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 Feb. 28, 2025.
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 Feb. 28, 2025 | ||||||||||||||||
| 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. | 156 | 216 | 174 | 1,320 | 11.82 | 69.33 | 72.95 | |||||||||
| Europe | 47 | 55 | 38 | 575 | 8.17 | 20.89 | 16.44 | |||||||||
| Canada | 7 | 10 | 9 | 86 | 8.14 | 3.11 | 2.74 | |||||||||
| EEMEA | 8 | 8 | 12 | 80 | 10.00 | 3.56 | 2.05 | |||||||||
| Latin America | 3 | 15 | 14 | 93 | 3.23 | 1.33 | 5.82 | |||||||||
| Asia-Pacific | 4 | 7 | 7 | 55 | 7.27 | 1.78 | 0.00 | |||||||||
| 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
S&P Global Ratings' U.S. distress ratio and the U.S. speculative-grade default rate
Table 2
| Distribution of S&P Global Ratings' U.S. distress ratio by industry | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Feb. 28, 2025 | ||||||||||||||||
| 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 | 0.000 | 0 | |||||||||
| Automotive | 1.8 | 0.1 | 1 | 1.8 | 1 | 0.000 | 0 | |||||||||
| Capital goods | 1.4 | 1.0 | 1 | 2.6 | 2 | (1.280) | (1) | |||||||||
| Chemicals, packaging, and environmental services | 5.7 | 4.6 | 6 | 4.6 | 5 | 1.031 | 1 | |||||||||
| Consumer products | 0.7 | 0.6 | 1 | 1.5 | 2 | (0.735) | (1) | |||||||||
| Financial institutions | 0.4 | 1.1 | 1 | 0.0 | 0 | 0.437 | 1 | |||||||||
| Forest products and building materials | 1.6 | 1.4 | 1 | 1.6 | 1 | 0.052 | 0 | |||||||||
| Health care | 1.1 | 0.6 | 1 | 2.6 | 2 | (1.482) | (1) | |||||||||
| High technology | 6.7 | 3.0 | 5 | 6.6 | 5 | 0.088 | 0 | |||||||||
| Homebuilders/real estate companies | 7.1 | 2.9 | 6 | 7.1 | 6 | 0.084 | 0 | |||||||||
| Insurance | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.000 | 0 | |||||||||
| Media and entertainment | 6.7 | 5.1 | 19 | 5.1 | 15 | 1.612 | 4 | |||||||||
| Metals, mining, and steel | 2.3 | 2.0 | 1 | 0.0 | 0 | 2.273 | 1 | |||||||||
| Oil and gas | 0.6 | 0.4 | 1 | 0.6 | 1 | 0.012 | 0 | |||||||||
| Retail/restaurants | 9.8 | 8.4 | 12 | 9.0 | 11 | 0.740 | 1 | |||||||||
| Telecommunications | 15.5 | 15.0 | 15 | 15.5 | 15 | 0.000 | 0 | |||||||||
| Transportation | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.000 | 0 | |||||||||
| Utilities | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.000 | 0 | |||||||||
| Total | 3.9 | 3.6 | 71 | 3.6 | 66 | 0.287 | 5 | |||||||||
| 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
Chart 17
Chart 18
Chart 19
Chart 20
Chart 21
Chart 22
Appendix: Issuer Lists
Table 3
| Weakest links | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of Feb. 28, 2025 | ||||||||||||||
| Sector/subsector | Issuer | Rating | CreditWatch negative/negative outlook | New to the list this month | Country/market | Region | ||||||||
| Aerospace and defense | Cobham Ultra SunCo S.a r.l. | B- | Watch Neg | Luxembourg | Europe | |||||||||
| Aerospace and defense | MAG DS Corp. | B- | Negative | U.S. | U.S. | |||||||||
| Aerospace and defense | New Constellis Borrower LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Aerospace and defense | API Holdings III Corp. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Aerospace and defense | Forming Machining Industries Holdings LLC, | CCC | Negative | U.S. | U.S. | |||||||||
| Aerospace and defense | HDT HoldCo Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Automotive | Burgess Point Purchaser Corp. | B- | Negative | U.S. | U.S. | |||||||||
| Automotive | Commercial Vehicle Group Inc. | B- | Negative | U.S. | U.S. | |||||||||
| Automotive | Aston Martin Lagonda Global Holdings PLC | B- | Negative | U.K. | Europe | |||||||||
| Automotive | Bright Bidco B.V. | CCC+ | Watch Neg | Netherlands | Europe | |||||||||
| Automotive | Standard Profil Automotive GmbH | CCC- | Negative | Germany | Europe | |||||||||
| Automotive | McLaren Group Ltd. | CCC | Negative | U.K. | Europe | |||||||||
| Automotive | Grupo Antolin-Irausa S.A.U. | B- | Negative | Spain | Europe | |||||||||
| Capital goods | Congruex Group LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Capital goods | Fortna Group Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Capital goods | Peacock Intermediate Holding II, L.P. | B- | Negative | U.S. | U.S. | |||||||||
