Key Takeaways
- The monthly global corporate default count fell to 12 in November, from 14 in October. The total number of defaults reached 135, compared with 141 in 2023 and the five-year average of 128.
- Europe is the only region globally where year-to-date default numbers increased, compared with the same period last year. Yet the pace of defaults in Europe is stabilizing, with an expected decline in the trailing 12-month default rate to 4.25% by September 2025.
- The media and entertainment, consumer products, and health care sectors continue to account for most defaults. Distressed exchanges, which led to 50% of defaults in November, remained the primary cause of defaults in the previous month and year to date.
- Defaulted debt totaled $16 billion in November, the second-highest amount since March 2024.
S&P Global Ratings' 2024 global corporate default tally has reached 135 after the following 12 defaults in November:
- U.S.-based orthopedic implant manufacturer Exactech Inc.
- U.S.-based TV and radio broadcaster CMG Media Corp.
- U.S.-based franchisor and operator of franchised businesses Franchise Group Inc.
- U.S.-based engineered sensing, control, and sealing components manufacturer Sensience Inc.
- U.S.-based TV services provider Dish Network Corp.
- U.S.-based airline service provider Spirit Airlines Inc.
- U.S.-based data analytics and intelligence solutions provider to the construction industry Dodge Construction Network LLC
- U.S.-based food products supplier H-Food Holdings LLC
- U.S.-based last-mile parcel delivery provider LaserShip Inc.
- U.K.-based global mobility solutions provider CD&R Vialto UK Intermediate 3 Ltd.
- U.S.-based revenue cycle management solutions provider to health care organizations FinThrive Software Intermediate Holdings Inc.
- One confidential default
The Default Count In Europe Is Elevated
The number of monthly defaults in November decreased to 12, from 14 in October. The global corporate default count reached 135 through November, compared with the 2023 year-to-date total of 141 and the five-year average of 128.
With 33 defaults, Europe is the only region globally where year-to-date default numbers were more than 30% higher than last year. In fact, Europe recorded the second-highest year-to-date default count since 2008. However, the pace of European defaults has stabilized over the past few months, from five defaults in January to only one default in November. This is in line with our expectation that the European trailing 12-month speculative-grade corporate default rate will likely decline to a still elevated 4.25% by September 2025 (see charts 1 and 2).
Chart 1
Chart 2
Defaulted Debt Reached Another Annual High
The total amount of defaulted debt in November reached $16.0 billion and originated entirely from the U.S. (see chart 3). This makes November the month with the second-highest monthly defaulted debt volumes in 2024 and the third-highest since May 2023. Telecommunications ($5 billion) and consumer products ($4.6 billion) accounted for 60% of the defaulted debt amount in November (see chart 4).
Chart 3
Chart 4
Distressed exchanges contributed to 72% of defaulted debt volumes as companies opted to exchange part of their capital structure to improve their liability structure or liquidity position by offering creditors less than the originally promised amount.
Through November, cumulative global corporate defaulted debt decreased by 11.6% to $116.8 billion, compared with $132.1 billion through November 2023. This decline primarily resulted from a 41% drop in Europe's cumulative defaulted debt to $13.2 billion. The number of year-to-date defaults in Europe is higher than it has been over the same period last year. Unlike 2023, however, European issuers that defaulted this year had limited or no debt prior to the default. Emerging markets companies have reported no defaulted debt so far, compared with $6.10 billion year to date in 2023.
Media And Entertainment Continues To Account For Most Defaults
Similarly to 2023, year-to-date defaults in 2024 are concentrated on five sectors, which accounted for 57% of global defaults (see chart 5). The top three sectors remain unchanged from a year ago. Media and entertainment leads with 22 defaults year to date--including two in November--compared with 30 defaults over the same period last year. This is followed by consumer products with 19 defaults, including three in November, and health care with 18 defaults, including two in November. Many defaults in the media and entertainment sector and the health care sector resulted from lower-rated issuers struggling with unsustainable capital structures, limited liquidity, and elevated leverage ratios. Consumer products has recorded the first defaults since August 2024, with two of them resulting from bankruptcy filings in the U.S.
