+ | BBB- | Chemicals, packaging, and environmental services | U.S. | 11,871 | ||||||||
| 29-11-2024 |
OCI N.V. |
BB+ | BBB- | Chemicals, packaging, and environmental services | Netherlands | 2,262 | ||||||||
| 06-12-2024 |
Prospect Capital Corp. |
BB+ | BBB- | Financial institutions | U.S. | 13,631 | ||||||||
| Data as of Dec. 31, 2024. Note: Fallen angels are defined as investment-grade issuers that have been downgraded to speculative grade (i.e., from 'BBB-' or above to 'BB+' or below) with valid debt outstanding at the time of the rating action. Valid debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs, and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a fallen angel, only the parent is counted. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||
Table 6
| Rising stars in 2024 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Issuer | To | From | Sector/subsector | Country/market | Rated debt affected (mil. $) | ||||||||
| 05-01-2024 | NASCAR Holdings, LLC | BBB | BB+ | Media and entertainment | U.S. | 1,410 | ||||||||
| 08-01-2024 |
MGIC Investment Corp. |
BBB- | BB+ | Insurance | U.S. | 650 | ||||||||
| 08-01-2024 |
Radian Group Inc. |
BBB- | BB+ | Insurance | U.S. | 1,425 | ||||||||
| 22-02-2024 |
Iccrea Banca SpA |
BBB- | BB+ | Financial institutions | Italy | 2,986 | ||||||||
| 05-03-2024 |
Cellnex Telecom S.A. |
BBB- | BB+ | Telecommunications | Spain | 10,408 | ||||||||
| 06-03-2024 | Enlink Midstream, LLC | BBB- | BB+ | Utilities | U.S. | 6,228 | ||||||||
| 07-03-2024 |
TechnipFMC Plc |
BBB- | BB+ | Oil and gas | U.K. | 1,245 | ||||||||
| 13-03-2024 |
CEMEX S.A.B. de C.V. |
BBB- | BB+ | Forest products and building materials | Mexico | 5,187 | ||||||||
| 14-03-2024 | Rolls-Royce PLC (Rolls-Royce Holdings PLC) | BBB- | BB+ | Aerospace and defense | U.K. | 5,196 | ||||||||
| 29-03-2024 | Ali Holding S.R.L. | BBB- | BB+ | Capital goods | Italy | 2,250 | ||||||||
| 06-05-2024 | Videotron Ltee (Quebecor Inc.) | BBB- | BB+ | Telecommunications | Canada | 3,875 | ||||||||
| 13-05-2024 |
Freeport-McMoRan Inc. |
BBB- | BB+ | Metals, mining, and steel | U.S. | 7,462 | ||||||||
| 15-05-2024 |
Antero Resources Corp. |
BBB- | BB+ | Oil and gas | U.S. | 9,300 | ||||||||
| 27-05-2024 |
Empresa Nacional del Petroleo |
BBB- | BB+ | Utilities | Chile | 2,440 | ||||||||
| 05-06-2024 | Masonite International Corp. (Owens Corning) | BBB | BB+ | Forest products and building materials | Canada | 875 | ||||||||
| 29-07-2024 | Equitrans Midstream Corp. | BBB- | BB- | Utilities | U.S. | 6,500 | ||||||||
| 13-08-2024 |
Warner Music Group Corp. |
BBB- | BB+ | Media and entertainment | U.S. | 4,156 | ||||||||
| 16-08-2024 | Uber Technologies Inc., | BBB- | BB+ | High technology | U.S. | 7,211 | ||||||||
| 20-08-2024 | Tata Motors Ltd. (Tata Sons Pte. Ltd.) | BBB | BB+ | Automotive | India | 5,023 | ||||||||
| 29-08-2024 |
Port of Newcastle Investments (Financing) Pty Ltd. |
BBB- | BB+ | Transportation | Australia | 300 | ||||||||
| 05-09-2024 |
Harbour Energy plc |
BBB- | BB | Oil and gas | U.K. | 500 | ||||||||
| 09-09-2024 | Macquarie AirFinance Holdings Ltd. (Macquarie Group Ltd.) | BBB- | BB+ | Financial institutions | U.K. | 2,000 | ||||||||
| 27-09-2024 | Sultanate of Oman | BBB- | BB+ | Sovereign | Oman | 5,742 | ||||||||
| 30-09-2024 |
Energy Development Oman SAOC |
BBB- | BB+ | Oil and gas | Oman | 1,750 | ||||||||
| 01-10-2024 | Southwestern Energy Co. | BBB- | BB+ | Oil and gas | U.S. | 4,200 | ||||||||
| 01-10-2024 | Chesapeake Energy Corp. | BBB- | BB | Oil and gas | U.S. | 1,950 | ||||||||
