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 May 31, 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 May 31, 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 | 215 | 176 | 1,308 | 11.9 | 71.2 | 73.2 | |||||||||
| Europe | 44 | 56 | 39 | 577 | 7.6 | 20.1 | 17.5 | |||||||||
| Canada | 6 | 10 | 9 | 87 | 6.9 | 2.7 | 3.3 | |||||||||
| EEMEA | 6 | 8 | 12 | 80 | 7.5 | 2.7 | 2.6 | |||||||||
| Latin America | 2 | 14 | 14 | 91 | 2.2 | 0.9 | 1.9 | |||||||||
| Asia-Pacific | 5 | 7 | 7 | 54 | 9.3 | 2.3 | 1.5 | |||||||||
| 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 May 31, 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 | 0.0 | 0 | |||||||||
| Automotive | 5.2 | 2.9 | 3 | 5.4 | 3 | (0.2) | 0 | |||||||||
| Capital goods | 1.3 | 1.0 | 1 | 6.7 | 5 | (5.4) | (4) | |||||||||
| Chemicals, packaging, and environmental services | 4.9 | 4.1 | 5 | 8.7 | 9 | (3.9) | (4) | |||||||||
| Consumer products | 2.1 | 2.1 | 3 | 2.2 | 3 | (0.1) | 0 | |||||||||
| Financial institutions | 0.9 | 1.8 | 2 | 1.3 | 3 | (0.4) | (1) | |||||||||
| Forest products and building materials | 5.0 | 2.5 | 3 | 5.0 | 3 | 0.0 | 0 | |||||||||
| Health care | 2.2 | 0.7 | 2 | 3.4 | 3 | (1.1) | (1) | |||||||||
| High technology | 11.0 | 5.5 | 9 | 13.8 | 11 | (2.8) | (2) | |||||||||
| Homebuilders/real estate companies | 12.0 | 7.2 | 10 | 10.7 | 9 | 1.3 | 1 | |||||||||
| Insurance | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Media and entertainment | 6.2 | 5.0 | 19 | 11.3 | 32 | (5.2) | (13) | |||||||||
| Metals, mining, and steel | 2.3 | 2.1 | 1 | 2.3 | 1 | 0.0 | 0 | |||||||||
| Oil and gas | 5.3 | 4.0 | 8 | 4.6 | 7 | 0.8 | 1 | |||||||||
| Retail and restaurants | 13.6 | 13.4 | 16 | 15.7 | 19 | (2.1) | (3) | |||||||||
| Telecommunications | 15.1 | 12.9 | 16 | 17.7 | 17 | (2.6) | (1) | |||||||||
| Transportation | 0.0 | 0.0 | 0 | 0.0 | 0 | 0.0 | 0 | |||||||||
| Utilities | 2.3 | 3.5 | 3 | 3.9 | 5 | (1.6) | (2) | |||||||||
| Total | 5.4 | 4.8 | 101 | 7.2 | 130 | (1.7) | (29) | |||||||||
| 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
Global Structured Finance Rating Trends
Chart 17
Chart 18
Chart 19
Chart 20
Chart 21
Chart 22
U.S. Public Finance Rating Trends
Chart 23
Chart 24
Chart 25
Chart 26
Chart 27
Chart 28
Appendix: Issuer Lists
Table 3
| Weakest links | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| As of May 31, 2025 | ||||||||||||||
| Sector/subsector | Issuer | Rating | CreditWatch negative/negative outlook | New to the list this month | Country/market | Region | ||||||||
| Aerospace and defense |
New Constellis Borrower LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Aerospace and defense |
Peraton Corp. |
B- | Negative | New | U.S. | U.S. | ||||||||
| Aerospace and defense |
Cobham Ultra SunCo S.a.r.l. |
B- | Watch Neg | Luxembourg | Europe | |||||||||
| Aerospace and defense |
HDT HoldCo Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Aerospace and defense |
API Holdings III Corp. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Aerospace and defense |
MAG DS Corp. |
B- | Negative | U.S. | U.S. | |||||||||
| Automotive |
Superior Industries International Inc. |
CC | Negative | New | U.S. | U.S. | ||||||||
| Automotive |
Burgess Point Purchaser Corp. |
B- | Negative | U.S. | U.S. | |||||||||
| Automotive |
Power Stop LLC |
B- | Negative | New | U.S. | U.S. | ||||||||
| Automotive |
RealTruck Inc. |
B- | Negative | New | U.S. | U.S. | ||||||||
| Automotive |
Commercial Vehicle Group Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Automotive |
Grupo Antolin-Irausa S.A.U. |
B- | Negative | Spain | Europe | |||||||||
| Automotive |
Aston Martin Lagonda Global Holdings PLC |
B- | Negative | U.K. | Europe | |||||||||
| Capital goods |
OT Merger Corp. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Capital goods |
ASP Unifrax Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Capital goods |
Brand Industrial Services Inc. |
B- | Negative | New | U.S. | U.S. | ||||||||
| Capital goods |
Congruex Group LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Capital goods |
Sensience Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| Capital goods |