Chart 5
Distressed Exchanges Accounted For 50% Of Defaults
Distressed exchanges, which caused six defaults in November, remained the primary cause of defaults. This brings the year-to-date count of distressed exchanges to 72, which exceeds the 2023 year-to-date count of 65 by 11% (see chart 6). U.S. companies accounted for all distressed exchanges and bankruptcies in November, while one European company defaulted due to missed payments.
Chart 6
Table 1
| The European estimated default rate increased to 5.1% | ||||||
|---|---|---|---|---|---|---|
| Region | Trailing 12-month speculative-grade default rate (%) | Weakest links | ||||
| U.S. | 4.9 | 175 | ||||
| Emerging market | 1.3 | 11 | ||||
| Europe | 5.1 | 40 | ||||
| Other developed | 3.0 | 10 | ||||
| Global | 4.0 | 236 | ||||
| Trailing 12-month speculative-grade default rates are from Oct. 31, 2023, to Oct. 31, 2024, except for the U.S. and Europe. For these two regions, they are from Nov. 30, 2023, to Nov. 30, 2024, preliminary, and subject to change. Weakest link data as of Oct. 31, 2024. Other developed includes Australia, Canada, Japan, and New Zealand. Default counts may include confidentially rated issuers. Sources: S&P Global Ratings Credit Research, S&P Global Market Intelligence's CreditPro. | ||||||
Table 2
| 2024 global corporate default tally reached 135 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Parent company | Country/market | Subsector | To | From | Reason | ||||||||
| Jan. 02, 2024 |
Resolute Investment Managers Inc. |
U.S. | Financial institutions | D | CC | Distressed exchange | ||||||||
| Jan. 04, 2024 |
Toro Private Holdings I Ltd. |
U.K. | Transportation | D | CC | Distressed exchange | ||||||||
| Jan. 05, 2024 |
AMT TopCo LLC |
U.S. | Health care | D | CCC | Missed payments | ||||||||
| Jan. 10, 2024 |
Ignition Topco B.V. |
Netherlands | Chemicals, packaging, and environmental services | D | CCC | Missed payments | ||||||||
| Jan. 11, 2024 |
Amphora Intermediate II Ltd. |
U.K. | Consumer products | SD | CCC+ | Missed payments | ||||||||
| Jan. 11, 2024 | Confidential | Confidential | Metals, mining, and steel | SD | CC | Confidential | ||||||||
| Jan. 16, 2024 |
Covis Finco S.a.r.l. |
Switzerland | Health care | SD | CCC- | Distressed exchange | ||||||||
| Jan. 17, 2024 |
TMK Hawk Parent Corp. |
U.S. | Consumer products | SD | CC | Distressed exchange | ||||||||
| Jan. 18, 2024 |
KNS Holdco LLC |
U.S. | Consumer products | SD | B- | Distressed exchange | ||||||||
| Jan. 19, 2024 |
System1 Inc. |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
| Jan. 24, 2024 |
New Trojan Parent Inc. |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
| Jan. 26, 2024 |
Gol Linhas Aereas Inteligentes S.A. |
Brazil | Transportation | D | CCC- | Bankruptcy | ||||||||
| Jan. 31, 2024 |
AMC Entertainment Holdings Inc. (A) |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
| Jan. 31, 2024 |
Enjoy S.A. |
Chile | Media and entertainment | D | CCC- | Bankruptcy | ||||||||
| Feb. 05, 2024 |
Cano Health Inc. |
U.S. | Health care | D | CCC- | Bankruptcy | ||||||||
| Feb. 06, 2024 |
Astro Intermediate Holding II Corp. |
U.S. | Consumer products | SD | CCC | Missed payments | ||||||||
| Feb. 08, 2024 |
Pluto Acquisition I Inc. |
U.S. | Health care | SD | CC | Distressed exchange | ||||||||
| Feb. 09, 2024 | Confidential | Confidential | Telecommunications | D | CC | Confidential | ||||||||