| 04-10-2024 | Republic of Serbia | BBB- | BB+ | Sovereign | Serbia | 10,215 | ||||||||
| 15-10-2024 | Apache Corp. (APA Corp.) | BBB- | BB+ | Oil and gas | U.S. | 9,430 | ||||||||
| 24-10-2024 | PPF Telecom Group B.V. | BBB- | BB+ | Telecommunications | Czech Republic | 1,784 | ||||||||
| 04-11-2024 | Stericycle Inc. | A- | BB | Chemicals, packaging, and environmental services | U.S. | 500 | ||||||||
| 07-11-2024 |
AppLovin Corp. |
BBB- | BB+ | Media and entertainment | U.S. | 7,200 | ||||||||
| 28-11-2024 |
Banco de Credito Social Cooperativo S.A. |
BBB- | BB+ | Financial institutions | Spain | 2,464 | ||||||||
| 03-12-2024 | System Energy Resources Inc. (Entergy Corp.) | BBB- | BB+ | Utilities | U.S. | 525 | ||||||||
| 03-12-2024 |
Delta Air Lines Inc. |
BBB- | BB+ | Transportation | U.S. | 5,850 | ||||||||
| 23-12-2024 | Amer Sports, Inc. | BBB- | BB | Consumer products | Cayman Islands | 800 | ||||||||
| Data as of Dec. 31, 2024. Note: Rising stars are defined as speculative-grade issuers that have been upgraded to investment grade (i.e., from 'BB+' and below to 'BBB-' and above) with valid debt outstanding at the time of the rating action. Valid debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs, and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a rising star, only the parent is counted. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||
Table 7
| Potential fallen angels | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Dec. 31, 2024 | ||||||||||||
| Sector/subsector | Issuer | CreditWatch negative/negative outlook | New to the list this month | Country/market | Rated debt amount (mil. US$) | |||||||
| Aerospace and defense |
Boeing Co. |
Watch Neg | U.S. | 53,373 | ||||||||
| Aerospace and defense |
CAE Inc. |
Negative | Canada | 1,112 | ||||||||
| Aerospace and defense | Huntington Ingalls Industries Inc., | Negative | U.S. | 1,750 | ||||||||
| Automotive | Zhejiang Geely Holding Group Co., Ltd. | Negative | China | 2,486 | ||||||||
| Capital goods |
KION Group AG |
Negative | Germany | 1,043 | ||||||||
| Capital goods |
Leggett & Platt Inc. |
Negative | U.S. | 1,500 | ||||||||
| Capital goods |
MasTec Inc. |
Negative | U.S. | 1,450 | ||||||||
| Capital goods | Prysmian S.p.A. | Negative | Italy | 1,564 | ||||||||
| Chemicals, packaging, and environmental services |
Albemarle Corp. |
Negative | U.S. | 2,050 | ||||||||
| Chemicals, packaging, and environmental services |
FMC Corp. |
Negative | U.S. | 3,000 | ||||||||
| Chemicals, packaging, and environmental services |
Huntsman Corp. |
Negative | U.S. | 1,463 | ||||||||
| Chemicals, packaging, and environmental services | Orbia Advance Corp. S.A.B. de C.V | Negative | Mexico | 3,250 | ||||||||
| Financial institutions |
Deutsche Pfandbriefbank AG |
Negative | Germany | 6,898 | ||||||||
| Financial institutions |
First Commonwealth Financial Corp. |
Negative | U.S. | 50 | ||||||||
| Financial institutions |
Synovus Financial Corp. |
Negative | U.S. | 2,530 | ||||||||
| Financial institutions |
Valley National Bancorp |
Negative | U.S. | 1,030 | ||||||||
| Health care |
Viatris Inc. |
Negative | U.S. | 19,194 | ||||||||
| High technology | Worldline SA | Negative | France | 1,669 | ||||||||
| Homebuilders/real estate companies |
Altarea SCA |
Negative | France | 1,669 | ||||||||
| Homebuilders/real estate companies |
Citycon Oyj |
Negative | Finland | 2,816 | ||||||||
| Homebuilders/real estate companies |
Heimstaden Bostad AB |
Negative | Sweden | 9,313 | ||||||||
| Homebuilders/real estate companies |
Retail Opportunity Investments Corp. |
Watch Neg | U.S. | 350 | ||||||||