Arvos HoldCo S.a.r.l. |
B- | Negative | Germany | Europe | |||||||||
| Capital goods |
Peacock Intermediate Holding II L.P. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Capital goods |
Aptim Corp. |
B- | Negative | New | U.S. | U.S. | ||||||||
| Capital goods |
Fortna Group Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Anastasia Holdings LLC |
CCC- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
CoolSys Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Del Monte Foods Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products |
KAMC Holdings Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
8th Avenue Food & Provisions Inc. |
CCC- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Blue Ribbon LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Elevate Textiles Holding Corp. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products |
FFP Holdings Group Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products |
KNS Holdco LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Mars Intermediate Ltd. |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Wrench Group LLC |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Mad Engine Global LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Woof Intermediate Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Atlas CC Holding LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Flamingo II Lux GP S.a.r.l. |
B- | Negative | Luxembourg | Europe | |||||||||
| Consumer products |
TMK Hawk Parent Corp. |
CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Thrasio Holdings Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Victoria PLC |
CCC+ | Negative | U.K. | Europe | |||||||||
| Consumer products |
AEC Parent Holdings Inc. |
CCC+ | Negative | New | U.S. | U.S. | ||||||||
| Consumer products |
Covetrus Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Lakeshore Learning Materials LLC |
B- | Negative | New | U.S. | U.S. | ||||||||
| Consumer products |
Naked Juice LLC |
CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Traeger Inc. |
B- | Negative | New | U.S. | U.S. | ||||||||
| Consumer products |
Fender Musical Instruments Corp. |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Kronos Acquisition Holdings Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
LG Parent Holdco Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
P&L Development Holdings LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| 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 |
YS Garments LLC |
CCC | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Eos Finco S.a.r.l. |
CCC+ | Negative | New | Luxembourg | Europe | ||||||||
| Consumer products |
Signal Parent Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Transcom TopCo AB |
B- | Negative | Sweden | Europe | |||||||||
| Consumer products |
Aramsco Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Consumer products |
Kernel Holding S.A. |
CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | |||||||||
| Consumer products |
MHP SE |
CCC | Negative | Ukraine | Eastern Europe/Middle East/Africa | |||||||||
| Consumer products |
Oriflame Investment Holding PLC |
CC | Negative | Jersey | Europe | |||||||||
| Chemicals, packaging, and environmental services |
Calumet Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging, and environmental services |
Innovative Chemical Products Group |
CCC | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging, and environmental services |
Lune S.a.r.l. |
CCC | Negative | France | Europe | |||||||||
| Chemicals, packaging, and environmental services |
SK Mohawk Holdings S.a.r.l. |
CCC+ | Negative | Germany | Europe | |||||||||
| Chemicals, packaging, and environmental services |
ARD Finance S.A. |
CC | Negative | Luxembourg | Europe | |||||||||
| Chemicals, packaging, and environmental services |
PECF USS Intermediate Holding III Corp. |
CCC | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging, and environmental services |
PLZ Corp. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging, and environmental services |
RLG Holdings LLC |