| Feb. 14, 2024 |
CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. |
Argentina | Capital goods | SD | CC | Distressed exchange | ||||||||
| Feb. 14, 2024 |
GoTo Group Inc. |
U.S. | High technology | SD | CCC+ | Distressed exchange | ||||||||
| Feb. 15, 2024 |
AFE S.A. SICAV-RAIF |
U.K. | Financial institutions | SD | CC | Distressed exchange | ||||||||
| Feb. 16, 2024 |
Enviva Inc. |
U.S. | Utility | D | CCC- | Missed payments | ||||||||
| Feb. 16, 2024 |
Range Parent Inc. |
U.S. | Capital goods | D | CCC- | Bankruptcy | ||||||||
| Feb. 20, 2024 |
Vue Entertainment International Ltd. |
U.K. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| Feb. 21, 2024 |
Hornblower HoldCo LLC |
U.S. | Media and entertainment | D | CCC- | Bankruptcy | ||||||||
| Feb. 21, 2024 |
Tribe Buyer LLC |
U.S. | Media and entertainment | D | CCC- | Missed payments | ||||||||
| Feb. 23, 2024 |
Avison Young (Canada) Inc. |
Canada | Financial institutions | SD | CCC | Missed payments | ||||||||
| Feb. 26, 2024 |
Apex Tool Group LLC |
U.S. | Forest products and building materials | SD | CCC+ | Distressed exchange | ||||||||
| Feb. 26, 2024 |
Radiology Partners Holdings LLC |
U.S. | Health care | SD | CC | Distressed exchange | ||||||||
| Mar. 05, 2024 |
Curo Group Holdings Corp. |
U.S. | Financial institutions | SD | CCC- | Missed payments | ||||||||
| Mar. 18, 2024 |
Hurtigruten Group AS |
Norway | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| Mar. 19, 2024 |
JOANN Inc. |
U.S. | Retail/Restaurants | D | CCC | Bankruptcy | ||||||||
| Mar. 22, 2024 |
Lumen Technologies Inc. |
U.S. | Telecommunications | SD | CC | Distressed exchange | ||||||||
| Mar. 27, 2024 |
Samhallsbyggnadsbolaget i Norden AB (publ) |
Sweden | Homebuilders/real estate companies | SD | CCC+ | Distressed exchange | ||||||||
| Mar. 29, 2024 |
Atlas Midco Inc. |
U.S. | High technology | D | CCC+ | Distressed exchange | ||||||||
| Mar. 29, 2024 |
Aventiv Technologies LLC |
U.S. | Telecommunications | SD | CC | Distressed exchange | ||||||||
| Mar. 29, 2024 |
La Financiere Atalian SAS |
France | Consumer products | D | CC | Distressed exchange | ||||||||
| Apr. 01, 2024 |
Wom S.A. |
Chile | Telecommunications | D | CCC | Bankruptcy | ||||||||
| Apr. 03, 2024 |
Rackspace Technology Global Inc. |
U.S. | High technology | SD | CCC- | Distressed exchange | ||||||||
| Apr. 04, 2024 |
Never Slip Topco Inc. |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
| Apr. 05, 2024 |
Arvos LuxCo S.a.r.l. |
Luxembourg | Capital goods | D | CC | Distressed exchange | ||||||||
| Apr. 05, 2024 |
Baffinland Iron Mines Corp. |
Canada | Metals, mining, and steel | SD | CCC | Distressed exchange | ||||||||
| Apr. 05, 2024 |
Casa Systems Inc. |
U.S. | High technology | D | CCC+ | Bankruptcy | ||||||||
| Apr. 05, 2024 |
ConvergeOne Holdings Inc. |
U.S. | Media and entertainment | D | CCC+ | Bankruptcy | ||||||||
| Apr. 08, 2024 |
Loparex Midco B.V. |
Netherlands | Forest products and building materials | SD | CCC+ | Distressed exchange | ||||||||
| Apr. 09, 2024 | Confidential | Confidential | Media and entertainment | D | CCC- | Confidential | ||||||||
| Apr. 10, 2024 |
99 cents only stores LLC |
U.S. | Retail/Restaurants | D | CCC | Bankruptcy | ||||||||
| Apr. 22, 2024 |
Express Inc. |
U.S. | Consumer products | D | NR | Bankruptcy | ||||||||
| Apr. 23, 2024 |