| Media and entertainment |
Warner Bros. Discovery Inc. |
Negative | U.S. | 14,717 | ||||||||
| Metals, mining, and steel | PT Krakatau Posco (POSCO Holdings Inc.) | Negative | Indonesia | 700 | ||||||||
| Retail/restaurants | ITM Entreprises (Les Mousquetaires SAS) | Negative | France | 313 | ||||||||
| Telecommunications | CAS Holding No.1 Ltd. (PCCW Ltd.) | Negative | British Virgin Islands | 3,659 | ||||||||
| Transportation |
Adani Ports and Special Economic Zone Ltd. |
Negative | India | 3,550 | ||||||||
| Transportation | GXO Logistics Inc., | Negative | U.S. | 1,900 | ||||||||
| Utilities | Adani Electricity Mumbai Ltd. (Adani Transmission Ltd. (Consolidated)) | Negative | India | 1,000 | ||||||||
| Utilities |
AltaGas Ltd. |
Negative | Canada | 7,093 | ||||||||
| Utilities |
Eesti Energia AS |
Negative | Estonia | 417 | ||||||||
| Utilities | Nova Scotia Power Inc. (Emera Inc.) | Negative | Canada | 2,283 | ||||||||
| Utilities |
Pacific National Holdings Pty Ltd. |
Negative | Australia | 1,674 | ||||||||
| Utilities |
South Staffordshire PLC |
Negative | U.K. | 288 | ||||||||
| Notes: Potential fallen angels are defined as issuers rated 'BBB-' with negative outlooks or on CreditWatch negative, and which currently have rated debt outstanding. Debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs, and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a potential fallen angel, only the parent is counted. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||
Table 8
| Potential rising stars | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Dec. 31, 2024 | ||||||||||||
| Sector/subsector | Issuer | CreditWatch positive/positive outlook | New to the list this month | Country/market | Rated debt amount (mil. US$) | |||||||
| Aerospace and defense |
Hexcel Corp. |
Positive | U.S. | 700 | ||||||||
| Capital goods |
Atkinsrealis Group Inc. |
Positive | Canada | 486 | ||||||||
| Capital goods | Vertiv Group Corp. (Vertiv Holdings Co.) | Positive | U.S. | 5,065 | ||||||||
| Chemicals, packaging, and environmental services |
Berry Global Group Inc. |
Watch Pos | U.S. | 26,207 | ||||||||
| Chemicals, packaging, and environmental services |
Huhtamaki Oyj |
Positive | Finland | 834 | ||||||||
| Chemicals, packaging, and environmental services |
OCP S.A. |
Positive | Morocco | 5,100 | ||||||||
| Consumer products |
Charles River Laboratories International Inc. |
Positive | U.S. | 1,500 | ||||||||
| Financial institutions |
Bank of Cyprus Public Co. Ltd. |
Positive | Cyprus | 1,304 | ||||||||
| Financial institutions | Eurobank S.A (Eurobank Ergasias Services and Holdings SA) | Positive | Greece | 4,432 | ||||||||
| Financial institutions | HA Sustainable Infrastructure Capital Inc., | Positive | U.S. | 4,000 | ||||||||
| Financial institutions |
National Bank of Greece S.A. |
Positive | Greece | 1,294 | ||||||||
| Financial institutions |
Nexi SpA |
Positive | Italy | 2,190 | ||||||||
| Forest products and building materials |
Louisiana-Pacific Corp. |
Positive | U.S. | 350 | ||||||||
| High technology |
MercadoLibre Inc. |
Positive | U.S. | 1,100 | ||||||||
| High technology |
ON Semiconductor Corp. |
Positive | U.S. | 700 | ||||||||
| Media and entertainment |
Flutter Entertainment PLC |
Positive | Ireland | 19,516 | ||||||||
| Media and entertainment |
International Game Technology Plc |
Watch Pos | U.K. | 4,143 | ||||||||
| Media and entertainment |
News Corp. |
Positive | U.S. | 1,500 | ||||||||
| Media and entertainment |
Royal Caribbean Cruises Ltd. |
Positive | U.S. | 9,200 | ||||||||
| Oil and gas |
