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 July 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 July 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. | 193 | 213 | 169 | 1,334 | 14.5% | 73.9% | 67.6% | |||||||||
| Europe | 44 | 53 | 37 | 549 | 8.0% | 16.9% | 16.7% | |||||||||
| Canada | 8 | 10 | 9 | 83 | 9.6% | 3.1% | 2.6% | |||||||||
| EEMEA | 7 | 8 | 12 | 85 | 8.2% | 2.7% | 5.8% | |||||||||
| Latin America | 5 | 16 | 16 | 91 | 5.5% | 1.9% | 6.7% | |||||||||
| Asia-Pacific | 4 | 8 | 7 | 58 | 6.9% | 1.5% | 0.6% | |||||||||
| 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 July 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 & defense | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Automotive | 3.4 | 2.3 | 2 | 3.5 | 2 | (0.1) | 0 | |||||||||
| Capital goods | 4.1 | 3.3 | 3 | 4.1 | 3 | (0.1) | 0 | |||||||||
| CP&ES | 8.4 | 6.8 | 9 | 7.5 | 8 | 0.9 | 1 | |||||||||
| Consumer products | 2.3 | 2.1 | 3 | 2.2 | 3 | 0.1 | 0 | |||||||||
| Financial institutions | 1.8 | 2.6 | 4 | 2.3 | 5 | (0.5) | (1) | |||||||||
| Forest | 1.5 | 1.5 | 1 | 2.9 | 2 | (1.4) | (1) | |||||||||
| Health care | 2.6 | 1.9 | 2 | 3.9 | 3 | (1.3) | (1) | |||||||||
| High technology | 8.8 | 5.6 | 7 | 8.5 | 7 | 0.2 | 0 | |||||||||
| Home/RE | 8.4 | 4.7 | 7 | 2.6 | 2 | 5.8 | 5 | |||||||||
| Insurance | 6.1 | 2.1 | 2 | 6.1 | 2 | 0.0 | 0 | |||||||||
| Media & entertainment | 6.3 | 5.1 | 18 | 7.9 | 23 | (1.6) | (5) | |||||||||
| Metals, mining, & steel | 2.4 | 2.2 | 1 | 2.4 | 1 | 0.0 | 0 | |||||||||
| Oil & gas | 0.5 | 0.3 | 1 | 0.6 | 1 | (0.0) | 0 | |||||||||
| Retail | 10.9 | 9.7 | 13 | 10.5 | 12 | 0.4 | 1 | |||||||||
| Telecommunications | 29.5 | 22.7 | 28 | 35.8 | 34 | (6.3) | (6) | |||||||||
| Transportation | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Utilities | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Total | 5.5 | 5.1 | 101 | 5.9 | 108 | (0.4) | (7) | |||||||||
| 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. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||||
Fallen Angels And Rising Stars
Chart 10
Chart 11
Chart 12
Chart 13
Chart 14
U.S. Public Finance Ratings Trends
Chart 15
Chart 16
Chart 17
Chart 18
Chart 19
Chart 20
Appendix: Issuer Lists
| Table 3 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Weakest links | ||||||||||||||||
| As of July 31, 2024 | ||||||||||||||||
| Sector/subsector | Issuer | Rating | CreditWatch negative/negative outlook | New to the list this month | Country/market | Region | Debt amount (mil. US$) | |||||||||
| Aerospace and defense | API Holdings III Corp. | CCC+ | Negative | U.S. | U.S. | 265 | ||||||||||
| Aerospace and defense | Cobham Ultra SunCo S.a r.l. | B- | Negative | Luxembourg | Europe | 1,614 | ||||||||||
| Aerospace and defense | Forming Machining Industries Holdings, LLC | CCC | Negative | U.S. | U.S. | 320 | ||||||||||
| Aerospace and defense | HDT HoldCo Inc. | CCC | Negative | U.S. | U.S. | 280 | ||||||||||
| Aerospace and defense | MAG DS Corp. | B- | Negative | U.S. | U.S. | 291 | ||||||||||
| Aerospace and defense | New Constellis Borrower, LLC (New Constellis Holdings Inc.) | CCC+ | Negative | U.S. | U.S. | 260 | ||||||||||
| Automotive | Accuride Corp. | CCC+ | Negative | New | U.S. | U.S. | 363 | |||||||||
| Automotive | American Auto Auction Group, LLC | B- | Negative | U.S. | U.S. | 925 | ||||||||||
| Automotive | American Tire Distributors Inc. | CCC+ | Negative | U.S. | U.S. | 1,000 | ||||||||||
| Automotive | Bright Bidco B.V. | CCC+ | Negative | Netherlands | Europe | 300 | ||||||||||
| Automotive | Burgess Point Purchaser Corp. | B- | Negative | U.S. | U.S. | 1,666 | ||||||||||
| Automotive | Carvana Co. | CCC+ | Negative | U.S. | U.S. | 9,919 | ||||||||||
| Automotive | Cooper-Standard Holdings Inc. | CCC+ | Negative | U.S. | U.S. | 1,337 | ||||||||||
| Automotive | K&N Parent Inc. | CCC+ | Negative | U.S. | U.S. | 173 | ||||||||||
| Automotive | McLaren Group Ltd. | CCC | Negative | U.K. | Europe | 620 | ||||||||||
| Automotive | Superior Industries International Inc. | B- | Negative | U.S. | U.S. | 670 | ||||||||||
| Automotive | Wheel Pros Inc. | CCC+ | Negative | U.S. | U.S. | 3,062 | ||||||||||
| Capital goods | ASP Unifrax Holdings Inc. | CCC+ | Negative | U.S. | U.S. | 2,685 | ||||||||||
| Capital goods | C&D Technologies Inc. | B- | Negative | U.S. | U.S. | 400 | ||||||||||
| Capital goods | CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. | CC | Negative | Argentina | Latin America | 335 | ||||||||||
| Capital goods | Congruex Group LLC | CCC | Negative | New | U.S. | U.S. | 470 | |||||||||
| Capital goods | Form Technologies LLC | CCC+ | Negative | U.S. | U.S. | 815 | ||||||||||
| Capital goods | OT Merger Corp. | CCC+ | Negative | U.S. | U.S. | 1,150 | ||||||||||
| Capital goods | Peacock Intermediate Holding II L.P. | B- | Negative | U.S. | U.S. | 525 | ||||||||||
| Capital goods | Sensience Inc. | CCC- | Negative | U.S. | U.S. | 470 | ||||||||||
| Capital goods | Shape Technologies Group Inc. | B- | Negative | U.S. | U.S. | 350 | ||||||||||
| Capital goods | TJC Spartech Acquisition Corp. (Spartech Parent Corp.) | CCC+ | Negative | U.S. | U.S. | 420 | ||||||||||
| Capital goods | Victory Buyer LLC | CCC+ | Negative | U.S. | U.S. | 525 | ||||||||||
| Chemicals, packaging, and environmental services | Advancion Holdings LLC | B- | Negative | U.S. | U.S. | 1,498 | ||||||||||
| Chemicals, packaging, and environmental services | Anchor Glass Container Corp. | CCC+ | Negative | U.S. | U.S. | 793 | ||||||||||
| Chemicals, packaging, and environmental services | ARD Finance S.A. (ARD Securities Finance S.a r.l.) | CCC- | Negative | Luxembourg | Europe | 20,006 | ||||||||||