City Brewing Company LLC (Blue Ribbon Holdings LLC) |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
| Apr. 24, 2024 |
EyeCare Partners LLC |
U.S. | Health care | SD | CCC | Distressed exchange | ||||||||
| Apr. 25, 2024 | Confidential | Confidential | Homebuilders/real estate companies | SD | CCC+ | Confidential | ||||||||
| Apr. 29, 2024 |
Digital Media Solutions Inc. |
U.S. | Media and entertainment | SD | CCC | Distressed exchange | ||||||||
| Apr. 29, 2024 |
Keter Group B.V. |
Netherlands | Consumer products | SD | CC | Distressed exchange | ||||||||
| Apr. 29, 2024 |
Xplore Inc. |
Canada | Telecommunications | D | CCC- | Missed payments | ||||||||
| Apr. 29, 2024 | Confidential | Confidential | Retail/Restaurants | SD | CCC+ | Confidential | ||||||||
| May 06, 2024 |
Cumulus Media Inc. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| May 06, 2024 |
Steward Health care System LLC |
U.S. | Health care | D | NR | Bankruptcy | ||||||||
| May 10, 2024 |
Farfetch Ltd. |
U.K. | Retail/Restaurants | D | CC | Missed payments | ||||||||
| May 16, 2024 |
Credivalores - Crediservicios SAS |
Colombia | Financial institutions | D | NR | Bankruptcy | ||||||||
| May 17, 2024 |
Petrofac Ltd. |
Jersey | Oil and gas | SD | CCC- | Missed payments | ||||||||
| May 20, 2024 |
Global Medical Response Inc. (Air Medical Holdings LLC) |
U.S. | Health care | SD | CC | Distressed exchange | ||||||||
| May 21, 2024 |
Compact Bidco B.V. |
Netherlands | Forest products and building materials | SD | CCC- | Missed payments | ||||||||
| May 21, 2024 |
Zachry Holdings Inc. |
U.S. | Capital goods | D | NR | Bankruptcy | ||||||||
| May 22, 2024 | Confidential | Confidential | Retail/Restaurants | D | CCC | Confidential | ||||||||
| May 22, 2024 |
New Insight Holdings Inc. |
U.S. | Media and entertainment | D | NR | Bankruptcy | ||||||||
| May 23, 2024 |
Astra Acquisition Corp. |
U.S. | High technology | SD | CCC | Distressed exchange | ||||||||
| May 28, 2024 |
Safari Beteiligungs Gmbh |
Germany | Media and entertainment | D | CCC+ | Distressed exchange | ||||||||
| May 28, 2024 |
Maverick Gaming LLC |
U.S. | Media and entertainment | D | CCC | Distressed exchange | ||||||||
| May 30, 2024 |
AMC Entertainment Holdings Inc. (B) |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
| Jun. 03, 2024 |
Sound Inpatient Physicians Inc. (Sound Inpatient Physicians Holdings, LLC) |
U.S. | Health care | D | CC | Distressed exchange | ||||||||
| Jun. 11, 2024 |
Valcour Packaging LLC |
U.S. | Chemicals, packaging, and environmental services | SD | CCC- | Distressed exchange | ||||||||
| Jun. 12, 2024 |
Vyaire Medical Inc. |
U.S. | Health care | D | CCC | Bankruptcy | ||||||||
| Jun. 14, 2024 | Confidential | Confidential | Forest products and building materials | D | CCC | Confidential | ||||||||
| Jun. 18, 2024 |
Premier Dental Services Inc. |
U.S. | Health care | SD | CC | Distressed exchange | ||||||||
| Jun. 19, 2024 |
OQ Chemicals International Holding GmbH |
Germany | Chemicals, packaging, and environmental services | D | CCC- | Missed payments | ||||||||
| Jun. 21, 2024 |
Office Properties Income Trust |
U.S. | Homebuilders/real estate companies | SD | CC | Distressed exchange | ||||||||
| Jun. 24, 2024 |
Adler Group S.A. |
Luxembourg | Homebuilders/real estate companies | SD | CCC- | Distressed exchange | ||||||||
| Jun. 25, 2024 |
Pro.Gest SpA |
Italy | Forest products and building materials | SD | CCC | Missed payments | ||||||||