ChampionX Corp. |
Watch Pos | U.S. | 625 | ||||||||
| Oil and gas | DT Midstream Inc., | Positive | U.S. | 2,150 | ||||||||
| Oil and gas | Hess Midstream Operations LP (Hess Corp.) | Watch Pos | U.S. | 3,400 | ||||||||
| Sovereign | Kingdom of Morocco | Positive | Morocco | 8,336 | ||||||||
| Utilities | Kinetik Holdings Inc. | Positive | New | U.S. | 1,500 | |||||||
| Utilities | PT Cikarang Listrindo | Positive | Indonesia | 550 | ||||||||
| Notes: Potential rising stars are defined as issuers rated 'BB+' with positive outlooks or on CreditWatch positive, and which currently have debt outstanding. Debt includes issuer-level debt (both secured and unsecured), bank loans, subordinated debt, medium-term notes, preferred stock, convertible debt, and drawdowns under MTN programs, and excludes commercial paper programs, shelf registrations, certificates of deposit, and debt rated on a confidential basis. This debt may be rated above or below the issuer credit rating. Moreover, if a subsidiary's parent is itself a potential rising star, only the parent is counted. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||
Glossary And Abbreviations
Fallen angels
Issuers downgraded to speculative grade from investment grade.
Downgrade ratio
Percentage of downgrades to the total number of upgrades plus downgrades.
Investment grade
Issuers rated 'BBB-' or above.
Negative bias
Percentage of issuers with negative outlooks or ratings on CreditWatch negative.
Net outlook bias
Percentage of issuers with a positive bias minus those with a negative bias.
Positive bias
Percentage of issuers with positive outlooks or ratings on CreditWatch positive.
Potential downgrade
An issuer rated by S&P Global Ratings with a negative outlook or on CreditWatch negative.
Potential fallen angels
Issuers rated 'BBB-' with either negative outlooks or on CreditWatch negative.
Potential fallen angel ratio
The number of potential fallen angels divided by the population of issuers rated in the 'BBB' category.
Potential upgrade
An issuer rated by S&P Global Ratings with a positive outlook or on CreditWatch positive.
Rising stars
Issuers upgraded to investment grade from speculative grade.
Speculative grade
Issuers rated 'BB+' or below.
U.S. distress ratio
S&P Global U.S. distress ratio is defined as the number of U.S. speculative-grade issues with option-adjusted spreads of more than 1,000 basis points above U.S. Treasury bonds, divided by the total number of speculative-grade issues.
Weakest links
Financial and nonfinancial corporate issuers rated 'B-' and below with either negative outlooks or on CreditWatch negative.
Weakest links ratio
The number of weakest links divided by the total speculative-grade ratings population.
This report does not constitute a rating action.
| Credit Research & Insights: | Erik Wisentaner, London; erik.wisentaner@spglobal.com |
| Brenden J Kugle, Englewood + 1 (303) 721 4619; brenden.kugle@spglobal.com | |
| Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com | |
| Patrick Drury Byrne, Dublin (00353) 1 568 0605; patrick.drurybyrne@spglobal.com | |
| Ekaterina Tolstova, Frankfurt +49 173 6591385; ekaterina.tolstova@spglobal.com | |
| Research Contributors: | Amol Nakashe, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
| Vaishali Singh, CRISIL Global Analytical Center, an S&P affiliate, Mumbai | |
| Lyndon Fernandes, CRISIL Global Analytical Center, an S&P affiliate, Mumbai | |
| Nivritti Mishra Richhariya, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai |
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