| Capital goods | Sensience Inc., | CCC | Negative | U.S. | U.S. | |||||||||
| Capital goods | TJC Spartech Acquisition Corp. | CCC- | Negative | U.S. | U.S. | |||||||||
| Capital goods | ASP Unifrax Holdings Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Covetrus Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Consumer products | Elevate Textiles Holding Corp. | B- | Negative | U.S. | U.S. | |||||||||
| Consumer products | MHP SE | CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | |||||||||
| Consumer products | SWF Holdings I Corp. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Spin Holdco Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Woof Intermediate Inc., | CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products | 8th Avenue Food & Provisions Inc., | CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products | Atlas CC Holding LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Kernel Holding S.A. | CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | |||||||||
| Consumer products | Signal Parent Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Consumer products | Thrasio Holdings Inc., | CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products | Wrench Group LLC, | B- | Negative | U.S. | U.S. | |||||||||
| Consumer products | Flamingo II Lux GP S.a.r.l. | B- | Negative | Luxembourg | Europe | |||||||||
| Consumer products | WW International Inc., | CCC- | Negative | U.S. | U.S. | |||||||||
| Consumer products | Blue Ribbon LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Del Monte Foods Inc., | CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products | FFP Holdings Group Inc., | CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products | CoolSys Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Platform Bidco | B- | Negative | Ireland | Europe | |||||||||
| Consumer products | Victoria PLC | B- | Negative | U.K. | Europe | |||||||||
| Consumer products | YS Garments LLC | CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products | Eos Finco S.a r.l. | CCC+ | Negative | Luxembourg | Europe | |||||||||
| Consumer products | Anastasia Holdings LLC, | CCC- | Negative | U.S. | U.S. | |||||||||
| Consumer products | Aramsco Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Consumer products | KNS Holdco LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Mad Engine Global LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Naked Juice LLC | CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products | TMK Hawk Parent Corp., | CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products | Conair Holdings LLC | B- | Negative | U.S. | U.S. | |||||||||
| Consumer products | Mars Intermediate Ltd. | B- | Negative | U.S. | U.S. | |||||||||
| Consumer products | Oriflame Investment Holding Plc | CCC | Negative | Jersey | Europe | |||||||||
| Consumer products | P&L Development Holdings LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products | Saga PLC | B- | Negative | U.K. | Europe | |||||||||
| Chemicals, packaging and environmental services | Calumet Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Dispatch Acquisition Holdings LLC, | B- | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Lune S.a.r.l | CCC+ | Negative | France | Europe | |||||||||
| Chemicals, packaging and environmental services | Nitrogenmuvek Zrt. | CCC- | Negative | Hungary | Eastern Europe/Middle East/Africa | |||||||||
| Chemicals, packaging and environmental services | PECF USS Intermediate Holding III Corp. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Poseidon Investment Intermediate L.P., | CCC | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Anchor Glass Container Corp. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Golden West Packaging Group LLC | CCC- | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Rohm HoldCo II GmbH | B- | Negative | Germany | Europe | |||||||||
| Chemicals, packaging and environmental services | ARD Finance S.A. | CCC- | Negative | Luxembourg | Europe | |||||||||