B- | Negative | New | U.S. | U.S. | ||||||||
| Chemicals, packaging, and environmental services |
Trinseo PLC |
CCC+ | Negative | Ireland | Europe | |||||||||
| Chemicals, packaging, and environmental services |
Golden West Packaging Group LLC |
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 |
Poseidon Investment Intermediate L.P. |
CCC | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging, and environmental services |
Rohm HoldCo II GmbH |
B- | Negative | Germany | Europe | |||||||||
| Chemicals, packaging, and environmental services |
Advancion Holdings LLC |
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 |
LABL Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging, and environmental services |
Unigel Participacoes S.A. |
CCC | Negative | New | Brazil | Latin America | ||||||||
| Chemicals, packaging, and environmental services |
Flexsys Holdings Inc. |
CC | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging, and environmental services |
Kleopatra Holdings 2 S.C.A. |
CCC- | Negative | New | Luxembourg | Europe | ||||||||
| Chemicals, packaging, and environmental services |
Anchor Glass Container Corp. |
CCC- | Negative | U.S. | U.S. | |||||||||
| Chemicals, packaging, and environmental services |
GPD Cos. Parent Inc. |
CC | 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 |
Tosca Services LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| 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 | |||||||||
| Financial institutions |
Axactor ASA |
B- | Negative | Norway | Europe | |||||||||
| Financial institutions |
Cooperativa de Ahorro y Credito Fucerep |
CCC+ | Negative | Uruguay | Latin America | |||||||||
| Financial institutions |
Claros Mortgage Trust Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Financial institutions |
Compass Group Diversified Holdings LLC |
B- | Watch Neg | New | U.S. | U.S. | ||||||||
| Financial institutions |
Garfunkelux Holdco 2 S.A. |
CC | Negative | Luxembourg | Europe | |||||||||
| Financial institutions |
Innovate Corp. |
CCC- | Negative | U.S. | U.S. | |||||||||
| Financial institutions |
Ecobank Nigeria Ltd. |
CCC | Negative | Nigeria | Eastern Europe/Middle East/Africa | |||||||||
| Financial institutions |
Avison Young (Canada) Inc. |
CCC | Negative | Canada | Canada | |||||||||
| Financial institutions |
PODS LLC |
B- | Negative | U.S. | U.S. | |||||||||
| Forest products and building materials |
Enstall Group B.V. |
CCC+ | Watch Neg | Netherlands | Europe | |||||||||
| Forest products and building materials |
Loparex Midco B.V. |
CCC+ | Negative | Netherlands | Europe | |||||||||
| Forest products and building materials |
Apex Tool Group LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Forest products and building materials |
ACProducts Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Forest products and building materials |
BME Group Holding B.V. |
B- | Negative | Netherlands | Europe | |||||||||
| Forest products and building materials |
CP Atlas Buyer Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Health care |
BW Homecare Holdings LLC |
CCC | Negative | U.S. | U.S. | |||||||||
| Health care |
Bausch Health Cos. Inc. |
B- | Negative | Canada | Canada | |||||||||
| Health care |
Knight Health Holdings LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
SBHC Holdings LLC |
B- | Negative | New | U.S. | U.S. | ||||||||
| Health care |
Bayou Topco Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Health care |
Cano Health LLC |
CCC+ | Negative | New | U.S. | U.S. | ||||||||
| Health care |
Medical Depot Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
ModivCare Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
Maravai Topco Holdings LLC |
B- | Negative | New | U.S. | U.S. | ||||||||
| Health care |
Premier Dental Services Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| Health care |
Quincy Health LLC |
CCC | Negative | U.S. | U.S. | |||||||||
| Health care |
Thrive Merger Sub LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
Upstream Newco Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
Carestream Health Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Health care |