| Chemicals, packaging, and environmental services | Dispatch Acquisition Holdings LLC | B- | Negative | U.S. | U.S. | 560 | ||||||||||
| Chemicals, packaging, and environmental services | FXI Holdings Inc. | CCC+ | Negative | U.S. | U.S. | 2,020 | ||||||||||
| Chemicals, packaging, and environmental services | GPD Cos. Parent Inc. | B- | Negative | U.S. | U.S. | 0 | ||||||||||
| Chemicals, packaging, and environmental services | Grupo IDESA S.A. de C.V. | CC | Watch Neg | New | Mexico | Latin America | 311 | |||||||||
| Chemicals, packaging, and environmental services | Hexion Inc. | B- | Negative | U.S. | U.S. | 1,825 | ||||||||||
| Chemicals, packaging, and environmental services | Innovative Chemical Products Group | CCC | Negative | U.S. | U.S. | 1,330 | ||||||||||
| Chemicals, packaging, and environmental services | Kleopatra Holdings 2 S.C.A. (Kleopatra Holdings 1 S.C.A.) | B- | Negative | Luxembourg | Europe | 2,131 | ||||||||||
| Chemicals, packaging, and environmental services | Nitrogenmuvek Zrt. | CCC | Negative | Hungary | Eastern Europe/Middle East/Africa | 216 | ||||||||||
| Chemicals, packaging, and environmental services | PECF USS Intermediate Holding III Corp. | CCC | Negative | U.S. | U.S. | 2,550 | ||||||||||
| Chemicals, packaging, and environmental services | PMHC II Inc. | B- | Negative | U.S. | U.S. | 3,701 | ||||||||||
| Chemicals, packaging, and environmental services | Recycle and Resource Operations Pty Ltd. | B- | Negative | Australia | Asia/Pacific | 653 | ||||||||||
| Chemicals, packaging, and environmental services | Rohm HoldCo II GmbH | B- | Negative | Germany | Europe | 1,914 | ||||||||||
| Chemicals, packaging, and environmental services | SK Mohawk Holdings SARL | CCC | Negative | Germany | Europe | 3,550 | ||||||||||
| Chemicals, packaging, and environmental services | Tosca Services LLC | CCC+ | Negative | U.S. | U.S. | 627 | ||||||||||
| Chemicals, packaging, and environmental services | Trident TPI Holdings Inc. | B- | Negative | U.S. | U.S. | 4,423 | ||||||||||
| Chemicals, packaging, and environmental services | Trinseo PLC | CCC+ | Negative | Ireland | Europe | 5,870 | ||||||||||
| Chemicals, packaging, and environmental services | Vantage Specialty Chemicals Inc. | B- | Negative | U.S. | U.S. | 835 | ||||||||||
| Chemicals, packaging, and environmental services | Venator Materials PLC | CCC+ | Negative | U.K. | Europe | 550 | ||||||||||
| Chemicals, packaging, and environmental services | WIN Waste Innovations Holdings Inc. | CCC+ | Negative | U.S. | U.S. | 1,000 | ||||||||||
| Consumer products | 8th Avenue Food & Provisions Inc. | CCC+ | Negative | U.S. | U.S. | 750 | ||||||||||
| Consumer products | Anastasia Holdings, LLC | CCC | Negative | U.S. | U.S. | 650 | ||||||||||
| Consumer products | Atlas CC Holding LLC | B- | Negative | U.S. | U.S. | 0 | ||||||||||
| Consumer products | Badger Finance, LLC (Badger Intermediate Holdings LLC) | CCC- | Negative | U.S. | U.S. | 1,180 | ||||||||||
| Consumer products | BCPE North Star Holdings, LP | CCC+ | Negative | U.S. | U.S. | 1,168 | ||||||||||
| Consumer products | City Brewing Co., LLC (Blue Ribbon Holdings LLC) | B- | Negative | U.S. | U.S. | 1,729 | ||||||||||
| Consumer products | CoolSys Inc. | CCC+ | Negative | U.S. | U.S. | 575 | ||||||||||
| Consumer products | Del Monte Foods Inc. | CCC- | Negative | U.S. | U.S. | 725 | ||||||||||
| Consumer products | Dodge Construction Network LLC | CCC+ | Negative | U.S. | U.S. | 585 | ||||||||||
| Consumer products | Elevate Textiles Holding Corp. | B- | Negative | U.S. | U.S. | 354 | ||||||||||
| Consumer products | FFP Holdings Group Inc. | CCC | Negative | U.S. | U.S. | 0 | ||||||||||
| Consumer products | Halo Buyer Inc. | CCC+ | Watch Neg | New | U.S. | U.S. | 440 | |||||||||
| Consumer products | H-Food Holdings LLC | CCC- | Negative | U.S. | U.S. | 3,979 | ||||||||||
| Consumer products | Kernel Holding S.A. | CC | Negative | Ukraine | Eastern Europe/Middle East/Africa | 600 | ||||||||||
| Consumer products | KNS Holdco LLC | CCC+ | Negative | U.S. | U.S. | 587 | ||||||||||
| Consumer products | Mad Engine Global LLC | CCC+ | Negative | U.S. | U.S. | 310 | ||||||||||
| Consumer products | MHP SE | CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | 900 | ||||||||||
| Consumer products | Olaplex Inc. | B- | Negative | U.S. | U.S. | 675 | ||||||||||
| Consumer products | Oriflame Investment Holding Plc | CCC | Negative | Jersey | Europe | 820 | ||||||||||
| Consumer products | P&L Development Holdings, LLC | CCC | Negative | U.S. | U.S. | 465 | ||||||||||
| Consumer products | Packers Holdings, LLC | CCC | Negative | U.S. | U.S. | 1,240 | ||||||||||
| Consumer products | pH Beauty Holdings I Inc. | CCC | Negative | U.S. | U.S. | 340 | ||||||||||
| Consumer products | Platform Bidco | B- | Negative | Ireland | Europe | 1,185 | ||||||||||
| Consumer products | Premier Brands Group Holdings LLC | CCC | Negative | U.S. | U.S. | 325 | ||||||||||
| Consumer products | Saga PLC | B- | Negative | U.K. | Europe | 578 | ||||||||||
| Consumer products | Sierra Enterprises LLC | CCC+ | Negative | U.S. | U.S. | 277 | ||||||||||
| Consumer products | Signal Parent Inc. | B- | Negative | U.S. | U.S. | 1,080 | ||||||||||
| Consumer products | SIRVA Inc. | CCC | Negative | U.S. | U.S. | 550 | ||||||||||
| Consumer products | Spin Holdco Inc. | CCC+ | Negative | U.S. | U.S. | 4,000 | ||||||||||
| Consumer products | SWF Holdings I Corp. | CCC+ | Negative | U.S. | U.S. | 2,250 | ||||||||||