| Chemicals, packaging and environmental services | Advancion Holdings LLC, | B- | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Kleopatra Holdings 2 S.C.A. | CCC+ | Negative | Luxembourg | Europe | |||||||||
| Chemicals, packaging and environmental services | Tosca Services LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Flexsys Holdings Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | PMHC II Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | FXI Holdings Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Recycle and Resource Operations Pty Ltd. | CCC+ | Negative | Australia | Asia/Pacific | |||||||||
| Chemicals, packaging and environmental services | SK Mohawk Holdings SARL, | CCC+ | Negative | Germany | Europe | |||||||||
| Chemicals, packaging and environmental services | Trident TPI Holdings Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Venator Materials PLC | CCC+ | Negative | U.K. | Europe | |||||||||
| Chemicals, packaging and environmental services | Ascend Performance Materials Operations LLC | CCC+ | Negative | New | U.S. | U.S. | ||||||||
| Chemicals, packaging and environmental services | GPD Cos. Parent Inc. | B- | Watch Neg | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Innovative Chemical Products Group | CCC | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging and environmental services | Trinseo PLC | CCC+ | Negative | Ireland | Europe | |||||||||
| Chemicals, packaging and environmental services | Vantage Specialty Chemicals Inc. | B- | Negative | U.S. | U.S. | |||||||||
| Financial institutions | Avison Young (Canada) Inc. | CCC | Negative | Canada | Canada | |||||||||
| Financial institutions | Cooperativa de Ahorro y Credito Fucerep | CCC+ | Negative | Uruguay | Latin America | |||||||||
| Financial institutions | First City Monument Bank | B- | Negative | Nigeria | Eastern Europe/Middle East/Africa | |||||||||
| Financial institutions | Axactor ASA | B- | Negative | Norway | Europe | |||||||||
| Financial institutions | Innovate Corp. | CCC | Negative | U.S. | U.S. | |||||||||
| Financial institutions | Claros Mortgage Trust Inc, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Financial institutions | PODS LLC | B- | Negative | U.S. | U.S. | |||||||||
| Financial institutions | Garfunkelux Holdco 2 S.A. | CC | Negative | Luxembourg | Europe | |||||||||
| Financial institutions | Ecobank Nigeria Ltd. | CCC | Negative | Nigeria | Eastern Europe/Middle East/Africa | |||||||||
| Forest products and building materials | ACProducts Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Forest products and building materials | Loparex Midco B.V. | CCC+ | Negative | Netherlands | Europe | |||||||||
| Forest products and building materials | Pixelle Specialty Solutions LLC | CCC | Negative | U.S. | U.S. | |||||||||
| Forest products and building materials | CP Atlas Buyer Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Forest products and building materials | Apex Tool Group LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Forest products and building materials | BME Group Holding BV | B- | Negative | Netherlands | Europe | |||||||||
| Forest products and building materials | Enstall Group B.V. | B- | Negative | Netherlands | Europe | |||||||||
| Forest products and building materials | Werner FinCo LP | B- | Negative | U.S. | U.S. | |||||||||
| Health care | Curia Global Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | DMG Practice Management Solutions LLC | B- | Negative | U.S. | U.S. | |||||||||
| Health care | Gainwell Holding Corp. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | ModivCare Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | Knight Health Holdings LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | Pathway Vet Alliance LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | Aegis Toxicology Sciences Corp. | CCC- | Negative | U.S. | U.S. | |||||||||
| Health care | Bausch Health Cos. Inc. | CCC+ | Negative | Canada | Canada | |||||||||
| Health care | Colisee Group SAS | B- | Negative | France | Europe | |||||||||
| Health care | Physician Partners LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | ASP NAPA Intermediate Holdings LLC, | B- | Negative | U.S. | U.S. | |||||||||