Community Health Systems Inc. |
CCC+ | Negative | New | U.S. | U.S. | ||||||||
| Health care |
Gainwell Holding Corp. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
Ingenovis Health Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
Pathway Vet Alliance LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
Physician Partners LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Health care |
Symplr Software Intermediate Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology |
Emerald Technologies (U.S.) AcquisitionCo. Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology |
Foundational Education Group Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| High technology |
Optiv Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology |
Tegra118 Wealth Solutions Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology |
ANI Technologies Pte. Ltd. |
CCC+ | Negative | New | India | Asia-Pacific | ||||||||
| High technology |
Centurion Newco SpA |
B- | Negative | Italy | Europe | |||||||||
| High technology |
Electronics for Imaging Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology |
Magenta Buyer LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| High technology |
Cascade Parent Ltd. |
B- | Negative | U.K. | Europe | |||||||||
| High technology |
4L Topco Corp. |
CCC | Negative | U.S. | U.S. | |||||||||
| High technology |
Barracuda Networks Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| High technology |
MYOB Group Co. Pty Ltd. |
B- | Negative | Australia | Asia-Pacific | |||||||||
| High technology |
Sharp Corp. |
B- | Negative | Japan | Asia-Pacific | |||||||||
| High technology |
Veracode Parent L.P. |
B- | Negative | U.S. | U.S. | |||||||||
| High technology |
Quest Software US Holdings Inc. |
CCC- | Negative | U.S. | U.S. | |||||||||
| High technology |
Project Leopard Holdings Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| High technology |
Astra Acquisition Corp. |
CCC | Negative | U.S. | U.S. | |||||||||
| High technology |
Atlas Midco Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| High technology |
Newfold Digital Holdings Group Inc. |
CCC+ | Watch Neg | U.S. | U.S. | |||||||||
| High technology |
FNZ Group Ltd. |
B- | Negative | New | U.K. | Europe | ||||||||
| High technology |
Poseidon BidCo S.A.S. |
B- | Negative | France | Europe | |||||||||
| High technology |
Rackspace Technology Global Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Homebuilders/real estate companies |
Heimstaden AB (publ) |
B- | Negative | Sweden | Europe | |||||||||
| 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 |
Medical Properties Trust Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Homebuilders/real estate companies |
Branicks Group AG |
CCC | Negative | Germany | Europe | |||||||||
| Homebuilders/real estate companies |
Marera Investment Group Ltd. |
CCC+ | Negative | Cyprus | Europe | |||||||||
| Homebuilders/real estate companies |
Office Properties Income Trust |
CCC- | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
United FP Holdings LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment | All Day AcquisitionCo. LLC | CCC- | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
Centerfield Media Parent 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 |
CCC+ | Negative | Jersey | 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 |
EmployBridge Holding Co. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
Skillz Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
Sprint MidCo B.V. |
CCC | Negative | Netherlands | Europe | |||||||||
| Media and entertainment |
AMC Entertainment Holdings Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
The E.W. Scripps Co. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
Hubbard Radio LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
Urban One Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
Castle Intermediate Holding V Ltd. |
CCC+ | Negative | U.K. | Europe | |||||||||
| Media and entertainment |
Duff & Phelps Holdings Corp. |
B- | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