| Consumer products | Thrasio Holdings Inc. | CCC | Negative | U.S. | U.S. | 366 | ||||||||||
| Consumer products | Weber LLC | CCC+ | Negative | U.S. | U.S. | 1,500 | ||||||||||
| Consumer products | Whole Earth Brands Inc. | B- | Negative | U.S. | U.S. | 375 | ||||||||||
| Consumer products | Woof Intermediate Inc. | CCC+ | Negative | U.S. | U.S. | 1,124 | ||||||||||
| Consumer products | WW International Inc. | CCC+ | Negative | U.S. | U.S. | 1,500 | ||||||||||
| Consumer products | YS Garments LLC | CCC | Negative | U.S. | U.S. | 330 | ||||||||||
| Financial institutions | Avison Young (Canada) Inc. | CCC | Negative | Canada | Canada | 250 | ||||||||||
| Financial institutions | Claros Mortgage Trust Inc. | B- | Negative | U.S. | U.S. | 763 | ||||||||||
| Financial institutions | Cooperativa de Ahorro y Credito Fucerep | CCC+ | Negative | Uruguay | Latin America | 0 | ||||||||||
| Financial institutions | Ecobank Nigeria Ltd. (Ecobank Transnational Inc.) | CCC | Watch Neg | Nigeria | Eastern Europe/Middle East/Africa | 600 | ||||||||||
| Financial institutions | First City Monument Bank | B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | 0 | ||||||||||
| Financial institutions | Garfunkelux Holdco 2 S.A. | CCC+ | Negative | New | Luxembourg | Europe | 2,106 | |||||||||
| Financial institutions | Innovate Corp. | CCC | Negative | U.S. | U.S. | 330 | ||||||||||
| Financial institutions | Intrum AB (publ) | CC | Negative | Sweden | Europe | 3,190 | ||||||||||
| Financial institutions | iQera Group SAS | CCC- | Negative | France | Europe | 792 | ||||||||||
| Financial institutions | Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. | CCC- | Negative | Mexico | Latin America | 500 | ||||||||||
| Financial institutions | World Acceptance Corp. | B- | Negative | U.S. | U.S. | 300 | ||||||||||
| Forest products and building materials | ACProducts Inc., (Victors Intermediate Holding II Corp.) | CCC+ | Negative | U.S. | U.S. | 1,100 | ||||||||||
| Forest products and building materials | Apex Tool Group, LLC | CCC+ | Negative | U.S. | U.S. | 1,206 | ||||||||||
| Forest products and building materials | Loparex Midco B.V. | CCC+ | Negative | Netherlands | Europe | 4,017 | ||||||||||
| Forest products and building materials | Pfleiderer Group B.V. & Co. KG | CCC | Watch Neg | New | Germany | Europe | 811 | |||||||||
| Forest products and building materials | Pixelle Specialty Solutions LLC (Spectrum Group Buyer Inc.,) | CCC | Negative | U.S. | U.S. | 0 | ||||||||||
| Forest products and building materials | Plaskolite PPC Intermediate II LLC (Plaskolite PPC Intermediate I LLC) | CCC+ | Negative | U.S. | U.S. | 767 | ||||||||||
| Forest products and building materials | Werner FinCo LP (New Werner Holding Co. Inc.,) | B- | Negative | U.S. | U.S. | 930 | ||||||||||
| Health care | Aegis Toxicology Sciences Corp. (Aegis Acquistion Inc.,) | CCC+ | Watch Neg | U.S. | U.S. | 188 | ||||||||||
| Health care | Alvogen Pharma US Inc., (Alvogen Lux Holdings S.a.r.l.) | B- | Watch Neg | U.S. | U.S. | 831 | ||||||||||
| Health care | ASP NAPA Intermediate Holdings, LLC (ASP NAPA Holdings, LLC) | B- | Negative | U.S. | U.S. | 610 | ||||||||||
| Health care | athenahealth Group Inc. | B- | Negative | U.S. | U.S. | 9,250 | ||||||||||
| Health care | Bausch Health Cos. Inc. | CCC+ | Negative | Canada | Canada | 45,650 | ||||||||||
| Health care | Bayou Topco Inc. | B- | Negative | U.S. | U.S. | 375 | ||||||||||
| Health care | BVI Holdings Mayfair Ltd. | CCC+ | Negative | U.K. | Europe | 655 | ||||||||||
| Health care | BW Homecare Holdings LLC | CCC | Negative | U.S. | U.S. | 2,383 | ||||||||||
| Health care | Carestream Dental Technology Parent Ltd. | CCC- | Negative | U.K. | Europe | 1,360 | ||||||||||
| Health care | Carestream Health Inc. | B- | Negative | U.S. | U.S. | 541 | ||||||||||
| Health care | CHPPR MidCo Inc. | B- | Negative | U.S. | U.S. | 250 | ||||||||||
| Health care | Community Health Systems Inc. | CCC+ | Negative | U.S. | U.S. | 14,225 | ||||||||||
| Health care | Curia Global Inc. | CCC+ | Negative | U.S. | U.S. | 1,190 | ||||||||||
| Health care | DMG Practice Management Solutions LLC | B- | Negative | U.S. | U.S. | 1,119 | ||||||||||
| Health care | Elevate PFS Parent Holdings Inc. | CCC+ | Negative | U.S. | U.S. | 0 | ||||||||||
| Health care | Emergent BioSolutions Inc. | CCC | Negative | U.S. | U.S. | 450 | ||||||||||
| Health care | European Medco Development 3 Sarl | B- | Negative | Germany | Europe | 0 | ||||||||||
| Health care | Exactech Inc. | CCC- | Negative | U.S. | U.S. | 270 | ||||||||||
| Health care | FinThrive Software Intermediate Holdings Inc. | CCC | Negative | U.S. | U.S. | 1,900 | ||||||||||
| Health care | Gainwell Holding Corp. | B- | Negative | U.S. | U.S. | 4,227 | ||||||||||
| Health care | HealthChannels Intermediate HoldCo, LLC (HealthChannels, LLC) | CCC | Negative | U.S. | U.S. | 385 | ||||||||||
| Health care | Knight Health Holdings LLC | B- | Negative | U.S. | U.S. | 450 | ||||||||||
| Health care | LifeScan Global Corp. | CCC- | Negative | U.S. | U.S. | 1,586 | ||||||||||
| Health care | Medical Depot Holdings Inc. | CCC+ | Negative | U.S. | U.S. | 355 | ||||||||||
| Health care | National Mentor Holdings Inc. (Civitas Solutions Inc.,) | B- | Negative | U.S. | U.S. | 2,095 | ||||||||||
| Health care | Pathway Vet Alliance LLC | CCC+ | Negative | U.S. | U.S. | 1,560 | ||||||||||
| Health care | Physician Partners LLC | B- | Watch Neg | U.S. | U.S. | 750 | ||||||||||
| Health care | Premier Dental Services Inc. | CCC | Negative | U.S. | U.S. | 135 | ||||||||||