| Health care | BW Homecare Holdings LLC | CCC | Negative | U.S. | U.S. | |||||||||
| Health care | Carestream Health Inc. | B- | Negative | U.S. | U.S. | |||||||||
| Health care | Elevate PFS Parent Holdings Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | HealthChannels Intermediate HoldCo LLC, | CCC- | Negative | U.S. | U.S. | |||||||||
| Health care | Premier Dental Services Inc. | CCC | Negative | U.S. | U.S. | |||||||||
| Health care | Community Health Systems Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | Upstream Newco Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | Alvogen Pharma US Inc., | CCC+ | Watch Neg | U.S. | U.S. | |||||||||
| Health care | Bayou Topco Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Health care | Medical Depot Holdings Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | Symplr Software Intermediate Holdings Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care | Thrive Merger Sub LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Atlas Midco Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Emerald Technologies (U.S.) AcquisitionCo. Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Magenta Buyer LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Project Leopard Holdings Inc., | B- | Negative | U.S. | U.S. | |||||||||
| High technology | Centurion Newco S.p.A. | B- | Negative | Italy | Europe | |||||||||
| High technology | Mitel Networks (International) Ltd | CCC | Negative | U.K. | Europe | |||||||||
| High technology | Newfold Digital Holdings Group Inc., | CCC+ | Watch Neg | U.S. | U.S. | |||||||||
| High technology | VeriFone Systems Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Rackspace Technology Global Inc., | B- | Negative | U.S. | U.S. | |||||||||
| High technology | Cascade Parent Ltd. | B- | Negative | U.K. | Europe | |||||||||
| High technology | MYOB Group Co. Pty Ltd. | B- | Negative | Australia | Asia/Pacific | |||||||||
| High technology | Polaris Parent LLC, | B- | Negative | U.S. | U.S. | |||||||||
| High technology | Poseidon BidCo S.A.S. | B- | Negative | France | Europe | |||||||||
| High technology | Tegra118 Wealth Solutions Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Quest Software US Holdings Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Dedalus Healthcare Systems Group S.p.A. | B- | Negative | Italy | Europe | |||||||||
| High technology | Electronics for Imaging Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Foundational Education Group Inc., | B- | Negative | U.S. | U.S. | |||||||||
| High technology | Veracode Parent L.P. | B- | Negative | U.S. | U.S. | |||||||||
| High technology | 4L Topco Corp. | CCC | Negative | U.S. | U.S. | |||||||||
| High technology | Ivanti Software Inc., | B- | Negative | U.S. | U.S. | |||||||||
| High technology | Astra Acquisition Corp. | CCC | Watch Neg | U.S. | U.S. | |||||||||
| High technology | Optiv Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology | Sharp Corp. | B- | Negative | Japan | Asia/Pacific | |||||||||
| Homebuilders/real estate companies | Samhallsbyggnadsbolaget i Norden AB (publ) | CCC | Negative | Sweden | Europe | |||||||||
| Homebuilders/real estate companies | Forest City Realty Trust Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Homebuilders/real estate companies | Branicks Group AG | CCC | Negative | Germany | Europe | |||||||||
| Homebuilders/real estate companies | Heimstaden AB (publ) | B- | Negative | Sweden | Europe | |||||||||
| Homebuilders/real estate companies | Medical Properties Trust Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Homebuilders/real estate companies | Office Properties Income Trust | CC | Negative | U.S. | U.S. | |||||||||
| Homebuilders/real estate companies | China Vanke Co. Ltd. | B- | Watch Neg | China | Asia/Pacific | |||||||||
| Homebuilders/real estate companies | Diversified Healthcare Trust | CCC+ | Negative | U.S. | U.S. | |||||||||
| Homebuilders/real estate companies | Marera Investment Group Ltd. | CCC+ | Negative | Cyprus | Europe | |||||||||