Maverick Gaming LLC |
CCC | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
Allen Media LLC |
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 |
Lereta LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Media and entertainment |
iHeartMedia Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Metals, mining, and steel |
Petra Diamonds Ltd. |
CCC | Negative | Bermuda | U.S. | |||||||||
| Metals, mining, and steel |
ASCE Group OJSC |
B- | Negative | Armenia | Eastern Europe/Middle East/Africa | |||||||||
| Metals, mining, and steel |
Conuma Resources Ltd. |
CCC+ | Negative | Canada | Canada | |||||||||
| Metals, mining, and steel |
Mountain Province Diamonds Inc. |
CCC | Negative | Canada | Canada | |||||||||
| Metals, mining, and steel |
Coronado Global Resources Inc. |
B- | Negative | New | Australia | Asia-Pacific | ||||||||
| Metals, mining, and steel |
Ferrexpo PLC |
CCC | Negative | U.K. | Europe | |||||||||
| Metals, mining, and steel |
American Rock Salt Co. LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Metals, mining, and steel |
GrafTech International Ltd. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Metals, mining, and steel |
Metinvest B.V. |
CCC+ | Negative | Netherlands | Europe | |||||||||
| Oil and gas |
Interpipe Holdings PLC |
CCC | Negative | Cyprus | Europe | |||||||||
| Oil and gas |
Tullow Oil |
CCC+ | Negative | U.K. | Europe | |||||||||
| Oil and gas |
Transocean Ltd. |
CCC+ | Negative | New | Switzerland | Europe | ||||||||
| Oil and gas |
Ferrellgas Partners L.P. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Oil and gas |
ProFrac Holding Corp. |
CCC+ | Negative | New | U.S. | U.S. | ||||||||
| Retail and restaurants |
Guitar Center Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| Retail and restaurants |
Saks Global Enterprises LLC |
CCC+ | Watch Neg | New | U.S. | U.S. | ||||||||
| Retail and restaurants |
Sotheby's |
B- | Negative | U.S. | U.S. | |||||||||
| Retail and restaurants |
Empire Today LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Retail and restaurants |
HSE Finance S.a.r.l. |
CCC | Negative | Luxembourg | Europe | |||||||||
| Retail and restaurants |
Leslie's Poolmart Inc. |
B- | Negative | New | U.S. | U.S. | ||||||||
| Retail and restaurants |
The Michaels Cos. Inc. |
B- | Watch Neg | U.S. | U.S. | |||||||||
| Retail and restaurants |
PAI Holdco Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Retail and restaurants |
Cooper's Hawk Intermediate Holding LLC |
CCC+ | Negative | New | U.S. | U.S. | ||||||||
| Retail and restaurants |
GPS Hospitality Holding Co. LLC |
CCC | Negative | U.S. | U.S. | |||||||||
| Retail and restaurants |
Burger BossCo Intermediate Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Retail and restaurants |
CEC Entertainment LLC |
B- | Watch Neg | U.S. | U.S. | |||||||||
| Retail and restaurants |
Fossil Group Inc. |
CCC | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
ORBCOMM Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
Mavenir Private Holdings II Ltd. |
CCC- | Negative | U.K. | Europe | |||||||||
| Telecommunications |
VF Ukraine PrJSC |
CCC+ | Negative | Ukraine | Eastern Europe/Middle East/Africa | |||||||||
| Telecommunications |
WideOpenWest Finance LLC |
B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
Altice USA Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
EchoStar Corp. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
Telesat Canada |
CCC+ | Negative | Canada | Canada | |||||||||
| Telecommunications |
Speedcast Holdings III LLC |
B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
Altice International S.a.r.l. |
CCC+ | Negative | Luxembourg | Europe | |||||||||
| Telecommunications |
Aventiv Technologies LLC |
CCC- | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
Connect Holding II LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
Radiate Holdco LLC |
CC | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
Tele Columbus AG |
CCC+ | Negative | Germany | Europe | |||||||||
| Telecommunications |
Consolidated Communications Holdings Inc. |
B- | Negative | U.S. | U.S. | |||||||||