| Health care | Symplr Software Intermediate Holdings Inc. | CCC+ | Negative | U.S. | U.S. | 0 | ||||||||||
| Health care | Team Health Holdings Inc. | CCC | Negative | U.S. | U.S. | 4,349 | ||||||||||
| Health care | Thrive Merger Sub, LLC | B- | Negative | U.S. | U.S. | 430 | ||||||||||
| Health care | Upstream Newco Inc. | CCC+ | Negative | U.S. | U.S. | 1,023 | ||||||||||
| Health care | Viant Medical Holdings Inc. | B- | Watch Neg | U.S. | U.S. | 793 | ||||||||||
| Health care | WellPath Holdings Inc. | CCC+ | Watch Neg | U.S. | U.S. | 610 | ||||||||||
| High technology | 4L Topco Corp. | CCC | Negative | U.S. | U.S. | 80 | ||||||||||
| High technology | Astra Acquisition Corp. | CCC | Watch Neg | U.S. | U.S. | 1,027 | ||||||||||
| High technology | Atlas Midco Inc. | CCC+ | Negative | U.S. | U.S. | 912 | ||||||||||
| High technology | Cascade Parent Ltd. | B- | Negative | U.K. | Europe | 585 | ||||||||||
| High technology | Centurion Newco S.p.A. | B- | Negative | Italy | Europe | 1,179 | ||||||||||
| High technology | CommScope Holding Co. Inc. | CCC | Negative | U.S. | U.S. | 7,650 | ||||||||||
| High technology | Creation Technologies Inc. | B- | Negative | U.S. | U.S. | 455 | ||||||||||
| High technology | Dedalus Healthcare Systems Group S.p.A. | B- | Negative | Italy | Europe | 1,254 | ||||||||||
| High technology | Electronics for Imaging Inc. | CCC+ | Negative | U.S. | U.S. | 875 | ||||||||||
| High technology | Emerald Technologies (U.S.) AcquisitionCo. Inc. | B- | Negative | U.S. | U.S. | 265 | ||||||||||
| High technology | Foundational Education Group Inc. | B- | Negative | U.S. | U.S. | 435 | ||||||||||
| High technology | Magenta Buyer LLC | CCC | Negative | New | U.S. | U.S. | 4,340 | |||||||||
| High technology | Mitel Networks (International) Ltd. | CCC | Negative | U.K. | Europe | 2,237 | ||||||||||
| High technology | MYOB Group Co. Pty Ltd. | B- | Negative | Australia | Asia/Pacific | 799 | ||||||||||
| High technology | Optiv Inc. | B- | Negative | U.S. | U.S. | 910 | ||||||||||
| High technology | Polaris Parent, LLC | B- | Negative | U.S. | U.S. | 5,363 | ||||||||||
| High technology | Project Leopard Holdings Inc., (Kofax Parent Ltd.) | B- | Negative | U.S. | U.S. | 1,744 | ||||||||||
| High technology | QBS Parent Inc., (Project Quarterback Parent, LLC) | B- | Negative | U.S. | U.S. | 420 | ||||||||||
| High technology | Quest Software US Holdings Inc. | CCC+ | Negative | New | U.S. | U.S. | 3,575 | |||||||||
| High technology | Rackspace Technology Global Inc. | B- | Negative | U.S. | U.S. | 5,529 | ||||||||||
| High technology | Redstone Buyer LLC | B- | Negative | U.S. | U.S. | 2,000 | ||||||||||
| High technology | Sharp Corp. | B- | Negative | Japan | Asia/Pacific | 0 | ||||||||||
| High technology | Tegra118 Wealth Solutions Inc. (InvestCloud Holdings LLC) | CCC+ | Negative | U.S. | U.S. | 315 | ||||||||||
| High technology | VeriFone Systems Inc. (Vertex HoldCo Inc.) | B- | Negative | U.S. | U.S. | 2,175 | ||||||||||
| High technology | Veritas Holdings Ltd. | CCC+ | Negative | Bermuda | U.S. | 7,339 | ||||||||||
| Homebuilders/real estate companies | Branicks Group AG | CCC | Negative | Germany | Europe | 432 | ||||||||||
| Homebuilders/real estate companies | Diversified Healthcare Trust | CCC+ | Negative | U.S. | U.S. | 3,541 | ||||||||||
| Homebuilders/real estate companies | Forest City Realty Trust Inc. (Brookfield Corp.) | CCC+ | Negative | U.S. | U.S. | 1,241 | ||||||||||
| Homebuilders/real estate companies | Marera Investment Group Ltd. | B- | Negative | Cyprus | Europe | 0 | ||||||||||
| Homebuilders/real estate companies | Medical Properties Trust Inc. | B- | Negative | U.S. | U.S. | 13,007 | ||||||||||
| Homebuilders/real estate companies | Office Properties Income Trust | CCC- | Negative | New | U.S. | U.S. | 2,760 | |||||||||
| Homebuilders/real estate companies | Xinhu Zhongbao Co. Ltd. | B- | Watch Neg | China | Asia/Pacific | 500 | ||||||||||
| Insurance | NOVIS Insurance Co. | CCC | Watch Neg | Slovak Republic | Europe | 0 | ||||||||||
| Media and entertainment | All Day AcquisitionCo LLC | CCC- | Negative | U.S. | U.S. | 200 | ||||||||||
| Media and entertainment | Allen Media, LLC | CCC+ | Negative | New | U.S. | U.S. | 1,505 | |||||||||
| Media and entertainment | Beasley Broadcast Group Inc. | CCC+ | Negative | U.S. | U.S. | 300 | ||||||||||
| Media and entertainment | Castle Intermediate Holding V Ltd. | CCC+ | Negative | U.K. | Europe | 2,336 | ||||||||||
| Media and entertainment | CD&R Vialto UK Intermediate 3 Ltd. | CCC+ | Negative | U.K. | Europe | 969 | ||||||||||
| Media and entertainment | Centerfield Media Parent Inc., (Millennium Top1 Corp.) | CCC+ | Negative | U.S. | U.S. | 785 | ||||||||||
| Media and entertainment | CMG Media Corp. (CMG Holdings Inc.,) | CCC+ | Negative | U.S. | U.S. | 3,169 | ||||||||||
| Media and entertainment | College Parent LP | B- | Negative | New | U.S. | U.S. | 1,800 | |||||||||
| Media and entertainment | Confluence Technologies Inc. | CCC+ | Negative | U.S. | U.S. | 765 | ||||||||||
| Media and entertainment | CoreLogic Inc. | B- | Negative | U.S. | U.S. | 5,250 | ||||||||||
| Media and entertainment | Corus Entertainment Inc. | CCC | Negative | Canada | Canada | 2,202 | ||||||||||
| Media and entertainment | Digital Media Solutions Inc. | CCC | Negative | U.S. | U.S. | 313 | ||||||||||
| Media and entertainment | Duff & Phelps Holdings Corp. | B- | Negative | U.S. | U.S. | 3,192 | ||||||||||
| Media and entertainment | EagleView Technology Corp. | CCC | Negative | U.S. | U.S. | 810 | ||||||||||