| Media and entertainment | Allen Media LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | EmployBridge Holding Co. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Skillz Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Mashantucket (Western) Pequot Tribe | CCC | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Peak Jersey Holdco Ltd. | CCC+ | Negative | Jersey | Europe | |||||||||
| Media and entertainment | United FP Holdings LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | iHeartMedia Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Castle Intermediate Holding V Ltd. | CCC- | Negative | U.K. | Europe | |||||||||
| Media and entertainment | Cumulus Media Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Double Eagle Buyer Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | EagleView Technology Corp. | CCC | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Screenvision LLC, | CCC- | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Duff & Phelps Holdings Corp. | B- | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | AMC Entertainment Holdings Inc. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | All Day AcquisitionCo LLC | CCC- | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Urban One Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | E.W. Scripps Co. (The) | B- | Watch Neg | U.S. | U.S. | |||||||||
| Media and entertainment | Lereta LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Maverick Gaming LLC | CCC | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Centerfield Media Parent Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | CoreLogic Inc. | B- | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Corus Entertainment Inc. | CCC- | Negative | Canada | Canada | |||||||||
| Media and entertainment | Hubbard Radio LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | Sprint MidCo BV | CCC | Negative | New | Netherlands | Europe | ||||||||
| Media and entertainment | Stan Holding SAS | B- | Negative | France | Europe | |||||||||
| Metals, mining, and steel | GrafTech International Ltd. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Metals, mining, and steel | American Rock Salt Co. LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Metals, mining, and steel | Metinvest B.V. | CCC+ | Negative | Netherlands | Europe | |||||||||
| Metals, mining, and steel | Mountain Province Diamonds Inc. | CCC | Negative | Canada | Canada | |||||||||
| Metals, mining, and steel | Baffinland Iron Mines Corp. | CCC | Negative | Canada | Canada | |||||||||
| Metals, mining, and steel | ASCE GROUP Open Joint-Stock Co. | B- | Negative | Armenia | Eastern Europe/Middle East/Africa | |||||||||
| Metals, mining, and steel | Ferrexpo PLC | CCC | Negative | U.K. | Europe | |||||||||
| Metals, mining, and steel | Petra Diamonds Ltd. | B- | Negative | Bermuda | U.S. | |||||||||
| Oil and gas | Canacol Energy Ltd. | B- | Negative | Canada | Canada | |||||||||
| Oil and gas | KLX Energy Services Holdings Inc., | CCC | Negative | U.S. | U.S. | |||||||||
| Oil and gas | Tullow Oil PLC | B- | Negative | U.K. | Europe | |||||||||
| Retail/restaurants | Burger BossCo Intermediate Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | CEC Entertainment LLC, | B- | Watch Neg | New | U.S. | U.S. | ||||||||
| Retail/restaurants | Fossil Group Inc., | CCC | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | Mountaineer Merger Corp. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | PAI Holdco Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | GPS Hospitality Holding Co. LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | At Home Group Inc. | CCC | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | Runner Buyer Inc. | CCC | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | Guitar Center Inc. | CCC | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | Empire Today LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Retail/restaurants | HSE Finance S.a.r.l. | CCC | Negative | New | Luxembourg | Europe | ||||||||
| Retail/restaurants | Sotheby's | B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications | WideOpenWest Finance LLC | B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Oi S.A. | CCC | Negative | Brazil | Latin America | |||||||||