| Jul. 03, 2024 |
Samhallsbyggnadsbolaget i Norden AB (publ) (B) |
Sweden | Homebuilders/real estate companies | SD | CCC | Distressed exchange | ||||||||
| Jul. 18, 2024 |
DTEK Renewables B.V. |
Netherlands | Utility | SD | CCC- | Distressed exchange | ||||||||
| Jul. 18, 2024 |
Rodan & Fields LLC |
U.S. | Consumer products | D | CCC- | Missed payments | ||||||||
| Jul. 22, 2024 |
Hunkemoller International B.V. |
Netherlands | Consumer products | SD | CCC+ | Distressed exchange | ||||||||
| Jul. 23, 2024 |
AMC Entertainment Holdings Inc. (C) |
U.S. | Media and entertainment | SD | CCC+ | Distressed exchange | ||||||||
| Jul. 23, 2024 |
Conn's Inc. |
U.S. | Retail/Restaurants | D | NR | Bankruptcy | ||||||||
| Jul. 24, 2024 |
Stitch Acquisition Corp. |
U.S. | Consumer products | SD | CCC- | Distressed exchange | ||||||||
| Jul. 26, 2024 |
Atos SE |
France | High technology | SD | CCC- | Missed payments | ||||||||
| Jul. 29, 2024 |
Quincy Health LLC |
U.S. | Health care | SD | CCC- | Distressed exchange | ||||||||
| Aug. 06, 2024 |
Grupo Idesa S.A. de C.V. |
Mexico | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
| Aug. 07, 2024 |
Community Health Systems Inc. |
U.S. | Health care | SD | CCC+ | Distressed exchange | ||||||||
| Aug. 08, 2024 |
Del Monte Foods Inc. |
U.S. | Consumer products | SD | CCC- | Distressed exchange | ||||||||
| Aug. 12, 2024 |
HDT Holdco Inc. |
U.S. | Aerospace and defense | SD | CCC | Distressed exchange | ||||||||
| Aug. 13, 2024 |
Avon Products Inc. (Natura & Co Holding S.A.) |
U.S. | Consumer products | D | BB- | Bankruptcy | ||||||||
| Aug. 15, 2024 |
Connect Holding II LLC |
U.S. | Telecommunications | SD | CCC | Distressed exchange | ||||||||
| Aug. 15, 2024 |
Pfleiderer Group B.V. & Co. KG |
Germany | Forest products and building materials | SD | CC | Distressed exchange | ||||||||
| Aug. 22, 2024 |
SIRVA Inc. |
U.S. | Consumer products | SD | CCC | Distressed exchange | ||||||||
| Aug. 26, 2024 |
Magenta Buyer LLC |
U.S. | High technology | SD | CCC | Distressed exchange | ||||||||
| Aug. 27, 2024 |
CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. (B) |
Argentina | Capital goods | SD | CC | Missed payments | ||||||||
| Aug. 28, 2024 |
PECF USS Intermediate Holding III Corp. |
U.S. | Chemicals, packaging, and environmental services | D | CCC | Distressed exchange | ||||||||
| Sep. 09, 2024 |
Big Lots Inc. |
U.S. | Retail/Restaurants | D | NR | Bankruptcy | ||||||||
| Sep. 10, 2024 |
American Rock Salt Co. LLC |
U.S. | Metals, mining, and steel | SD | CCC- | Missed payments | ||||||||
| Sep. 10, 2024 |
Wheel Pros Inc. |
U.S. | Automotive | D | CC | Bankruptcy | ||||||||
| Sep. 11, 2024 |
Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R. |
Mexico | Financial institutions | SD | CC | Missed payments | ||||||||
| Sep. 12, 2024 |
Digital Media Solutions Inc. (B) |
U.S. | Media and entertainment | D | CCC | Bankruptcy | ||||||||
| Sep. 16, 2024 |
Poseidon Investment Intermediate L.P. |
U.S. | Chemicals, packaging, and environmental services | SD | CCC+ | Distressed exchange | ||||||||
| Sep. 19, 2024 |
TalkTalk Telecom Group Ltd. |
U.K. | Telecommunications | D | CC | Distressed exchange | ||||||||
| Sep. 20, 2024 |
Carestream Dental Technology Parent Ltd. |
U.K. | Health care | SD | CCC- | Distressed exchange | ||||||||
| Sep. 20, 2024 |
SK Mohawk Holdings S.a.r.l. |