| Media and entertainment | EmployBridge Holding Co. | B- | Negative | U.S. | U.S. | 2,329 | ||||||||||
| Media and entertainment | Exela Technologies Inc. | CCC | Negative | U.S. | U.S. | 4,129 | ||||||||||
| Media and entertainment | Hurtigruten Newco AS | CCC | Negative | Norway | Europe | 1,643 | ||||||||||
| Media and entertainment | iHeartMedia Inc. | CCC+ | Negative | U.S. | U.S. | 6,051 | ||||||||||
| Media and entertainment | Lereta, LLC | CCC+ | Negative | U.S. | U.S. | 250 | ||||||||||
| Media and entertainment | Maverick Gaming LLC | CCC | Negative | U.S. | U.S. | 594 | ||||||||||
| Media and entertainment | National Amusements Inc. | CCC | Negative | U.S. | U.S. | 300 | ||||||||||
| Media and entertainment | Odyssey Europe Holdco S.a r.l. | B- | Negative | Luxembourg | Europe | 216 | ||||||||||
| Media and entertainment | Peak Jersey Holdco Ltd. | B- | Negative | Jersey | Europe | 800 | ||||||||||
| Media and entertainment | Rithum Holdings Inc. | B- | Negative | U.S. | U.S. | 740 | ||||||||||
| Media and entertainment | Screenvision, LLC | CCC+ | Negative | U.S. | U.S. | 350 | ||||||||||
| Media and entertainment | Skillz Inc. | CCC+ | Negative | U.S. | U.S. | 300 | ||||||||||
| Media and entertainment | SP PF Buyer LLC | CCC | Negative | U.S. | U.S. | 744 | ||||||||||
| Media and entertainment | Sprint HoldCo B.V. | CCC- | Negative | Netherlands | Europe | 762 | ||||||||||
| Media and entertainment | Stan Holding SAS | B- | Negative | France | Europe | 0 | ||||||||||
| Media and entertainment | United FP Holdings, LLC | CCC+ | Negative | U.S. | U.S. | 706 | ||||||||||
| Media and entertainment | Vue Entertainment International Ltd. | CCC+ | Negative | U.K. | Europe | 557 | ||||||||||
| Media and entertainment | WildBrain Ltd. | B- | Negative | Canada | Canada | 285 | ||||||||||
| Metals, mining, and steel | American Rock Salt Co. LLC | CCC+ | Negative | U.S. | U.S. | 600 | ||||||||||
| Metals, mining, and steel | Baffinland Iron Mines Corp. | CCC | Negative | Canada | Canada | 1,150 | ||||||||||
| Metals, mining, and steel | Coeur Mining Inc. | B- | Negative | U.S. | U.S. | 375 | ||||||||||
| Metals, mining, and steel | Ferrexpo PLC | CCC | Negative | U.K. | Europe | 0 | ||||||||||
| Metals, mining, and steel | Gopher Resource, LLC (ECP Gopher Holdings, L.P.) | CCC | Negative | U.S. | U.S. | 510 | ||||||||||
| Metals, mining, and steel | GrafTech International Ltd. | B- | Negative | U.S. | U.S. | 3,200 | ||||||||||
| Metals, mining, and steel | Kymera International LLC | B- | Negative | U.S. | U.S. | 425 | ||||||||||
| Metals, mining, and steel | Metinvest B.V. | CCC+ | Negative | Netherlands | Europe | 1,805 | ||||||||||
| Metals, mining, and steel | Mountain Province Diamonds Inc. | CCC+ | Negative | Canada | Canada | 195 | ||||||||||
| Oil and gas | Berry Corp. | B- | Negative | U.S. | U.S. | 350 | ||||||||||
| Oil and gas | Canacol Energy Ltd. | B- | Negative | Canada | Canada | 500 | ||||||||||
| Oil and gas | Tullow Oil PLC | B- | Negative | U.K. | Europe | 2,600 | ||||||||||
| Oil and gas | W&T Offshore Inc. | B- | Negative | U.S. | U.S. | 275 | ||||||||||
| Retail/restaurants | At Home Group Inc. | CCC | Negative | U.S. | U.S. | 2,013 | ||||||||||
| Retail/restaurants | Belk Inc., | CCC- | Negative | U.S. | U.S. | 1,223 | ||||||||||
| Retail/restaurants | Burger BossCo Intermediate Inc., | CCC+ | Negative | U.S. | U.S. | 100 | ||||||||||
| Retail/restaurants | Container Store Group Inc., (The) | CCC+ | Negative | U.S. | U.S. | 200 | ||||||||||
| Retail/restaurants | Empire Today LLC | CCC | Negative | U.S. | U.S. | 595 | ||||||||||
| Retail/restaurants | Fossil Group Inc., | CCC | Negative | U.S. | U.S. | 150 | ||||||||||
| Retail/restaurants | Franchise Group Inc. | CCC+ | Negative | U.S. | U.S. | 1,425 | ||||||||||
| Retail/restaurants | GPS Hospitality Holding Co. LLC | CCC+ | Negative | U.S. | U.S. | 400 | ||||||||||
| Retail/restaurants | Guitar Center Inc. (Guitar Center Holdings Inc.) | CCC+ | Negative | U.S. | U.S. | 550 | ||||||||||
| Retail/restaurants | JOANN Inc. | B- | Negative | U.S. | U.S. | 154 | ||||||||||
| Retail/restaurants | Moran Foods, LLC (SAL Acquisition Corp.) | CCC+ | Negative | U.S. | U.S. | 479 | ||||||||||
| Retail/restaurants | Mountaineer Merger Corp. | CCC+ | Negative | U.S. | U.S. | 200 | ||||||||||
| Retail/restaurants | PAI Holdco Inc. | CCC+ | Negative | U.S. | U.S. | 850 | ||||||||||
| Retail/restaurants | Runner Buyer Inc. | CCC+ | Negative | U.S. | U.S. | 500 | ||||||||||
| Retail/restaurants | Sotheby's (BidFair Holdings Inc.) | B- | Negative | U.S. | U.S. | 1,358 | ||||||||||
| Retail/restaurants | Wheel Bidco Ltd. | B- | Negative | Jersey | Europe | 430 | ||||||||||
| Retail/restaurants | Wok Holdings Inc., | CCC+ | Negative | U.S. | U.S. | 430 | ||||||||||
| Telecommunications | Altice International S.a.r.l. (Altice Europe N.V.) | B- | Negative | Luxembourg | Europe | 10,098 | ||||||||||
| Telecommunications | Altice USA Inc., | CCC+ | Negative | U.S. | U.S. | 24,065 | ||||||||||
| Telecommunications | Aventiv Technologies, LLC | CCC | Negative | U.S. | U.S. | 0 | ||||||||||
| Telecommunications | Connect Holding II LLC | CCC | Negative | U.S. | U.S. | 4,485 | ||||||||||
| Telecommunications | Consolidated Communications Holdings Inc. | B- | Negative | U.S. | U.S. | 2,150 | ||||||||||
| Telecommunications | EchoStar Corp. | CCC- | Negative | U.S. | U.S. | 23,000 | ||||||||||
| Telecommunications | Eolo S.p.A. | B- | Negative | Italy | Europe | 405 | ||||||||||
| Telecommunications | Logix Intermediate Holding Corp. | CCC- | Negative | U.S. | U.S. | 250 | ||||||||||