| Telecommunications | PrJSC VF Ukraine | CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | |||||||||
| Telecommunications | EchoStar Corp. | CCC+ | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Speedcast Holdings III LLC | B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Altice International S.a.r.l. | CCC+ | Negative | Luxembourg | Europe | |||||||||
| Telecommunications | Consolidated Communications Holdings Inc. | B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Tele Columbus AG | CCC+ | Negative | Germany | Europe | |||||||||
| Telecommunications | U.S. TelePacific Holdings Corp. | CCC | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Connect Holding II LLC | CCC+ | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Mavenir Private Holdings II Ltd. | CCC- | Negative | U.K. | Europe | |||||||||
| Telecommunications | Telesat Canada | CCC+ | Negative | Canada | Canada | |||||||||
| Telecommunications | Zayo Group Holdings Inc., | B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Altice France Holding S.A. | CC | Negative | Luxembourg | Europe | |||||||||
| Telecommunications | Altice USA Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Aventiv Technologies LLC, | CCC | Negative | U.S. | U.S. | |||||||||
| Telecommunications | ORBCOMM Inc. | B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications | Radiate Holdco LLC, | CCC | Negative | U.S. | U.S. | |||||||||
| Transportation | Ukrainian Railways JSC | CCC- | Negative | Ukraine | Eastern Europe/Middle East/Africa | |||||||||
| Transportation | Investimentos e Participacoes em Infraestrutura S.A. - Invepar | CCC | Watch Neg | Brazil | Latin America | |||||||||
| Transportation | LaserShip Inc., | CCC+ | Negative | U.S. | U.S. | |||||||||
| Transportation | ENC Parent Corp. | B- | Negative | U.S. | U.S. | |||||||||
| Transportation | Reception Purchaser LLC, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Transportation | Neovia Logistics LP, | CCC+ | Negative | U.S. | U.S. | |||||||||
| Utilities | Hawaiian Electric Industries Inc. | B- | Negative | U.S. | U.S. | |||||||||
| Utilities | FTAI Infrastructure Inc. | B- | Negative | U.S. | U.S. | |||||||||
| Utilities | Thames Water Utilities Ltd. | CCC | Negative | U.K. | Europe | |||||||||
| Note: Weakest links include financial and nonfinancial corporate issuers rated 'B-' or lower with negative outlooks or on CreditWatch negative with rated debt outstanding. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||||||
Table 4
| List of distressed credits by issuers | ||||||
|---|---|---|---|---|---|---|
| As of Feb. 28, 2025 | ||||||
| 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 | 43 | CCC+ | Positive |
| Capital goods | ASP Unifrax Holdings Inc. | 1 | 480 | CCC+ | Negative | |
| Chemicals, packaging, and environmental services | FXI Holdings Inc. | 2 | 1,232 | CCC+ | Negative | |
| Chemicals, packaging, and environmental services | GPD Cos. Inc. | GPD Companies Parent Inc. | 1 | 485 | B- | CW Neg |
| Chemicals, packaging, and environmental services | Advancion Sciences, Inc. | Advancion Holdings, LLC | 1 | 200 | B- | Negative |
| Chemicals, packaging, and environmental services | Schenectady International Group Inc. | SK Mohawk Holdings, SARL | 1 | 300 | CCC+ | Negative |
| Chemicals, packaging, and environmental services | Ardagh Holdings USA Inc. | Ardagh Group S.A. | 1 | 800 | CCC- | Negative |
| Consumer products | WW International Inc. | 1 | 500 | CCC- | Negative | |
| Financial institutions | Hertz Corp. (The) | 1 | 1,000 | B | Negative | |
| Forest products and building materials | Victors Intermediate Holding II Corp. | Cabinetworks Group, Inc. | 1 | 550 | CCC+ | Negative |
| Health care | ModivCare Inc. | 1 | 500 | CCC+ | Negative | |
| High technology | Newfold Digital Holdings Group, Inc. | 2 | 1,185 | CCC+ | CW Neg | |
| High technology | Pitney Bowes Inc. | 1 | 375 | B+ | Stable | |
| High technology | Rackspace Technology Global Inc. | 2 | 169 | B- | Negative | |
| Homebuilders/real estate companies | Office Properties Income Trust | 4 | 498 | CC | Negative | |