Germany | Chemicals, packaging, and environmental services | D | CCC | Distressed exchange | ||||||||
| Sep. 24, 2024 |
Tosca Services LLC |
U.S. | Chemicals, packaging, and environmental services | SD | CC | Distressed exchange | ||||||||
| Sep. 26, 2024 |
Vertex Energy Inc. |
U.S. | Utility | D | CCC- | Bankruptcy | ||||||||
| Oct. 02, 2024 |
ASP Unifrax Holdings Inc. |
U.S. | Capital goods | SD | CCC+ | Distressed exchange | ||||||||
| Oct. 02, 2024 |
Lumen Technologies Inc. (B) |
U.S. | Telecommunications | SD | CC | Distressed exchange | ||||||||
| Oct. 02, 2024 |
New Constellis Borrower LLC |
U.S. | Aerospace and defense | SD | CCC+ | Distressed exchange | ||||||||
| Oct. 02, 2024 |
iQera Group SAS |
Europe | Financial institutions | SD | CCC- | Missed payments | ||||||||
| Oct. 07, 2024 |
LifeScan Global Corp. |
U.S. | Health care | SD | CCC- | Missed payments | ||||||||
| Oct. 10, 2024 |
Accuride Corp. |
U.S. | Automotive | D | CCC+ | Bankruptcy | ||||||||
| Oct. 10, 2024 |
CareerBuilder LLC |
U.S. | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
| Oct. 14, 2024 |
Reception Purchaser LLC |
U.S. | Transportation | D | B- | Distressed exchange | ||||||||
| Oct. 14, 2024 |
WellPath Holdings Inc. |
U.S. | Health care | D | CCC | Missed payments | ||||||||
| Oct. 15, 2024 |
Sprint HoldCo B.V. |
Europe | Media and entertainment | SD | CCC- | Distressed exchange | ||||||||
| Oct. 17, 2024 | Confidential | Confidential | Media and entertainment | D | CC | Confidential | ||||||||
| Oct. 18, 2024 |
WideOpenWest Finance LLC |
U.S. | Telecommunications | SD | B- | Distressed exchange | ||||||||
| Oct. 22, 2024 | Confidential | Confidential | Financial institutions | SD | B | Confidential | ||||||||
| Oct. 24, 2024 |
American Tire Distributors Inc. |
U.S. | Automotive | D | CCC+ | Bankruptcy | ||||||||
| Nov. 01, 2024 |
Exactech Inc. |
U.S. | Health care | D | CCC- | Bankruptcy | ||||||||
| Nov. 04, 2024 |
CMG Media Corp. |
U.S. | Media and entertainment | SD | CC | Distressed exchange | ||||||||
| Nov. 06, 2024 |
Franchise Group Inc. |
U.S. | Consumer products | D | CCC+ | Bankruptcy | ||||||||
| Nov. 12, 2024 |
Sensience Inc. |
U.S. | Capital goods | SD | CCC- | Distressed exchange | ||||||||
| Nov. 14, 2024 |
DISH Network Corp. |
U.S. | Telecommunications | SD | CC | Distressed exchange | ||||||||
| Nov. 18, 2024 |
Spirit Airlines Inc. |
U.S. | Transportation | D | CCC | Bankruptcy | ||||||||
| Nov. 21, 2024 |
Dodge Construction Network LLC |
U.S. | Consumer products | SD | CCC+ | Distressed exchange | ||||||||
| Nov. 22, 2024 |
H-Food Holdings LLC |
U.S. | Consumer products | D | CCC- | Bankruptcy | ||||||||
| Nov. 22, 2024 |
LaserShip Inc. |
U.S. | Transportation | SD | CCC- | Distressed exchange | ||||||||
| Nov. 26, 2024 |
CD&R Vialto UK Intermediate 3 Ltd. |
U.K. | Media and entertainment | SD | CC | Missed payments | ||||||||
| Nov. 26, 2024 |
FinThrive Software Intermediate Holdings Inc. |
U.S. | Health care | SD | CCC | Distressed exchange | ||||||||
| Nov. 27, 2024 | Confidential | Confidential | Utilities | D | CCC- | Confidential | ||||||||
| Data as of Nov. 30, 2024. NR--Not rated. SD--Selective default. Sources: S&P Global Ratings Credit Research & Insights, S&P Global Market Intelligence’s CreditPro®. | ||||||||||||||
Related Research
- CD&R Vialto UK Intermediate 3 Ltd. Issuer Credit Rating Lowered To 'SD' On Second-Lien Term Loan Amendment, Nov. 27, 2024