| Telecommunications | Mavenir Private Holdings II Ltd. | CCC | Negative | U.K. | Europe | 585 | ||||||||||
| Telecommunications | ORBCOMM Inc. | B- | Negative | U.S. | U.S. | 360 | ||||||||||
| Telecommunications | PrJSC VF Ukraine | CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | 798 | ||||||||||
| Telecommunications | Radiate Holdco, LLC | CCC+ | Negative | U.S. | U.S. | 9,940 | ||||||||||
| Telecommunications | TalkTalk Holdings Ltd. | CCC- | Negative | New | U.K. | Europe | 880 | |||||||||
| Telecommunications | Tele Columbus AG | CCC+ | Negative | Germany | Europe | 544 | ||||||||||
| Telecommunications | Telesat Canada (Telesat Holdings Inc.) | CCC+ | Negative | Canada | Canada | 3,359 | ||||||||||
| Telecommunications | U.S. TelePacific Holdings Corp. | CCC | Negative | U.S. | U.S. | 365 | ||||||||||
| Telecommunications | Zayo Group Holdings Inc., (Front Range Bidco Inc.,) | B- | Negative | U.S. | U.S. | 10,136 | ||||||||||
| Transportation | ENC Parent Corp. | B- | Negative | U.S. | U.S. | 680 | ||||||||||
| Transportation | Investimentos e Participacoes em Infraestrutura S.A. - Invepar | CCC+ | Negative | Brazil | Latin America | 0 | ||||||||||
| Transportation | Neovia Logistics, LP (Neovia Logistics Intermediate Holdings, LP) | CCC+ | Negative | U.S. | U.S. | 248 | ||||||||||
| Transportation | Reception Purchaser, LLC | B- | Negative | U.S. | U.S. | 795 | ||||||||||
| Transportation | Spirit Airlines Inc. | CCC | Negative | U.S. | U.S. | 0 | ||||||||||
| Transportation | Ukrainian Railways JSC | CCC+ | Negative | Ukraine | Eastern Europe/Middle East/Africa | 0 | ||||||||||
| Utilities | Calumet Specialty Products Partners LP | CCC+ | Negative | U.S. | U.S. | 2,800 | ||||||||||
| Utilities | Freeport LNG Investments, LLLP | B- | Negative | U.S. | U.S. | 2,331 | ||||||||||
| Utilities | FTAI Infrastructure Inc. | B- | Negative | U.S. | U.S. | 600 | ||||||||||
| Utilities | Hawaiian Electric Industries Inc. | B- | Negative | U.S. | U.S. | 0 | ||||||||||
| Utilities | Vertex Energy Inc. | CCC | Negative | U.S. | U.S. | 215 | ||||||||||
| Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative. CP&ES--CP&ES. Forest--Forest. Home/RE--Home/RE. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||||
Table 4
| List of distressed credits by issuers | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of July 31, 2024 | ||||||||||||||
| Sector | Company | Issuer ratings are for a related entity | Issue count (no.) | Outstanding amount (mil. $) | Rating | Outlook/CreditWatch | ||||||||
| Automotive | Cooper-Standard Automotive Inc. | Cooper-Standard Holdings, Inc. | 1 | 357 | CCC+ | Negative | ||||||||
| Automotive | Wheel Pros Inc. | 1 | 365 | CCC+ | Negative | |||||||||
| Capital goods | ASP Unifrax Holdings Inc. | 2 | 1,200 | CCC+ | Negative | |||||||||
| Capital goods | OT Merger Corp. | 1 | 300 | CCC+ | Negative | |||||||||
| Consumer products | Anywhere Real Estate Group LLC | 1 | 602 | B | Stable | |||||||||
| Consumer products | WW International Inc. | 1 | 500 | CCC+ | Negative | |||||||||
| Consumer products | Herbalife International Inc. | Herbalife Ltd. | 1 | 600 | B | Stable | ||||||||
| CP&ES | Ardagh Holdings USA Inc. | Ardagh Group S.A. | 2 | 1,800 | CCC- | Negative | ||||||||
| CP&ES | GPD Cos. Inc. | GPD Companies Parent Inc. | 1 | 485 | B- | Negative | ||||||||
| CP&ES | Innophos Holdings Inc. | 1 | 275 | B | Stable | |||||||||
| CP&ES | Trinseo Materials Finance Inc. | Trinseo PLC | 2 | 562 | CCC+ | Negative | ||||||||
| CP&ES | Schenectady International Group Inc. | SK Mohawk Holdings, SARL | 1 | 300 | CCC | Negative | ||||||||
| CP&ES | Advancion Sciences, Inc. | Advancion Holdings, LLC | 1 | 200 | B- | Negative | ||||||||
| CP&ES | PECF USS Intermediate Holding III Corp. | 1 | 550 | CCC | Negative | |||||||||
| Financial institutions | Innovate Corp. | 1 | 330 | CCC | Negative | |||||||||
| Financial institutions | Hertz Corp. (The) | 2 | 1,500 | B | Stable | |||||||||
| Financial institutions | Navient Corp. | 1 | 300 | BB- | Stable | |||||||||
| Financial institutions | Unum Group | 1 | 300 | BBB | Stable | |||||||||
| Forest | Victors Intermediate Holding II Corp. | ACProducts, Inc. | 1 | 550 | CCC+ | Negative | ||||||||
| Health care | Bausch Health Americas Inc. | Bausch Health Cos. Inc. | 2 | 1,245 | CCC+ | Negative | ||||||||
| High technology | Newfold Digital Holdings Group, Inc. | 1 | 685 | B | Stable | |||||||||
| High technology | Rackspace Technology Global Inc. | 2 | 241 | B- | Negative | |||||||||
| High technology | CommScope Inc. | 2 | 1,650 | CCC | Negative | |||||||||
| High technology | CommScope Technologies LLC | CommScope Holding Co., Inc. | 1 | 750 | CCC | Negative | ||||||||
| High technology | Pitney Bowes Inc. | 1 | 375 | B+ | Developing | |||||||||
| Home/RE | Diversified Healthcare Trust | 2 | 600 | CCC+ | Negative | |||||||||
| Home/RE | Office Properties Income Trust | 5 | 1,053 | CCC- | Negative | |||||||||
| Insurance | Assurant Inc. | 1 | 250 | BBB | Stable | |||||||||
| Media & entertainment | iHeartCommunications Inc. | 4 | 2,966 | CCC+ | Negative | |||||||||
| Media & entertainment | Staples Inc. | 2 | 850 | B- | Stable | |||||||||
| Media & entertainment | Cumulus Media New Holdings Inc. | Cumulus Media Inc. | 2 | 337 | B- | Stable | ||||||||
| Media & entertainment | Sinclair Television Group Inc. | 1 | 485 | B+ | Stable | |||||||||
| Media & entertainment | Allen Media LLC | 1 | 640 | CCC+ | Negative | |||||||||
| Media & entertainment | Castle US Holding Corp. | Castle Intermediate Holding V Limited | 1 | 300 | CCC+ | Negative | ||||||||