| Homebuilders/real estate companies | Diversified Healthcare Trust | 2 | 600 | CCC+ | Negative | |
| Media and entertainment | Allen Media LLC | 1 | 640 | CCC+ | Negative | |
| Media and entertainment | Urban One Inc. | 1 | 600 | CCC+ | Negative | |
| Media and entertainment | iHeartCommunications Inc. | 3 | 754 | CCC+ | Negative | |
| Media and entertainment | Sinclair Television Group Inc. | 1 | 485 | B- | Stable | |
| Media and entertainment | Castle US Holding Corp. | Castle Intermediate Holding V Limited | 1 | 300 | CCC- | Negative |
| Media and entertainment | CMG Media Corp. | 2 | 606 | B- | Stable | |
| Media and entertainment | Cumulus Media New Holdings Inc. | Cumulus Media Inc. | 2 | 337 | CCC+ | Negative |
| Media and entertainment | Bally's Corp. | 1 | 735 | B- | Stable | |
| Media and entertainment | Centerfield Media Parent Inc. | 1 | 785 | CCC+ | Negative | |
| Media and entertainment | Affinity Interactive | 1 | 545 | CCC+ | Stable | |
| Media and entertainment | E.W. Scripps Co. (The) | 2 | 818 | B- | CW Neg | |
| Media and entertainment | Staples Inc. | 1 | 826 | B- | Stable | |
| Media and entertainment | Gray Media, Inc. | 2 | 1,925 | B- | Stable | |
| Metals, mining, and steel | GrafTech Global Enterprise Inc. | GrafTech International Ltd. | 1 | 446 | CCC+ | Negative |
| Oil and gas | Nine Energy Service Inc. | 1 | 300 | CCC+ | Stable | |
| Retail/restaurants | Liberty Interactive LLC | 4 | 1,253 | CCC+ | Stable | |
| Retail/restaurants | QVC Inc. | 2 | 660 | CCC+ | Stable | |
| Retail/restaurants | Michaels Cos. Inc. (The) | 2 | 2,150 | B- | Stable | |
| Retail/restaurants | At Home Group Inc. | 3 | 802 | CCC | Negative | |
| Retail/restaurants | GPS Hospitality Holding Co. LLC | 1 | 400 | CCC+ | Negative | |
| Telecommunications | CSC Holdings LLC | 4 | 6,121 | CCC+ | Negative | |
| Telecommunications | United States Cellular Corp. | 3 | 1,500 | BB | CW Dev | |
| Telecommunications | Embarq Corp. | Connect Holding II LLC | 1 | 1,437 | CCC+ | Negative |
| Telecommunications | Radiate Holdco LLC | 1 | 1,000 | CCC | Negative | |
| Telecommunications | Hughes Satellite Systems Corp. | 1 | 750 | CCC+ | Negative | |
| Telecommunications | Qwest Corp. | Lumen Technologies, Inc. | 2 | 1,425 | CCC+ | CW Pos |
| Telecommunications | DISH DBS Corp. | 3 | 4,499 | CC | Negative | |
| 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 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Issuer | To | From | Sector/subsector | Country/market | |||||||
| 2/20/2025 | Capri Holdings Ltd. | BB | BBB- | Retail/restaurants | British Virgin Islands | |||||||
| 2/28/2025 | Viatris Inc. | BB+ | BBB- | Health care | U.S. | |||||||
| Data as of Feb. 28, 2025. 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 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Date | Issuer | To | From | Sector/subsector | Country/market | |||||||
| 1/8/2025 | News Corp. | BBB- | BB+ | Media/entert | U.S. | |||||||
| 1/21/2025 | Castlelake Aviation Ltd. (Avolon Holdings Ltd.) | BBB- | BB- | Financial institutions | Cayman Islands | |||||||
| 1/31/2025 | National Bank of Greece S.A. | BBB- | BB+ | Financial institutions | Greece | |||||||
| 2/4/2025 | Royal Caribbean Cruises Ltd. | BBB- | BB+ | Media/entert | U.S. | |||||||
| 2/7/2025 | Bank of Cyprus Public Co. Ltd. | BBB- | BB+ | Financial institutions | Cyprus | |||||||
| 2/21/2025 | PT Cikarang Listrindo | BBB- | BB+ | Utilities | Indonesia | |||||||
| Data as of Feb. 28, 2025. 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 Feb. 28, 2025 | ||||||||||
| Sector/subsector | Issuer | CreditWatch negative/negative outlook | New to the list this month | Country/market | ||||||
| Aerospace and defense | Boeing Co. | Watch Neg | U.S. | |||||||
| Aerospace and defense | CAE Inc. | Negative | Canada | |||||||
| Aerospace and defense | Huntington Ingalls Industries Inc., | Negative | U.S. | |||||||
| Automotive | Ford Motor Co. | Negative | New | U.S. | ||||||
| Capital goods | KION Group AG | Negative | Germany | |||||||
| Capital goods | Leggett & Platt Inc. | Negative | U.S. | |||||||
| Capital goods | MasTec Inc. | Negative | U.S. | |||||||