- FinThrive Software Intermediate Holdings Inc. Downgraded To 'SD' From 'CCC' Following Distressed Debt Exchange, Nov. 26, 2024
- H-Food Holdings LLC Downgraded To 'D' From 'CCC-' On Chapter 11 Bankruptcy Filing, Nov. 23, 2024
- LaserShip Inc. Downgraded To 'SD' From 'CCC-' On Distressed Debt Exchange, Debt Ratings Lowered To 'D', Nov. 22, 2024
- Dodge Construction Network LLC Downgraded To 'SD' From 'CCC+' Following Distressed Restructuring Transaction, Nov. 22, 2024
- European Speculative-Grade Default Rate Should Fall To 4.25% By September 2025, Nov. 18, 2024
- Spirit Airlines Inc. Downgraded To 'D' On Chapter 11 Bankruptcy Filing; EETC Ratings Lowered, Nov. 19, 2024
- U.S. Speculative-Grade Corporate Default Rate To Fall Further To 3.25% By September 2025, Nov. 15, 2024
- Echostar Corp. Upgraded To 'CCC+' On Exchange At Subsidiary Dish Network Corp, Outlook Negative; Other Actions Taken, Nov. 14, 2024
- Sensience Inc. Downgraded To 'SD' On Amended Credit Agreement And Interest Paid In Kind, Nov. 12, 2024
- Franchise Group Inc. Downgraded To 'D' On Chapter 11 Bankruptcy Filing, Nov. 7, 2024
- CMG Media Corp. Downgraded To 'SD' From 'CC' On Distressed Debt Restructuring, Nov. 5, 2024
- Exactech Inc. Downgraded To 'D' From 'CCC-' On Chapter 11 Bankruptcy Filing, Nov. 1, 2024
Default Studies
More analysis and statistics are available in our annual default studies, published on RatingsDirect:
Corporate (financial and non-financial)
- 2023 Annual Global Financial Services Default And Rating Transition Study
- 2023 Annual Global Corporate Default And Rating Transition Study
- 2023 Annual U.S. Corporate Default And Rating Transition Study
- 2023 United Kingdom Corporate Default And Rating Transition Study
- 2023 Annual European Corporate Default And Rating Transition Study
- 2023 Annual Japanese Corporate Default And Rating Transition Study
- 2023 Annual Asia Corporate Default And Rating Transition Study
- 2023 Annual Taiwan Ratings Corp. Corporate Default And Rating Transition Study
- 2023 Annual Emerging And Frontier Markets Corporate Default And Rating Transition Study
- 2023 Annual Greater China Corporate Default And Rating Transition Study
Structured finance
- 2023 Annual Global Structured Finance Default And Rating Transition Study
- 2023 Annual Japanese Structured Finance Default And Rating Transition Study
- 2023 Annual European Structured Finance Default And Rating Transition Study
- 2023 Annual Taiwan Ratings Corp. Structured Finance Default And Rating Transition Study
- 2022 Annual Mexican Structured Finance Default And Rating Transition Study
- 2023 Annual Global Leveraged Loan CLO Default And Rating Transition Study
Public finance
- 2023 Annual U.S. Public Finance Default And Rating Transition Study
- 2023 Annual International Public Finance Default And Rating Transition Study
- 2022 Annual Mexican National Scale Corporate And Public Finance Default And Rating Transition Study
Sovereign and international public finance
This report does not constitute a rating action.
| Credit Market Research: | Ekaterina Tolstova, Frankfurt +49 173 6591385; ekaterina.tolstova@spglobal.com |
| Nicole Serino, New York + 1 (212) 438 1396; nicole.serino@spglobal.com | |
| Research Contributor: | Vaishali Singh, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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