| Media & entertainment | CMG Media Corp. | 1 | 1,015 | CCC+ | Negative | |||||||||
| Media & entertainment | Urban One Inc. | 1 | 725 | B- | Stable | |||||||||
| Media & entertainment | Beasley Mezzanine Holdings LLC | 1 | 287 | CCC+ | Negative | |||||||||
| Media & entertainment | Centerfield Media Parent Inc. | 1 | 785 | CCC+ | Negative | |||||||||
| Media & entertainment | E.W. Scripps Co. (The) | 3 | 1,341 | B | Negative | |||||||||
| Metals, mining, & steel | GrafTech Global Enterprise Inc. | GrafTech International Ltd. | 1 | 450 | B- | Negative | ||||||||
| Oil & gas | Nine Energy Service Inc. | 1 | 300 | CCC+ | Stable | |||||||||
| Retail | Liberty Interactive LLC | 4 | 1,253 | CCC+ | Stable | |||||||||
| Retail | GPS Hospitality Holding Co. LLC | 1 | 400 | CCC+ | Negative | |||||||||
| Retail | Michaels Cos. Inc. (The) | 2 | 2,150 | B- | Stable | |||||||||
| Retail | At Home Group Inc. | 3 | 802 | CCC | Negative | |||||||||
| Retail | QVC Inc. | 2 | 660 | CCC+ | Stable | |||||||||
| Retail | Guitar Center Inc. | 1 | 550 | CCC+ | Negative | |||||||||
| Telecommunications | DISH DBS Corp. | 3 | 4,499 | CCC- | Negative | |||||||||
| Telecommunications | Qwest Corp. | Lumen Technologies Inc., | 4 | 1,522 | CCC+ | Stable | ||||||||
| Telecommunications | CSC Holdings LLC | 6 | 8,371 | CCC+ | Negative | |||||||||
| Telecommunications | Radiate Holdco LLC | 1 | 1,000 | CCC+ | Negative | |||||||||
| Telecommunications | Zayo Group Holdings Inc. | 1 | 1,080 | B- | Negative | |||||||||
| Telecommunications | Embarq Corp. | Connect Holding II LLC | 1 | 1,437 | CCC | Negative | ||||||||
| Telecommunications | United States Cellular Corp. | 3 | 1,500 | BB | CW Dev | |||||||||
| Telecommunications | Hughes Satellite Systems Corp. | 2 | 1,500 | CCC- | Negative | |||||||||
| Telecommunications | Lumen Technologies Inc. | 7 | 2,191 | CCC+ | Stable | |||||||||
| 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. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate companies. Retail--Retail and restaurants. 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. $) | ||||||||
| 2/26/2024 | Braskem S.A. (Odebrecht S.A.) | BB+ | BBB- | CP&ES | Brazil | 6,200 | ||||||||
| 3/11/2024 | ELO | BB+ | BBB- | Retail | France | 5,014 | ||||||||
| 3/13/2024 | New Immo Holding S.A. (ELO) | BB+ | BBB- | Home/RE | France | 328 | ||||||||
| 3/27/2024 | Paramount Global | BB+ | BBB- | Media and entertainment | U.S. | 18,379 | ||||||||
| 4/10/2024 | China Vanke Co. Ltd. | BB+ | BBB+ | Home/RE | China | 2,593 | ||||||||
| 4/12/2024 | Longfor Group Holdings Ltd. | BB+ | BBB- | Home/RE | Cayman Islands | 1,500 | ||||||||
| 4/25/2024 | Asplundh Tree Expert LLC, | BB+ | BBB- | Consumer products | U.S. | 2,995 | ||||||||
| 4/26/2024 | Intercorp Financial Services Inc. (Intercorp Peru Ltd.) | BB+ | BBB- | Financial institutions | Peru | 1,600 | ||||||||
| 5/31/2024 | CPI Property Group S.A. | BB+ | BBB- | Home/RE | Luxembourg | 6,299 | ||||||||
| 7/19/2024 | Walgreens Boots Alliance Inc. | BB | BBB- | Retail | U.S. | 9,710 | ||||||||
| Data as of July 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. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate companies. Retail--Retail and restaurants. 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. $) | ||||||||
| 1/5/2024 | NASCAR Holdings LLC | BBB | BB+ | Media and entertainment | U.S. | 1,410 | ||||||||
| 1/8/2024 | MGIC Investment Corp. | BBB- | BB+ | Insurance | U.S. | 650 | ||||||||
| 1/8/2024 | Radian Group Inc. | BBB- | BB+ | Insurance | U.S. | 1,425 | ||||||||
| 2/22/2024 | Iccrea Banca SpA | BBB- | BB+ | Financial institutions | Italy | 2,986 | ||||||||
| 3/5/2024 | Cellnex Telecom S.A. | BBB- | BB+ | Telecommunications | Spain | 10,408 | ||||||||
| 3/6/2024 | Enlink Midstream LLC | BBB- | BB+ | Utilities | U.S. | 6,228 | ||||||||
| 3/7/2024 | TechnipFMC Plc | BBB- | BB+ | Oil and gas | U.K. | 1,245 | ||||||||
| 3/13/2024 | CEMEX S.A.B. de C.V. | BBB- | BB+ | Forest | Mexico | 5,187 | ||||||||
| 3/14/2024 | Rolls-Royce PLC (Rolls-Royce Holdings PLC) | BBB- | BB+ | Aerospace and defense | U.K. | 5,196 | ||||||||
| 3/29/2024 | Ali Holding S.R.L. | BBB- | BB+ | Capital goods | Italy | 2,250 | ||||||||
| 5/6/2024 | Videotron Ltee (Quebecor Inc.) | BBB- | BB+ | Telecommunications | Canada | 3,875 | ||||||||
| 5/13/2024 | Freeport-McMoRan Inc. | BBB- | BB+ | Metals, mining, and steel | U.S. | 7,462 | ||||||||
| 5/15/2024 | Antero Resources Corp. | BBB- | BB+ | Oil and gas | U.S. | 9,300 | ||||||||
| 5/27/2024 | Empresa Nacional del Petroleo | BBB- | BB+ | Utilities | Chile | 2,440 | ||||||||
| 6/5/2024 | Masonite International Corp. (Owens Corning) | BBB | BB+ | Forest | Canada | 875 | ||||||||
| 7/29/2024 | Equitrans Midstream Corp. | BBB- | BB- | Utilities | U.S. | 6,500 | ||||||||
| Data as of July 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. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||
Table 7
| Potential fallen angels | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of July 31, 2024 | ||||||||||||
| Sector/subsector | Issuer | CreditWatch negative/negative outlook | New to the list this month | Country/market | Debt amount (mil. US$) | |||||||
| Utilities | AltaGas Ltd. | Negative | Canada | 6,372 | ||||||||
| Home/RE | Altarea SCA | Negative | France | 1,406 | ||||||||
| Consumer products | Becle S.A.B. de C.V. | Negative | Mexico | 1,300 | ||||||||
| Aerospace & defense | Boeing Co. | Negative | U.S. | 49,473 | ||||||||
| Telecommunications | CAS Holding No.1 Ltd. | Negative | New | British Virgin Islands | 3,666 | |||||||