| Capital goods | Prysmian S.p.A. | Negative | Italy | |||||||
| Chemicals, packaging, and environmental services | Albemarle Corp. | Negative | U.S. | |||||||
| Chemicals, packaging, and environmental services | FMC Corp. | Negative | U.S. | |||||||
| Chemicals, packaging, and environmental services | Huntsman Corp. | Negative | U.S. | |||||||
| Chemicals, packaging, and environmental services | Orbia Advance Corp. S.A.B. de C.V | Negative | Mexico | |||||||
| Consumer products | Whirlpool Corp. | Negative | New | U.S. | ||||||
| Financial institutions | Deutsche Pfandbriefbank AG | Negative | Germany | |||||||
| High technology | Worldline SA | Negative | France | |||||||
| Homebuilders/real estate companies | Altarea SCA | Negative | France | |||||||
| Homebuilders/real estate companies | Citycon Oyj | Negative | Finland | |||||||
| Homebuilders/real estate companies | Heimstaden Bostad AB | Negative | Sweden | |||||||
| Media and entertainment | Hyatt Hotels Corp. | Negative | New | U.S. | ||||||
| Media and entertainment | Warner Bros. Discovery Inc. | Negative | U.S. | |||||||
| Metals, mining, and steel | PT Krakatau Posco | Negative | Indonesia | |||||||
| Retail/restaurants | ITM Entreprises | Negative | France | |||||||
| Retail/restaurants | Metro AG | Negative | Germany | |||||||
| Sovereign | Romania | Negative | Romania | |||||||
| Telecommunications | CAS Holding No.1 Ltd. | Negative | British Virgin Islands | |||||||
| Transportation | Adani Ports and Special Economic Zone Ltd. | Negative | India | |||||||
| Transportation | GXO Logistics Inc., | Negative | U.S. | |||||||
| Utilities | Adani Electricity Mumbai Ltd. | Negative | India | |||||||
| Utilities | AltaGas Ltd. | Negative | Canada | |||||||
| Utilities | Eesti Energia AS | Negative | Estonia | |||||||
| Utilities | Pacific National Holdings Pty Ltd. | Negative | Australia | |||||||
| 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 Feb. 28, 2025 | ||||||||||
| Sector/subsector | Issuer | CreditWatch positive/positive outlook | New to the list this month | Country/market | ||||||
| Aerospace and defense | Hexcel Corp. | Positive | U.S. | |||||||
| Capital goods | Atkinsrealis Group Inc. | Positive | Canada | |||||||
| Capital goods | Vertiv Group Corp. | Positive | U.S. | |||||||
| Chemicals, packaging, and environmental services | Berry Global Group Inc. | Watch Pos | U.S. | |||||||
| Chemicals, packaging, and environmental services | Huhtamaki Oyj | Positive | Finland | |||||||
| Chemicals, packaging, and environmental services | OCP S.A. | Positive | Morocco | |||||||
| Financial institutions | HA Sustainable Infrastructure Capital Inc., | Positive | U.S. | |||||||
| Financial institutions | Nexi SpA | Positive | Italy | |||||||
| Forest products and building materials | Louisiana-Pacific Corp. | Positive | U.S. | |||||||
| High technology | MercadoLibre Inc. | Positive | U.S. | |||||||
| High technology | ON Semiconductor Corp. | Positive | U.S. | |||||||
| Media and entertainment | Flutter Entertainment PLC | Positive | Ireland | |||||||
| Media and entertainment | International Game Technology Plc | Watch Pos | U.K. | |||||||
| Oil and gas | ChampionX Corp. | Watch Pos | U.S. | |||||||
| Oil and gas | DT Midstream Inc., | Positive | U.S. | |||||||
| Oil and gas | Hess Midstream Operations LP | Watch Pos | U.S. | |||||||
| Sovereign | Kingdom of Morocco | Positive | Morocco | |||||||
| Sovereign | Republic of Paraguay | Positive | Paraguay | |||||||
| Utilities | Kinetik Holdings Inc. | Positive | U.S. | |||||||
| Notes: Potential rising stars are defined as issuers rated 'BB+' with positive outlooks or on CreditWatch positive, 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 rising star, only the parent is counted. Source: S&P Global Ratings Credit Research & Insights. | ||||||||||
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 | |
| Ekaterina Tolstova, Frankfurt +49 173 6591385; ekaterina.tolstova@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 Contributor: | Amol Nakashe, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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