| CP&ES | Celanese Corp. | Negative | U.S. | 11,927 | ||||||||
| Financial institutions | China Bohai Bank Co. Ltd. | Negative | China | 300 | ||||||||
| Home/RE | Citycon Oyj | Negative | Finland | 3,135 | ||||||||
| Home/RE | D.V.I. Deutsche Vermogens- und Immobilienverwaltungs GmbH | Negative | Germany | 378 | ||||||||
| Financial institutions | Deutsche Pfandbriefbank AG | Negative | Germany | 7,578 | ||||||||
| Utilities | EQT Corp. | Negative | U.S. | 5,750 | ||||||||
| Utilities | Equitrans Midstream Corp. | Negative | New | U.S. | 6,500 | |||||||
| CP&ES | FMC Corp. | Negative | U.S. | 3,000 | ||||||||
| Financial institutions | First Commonwealth Financial Corp. | Negative | U.S. | 100 | ||||||||
| Transportation | GXO Logistics Inc. | Negative | U.S. | 800 | ||||||||
| Home/RE | Heimstaden Bostad AB | Negative | Sweden | 9,925 | ||||||||
| Utilities | Holding d'Infrastructures des Metiers de l'Environnement SAS(HIME) | Watch Neg | France | 1,351 | ||||||||
| CP&ES | Huntsman Corp. | Negative | U.S. | 1,474 | ||||||||
| Consumer products | International Flavors & Fragrances Inc. | Negative | U.S. | 8,515 | ||||||||
| Consumer products | JBS S.A. | Negative | Brazil | 47,114 | ||||||||
| Capital goods | KION Group AG | Negative | Germany | 541 | ||||||||
| Capital goods | MasTec Inc. | Negative | U.S. | 1,750 | ||||||||
| Utilities | Nova Scotia Power Inc. | Negative | Canada | 2,375 | ||||||||
| Home/RE | Piedmont Office Realty Trust Inc. | Negative | U.S. | 1,600 | ||||||||
| Home/RE | SITE Centers Corp. | Negative | U.S. | 1,875 | ||||||||
| Utilities | South Staffordshire PLC | Negative | U.K. | 294 | ||||||||
| Financial institutions | Synovus Financial Corp. | Negative | U.S. | 2,030 | ||||||||
| Telecommunications | Telefonica Moviles Chile S.A. | Negative | Chile | 500 | ||||||||
| Consumer products | VF Corp. | Negative | U.S. | 4,812 | ||||||||
| Financial institutions | Valley National Bancorp | Negative | U.S. | 1,030 | ||||||||
| Health care | Viatris Inc. | Negative | U.S. | 20,403 | ||||||||
| Automotive | Zhejiang Geely Holding Group Co. Ltd. | Negative | China | 2,562 | ||||||||
| 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. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate companies. Retail--Retail and restaurants. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||
Table 8
| Potential rising stars | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of July 31, 2024 | ||||||||||||
| Sector/subsector | Issuer | CreditWatch positive/positive outlook | New to the list this month | Country/market | Debt amount (mil. US$) | |||||||
| Retail | Albertsons Cos. Inc. | Watch Pos | U.S. | 28,312 | ||||||||
| Oil & gas | Apache Corp. | Positive | U.S. | 9,430 | ||||||||
| Capital goods | Atkinsrealis Group Inc. | Positive | Canada | 722 | ||||||||
| Financial institutions | Banco de Credito Social Cooperativo S.A. | Positive | Spain | 2,541 | ||||||||
| Financial institutions | Bank of Cyprus Public Co. Ltd. | Positive | Cyprus | 1,351 | ||||||||
| Oil & gas | ChampionX Corp. | Watch Pos | U.S. | 625 | ||||||||
| Consumer products | Charles River Laboratories International Inc. | Positive | U.S. | 1,500 | ||||||||
| Transportation | Delta Air Lines Inc. | Positive | U.S. | 6,750 | ||||||||
| Oil & gas | Endeavor Energy Resources L.P. | Watch Pos | U.S. | 2,000 | ||||||||
| Oil & gas | Energy Development Oman SAOC | Positive | Oman | 1,750 | ||||||||
| Financial institutions | Eurobank S.A. | Positive | New | Greece | 4,595 | |||||||
| Media & entertainment | Flutter Entertainment PLC | Positive | Ireland | 19,619 | ||||||||
| Financial institutions | HA Sustainable Infrastructure Capital Inc. | Positive | U.S. | 3,800 | ||||||||
| Oil & gas | Hess Midstream Operations L.P. | Watch Pos | U.S. | 3,400 | ||||||||
| Aerospace & defense | Hexcel Corp. | Positive | U.S. | 700 | ||||||||
| Media & entertainment | International Game Technology PLC | Watch Pos | United Kingdom | 4,181 | ||||||||
| Sovereign | Kingdom of Morocco | Positive | Morocco | 8,412 | ||||||||
| Forest | Louisiana-Pacific Corp. | Positive | U.S. | 350 | ||||||||
| Financial institutions | Macquarie AirFinance Holdings Ltd. | Positive | U.K. | 2,000 | ||||||||
| High technology | MercadoLibre Inc. | Positive | U.S. | 1,100 | ||||||||
| Financial institutions | National Bank of Greece S.A. | Positive | New | Greece | 1,338 | |||||||
| Media & entertainment | News Corp. | Positive | U.S. | 1,500 | ||||||||
| Financial institutions | Nexi SpA | Positive | Italy | 3,163 | ||||||||
| CP&ES | OCP S.A. | Positive | Morocco | 5,100 | ||||||||
| CP&ES | Olin Corp. | Positive | U.S. | 2,150 | ||||||||
| Telecommunications | PPF Telecom Group B.V. | Watch Pos | Czech Republic | 1,784 | ||||||||
| Financial institutions | Permanent TSB Group Holdings PLC | Positive | Ireland | 649 | ||||||||
| Sovereign | Republic of Serbia | Positive | Serbia | 10,119 | ||||||||
| Oil & gas | Southwestern Energy Co. | Watch Pos | U.S. | 4,200 | ||||||||
| Sovereign | Sultanate of Oman | Positive | Oman | 6,153 | ||||||||
| Automotive | Tata Motors Ltd. | Watch Pos | India | 4,987 | ||||||||
| High technology | Uber Technologies Inc. | Positive | U.S. | 7,211 | ||||||||
| 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. CP&ES--Chemicals, packaging, and environmental services. Forest--Forest products and building materials. Home/RE--Homebuilders/real estate companies. Retail--Retail and restaurants. 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 | |
| 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 |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.