| Telecommunications |
U.S. TelePacific Holdings Corp. |
CCC | Negative | U.S. | U.S. | |||||||||
| Transportation |
Ukrainian Railways JSC |
CCC- | Negative | Ukraine | Eastern Europe/Middle East/Africa | |||||||||
| Transportation |
ENC Parent Corp. |
B- | Negative | U.S. | U.S. | |||||||||
| Transportation |
Bahia de las Isletas S.L. |
CCC | Watch Neg | New | Spain | Europe | ||||||||
| Transportation |
LaserShip Inc. |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Transportation |
Reception Purchaser LLC |
CCC+ | Negative | U.S. | U.S. | |||||||||
| Utilities |
Cullinan Holdco SCSp |
B- | Negative | New | Luxembourg | Europe | ||||||||
| Utilities |
Thames Water Utilities Ltd. |
CCC | Negative | U.K. | Europe | |||||||||
| 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 May 31, 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. |
2 | 400 | CCC+ | Positive | ||||||||
| Automotive |
RealTruck Group Inc. |
RealTruck Inc. |
1 | 600 | B- | Negative | ||||||||
| Capital goods |
ASP Unifrax Holdings Inc. |
1 | 480 | CCC+ | Negative | |||||||||
| Consumer products |
Kronos Acquisition Holdings Inc. |
1 | 450 | B- | Negative | |||||||||
| Consumer products |
Advantage Sales & Marketing Inc. |
Advantage Solutions Inc. |
1 | 666 | B | Stable | ||||||||
| Consumer products |
CD&R Smokey Buyer Inc. |
1 | 775 | B- | Stable | |||||||||
| Chemicals, packaging, and environmental services |
FXI Holdings Inc. |
2 | 1,232 | CCC | Negative | |||||||||
| Chemicals, packaging, and environmental services |
LABL Inc. |
1 | 460 | B- | Negative | |||||||||
| Chemicals, packaging, and environmental services |
PMHC II Inc. |
1 | 756 | B- | Negative | |||||||||
| Chemicals, packaging, and environmental services |
Advancion Sciences Inc. |
Advancion Holdings LLC |
1 | 200 | B- | Negative | ||||||||
| Financial institutions |
The Hertz Corp. |
1 | 1,000 | B | Negative | |||||||||
| Financial institutions |
LD Holdings Group LLC |
1 | 600 | CCC+ | Stable | |||||||||
| Forest products and building materials |
Cornerstone Building Brands Inc. |
1 | 319 | B | Negative | |||||||||
| Forest products and building materials |
Domtar Corp. |
1 | 150 | B | Stable | |||||||||
| Forest products and building materials |
Victors Intermediate Holding II Corp. |
ACProducts Inc. |
1 | 550 | CCC+ | Negative | ||||||||
| Health care |
ModivCare Inc. |
2 | 530 | CCC+ | Negative | |||||||||
| High technology |
Pitney Bowes Inc. |
1 | 375 | B+ | Stable | |||||||||
| High technology |
Rackspace Technology Global Inc. |
2 | 169 | B- | Negative | |||||||||
| High technology |
Xerox Holdings Corp. |
2 | 1,250 | B+ | Negative | |||||||||
| High technology |
Newfold Digital Holdings Group Inc. |
2 | 1,185 | CCC+ | Watch Neg | |||||||||
| High technology |
Xerox Corp. |
2 | 600 | B+ | Negative | |||||||||
| Homebuilders/real estate companies |
Diversified Healthcare Trust |
2 | 600 | CCC+ | Positive | |||||||||
| Homebuilders/real estate companies |
Hudson Pacific Properties L.P. |
Hudson Pacific Properties Inc. |
1 | 500 | B | Negative | ||||||||
| Homebuilders/real estate companies |
Office Properties Income Trust |
7 | 1,491 | CCC- | Negative | |||||||||
| Media and entertainment |
Staples Inc. |
2 | 850 | B- | Stable | |||||||||
| Media and entertainment |
Affinity Interactive |
1 | 545 | CCC+ | Stable | |||||||||
| Media and entertainment |
Centerfield Media Parent Inc. |
1 | 785 | CCC+ | Negative | |||||||||
| Media and entertainment |
Urban One Inc. |
1 | 585 | CCC+ | Negative | |||||||||
| Media and entertainment |
AMC Entertainment Holdings Inc. |
1 | 950 | CCC+ | Negative | |||||||||
| Media and entertainment |
MajorDrive Holdings IV LLC |
Club Car LLC |
1 | 525 | B- | Stable | ||||||||
| Media and entertainment |
Cumulus Media New Holdings Inc. |
Cumulus Media Inc. |
2 | 337 | CCC+ | Negative | ||||||||
| Media and entertainment |
Allen Media LLC |
1 | 640 | CCC+ | Negative | |||||||||
| Media and entertainment |
iHeartCommunications Inc. |
6 | 2,409 | CCC+ | Negative | |||||||||
| Media and entertainment |
Bally's Corp. |
2 | 1,485 | B- | Stable | |||||||||
| Media and entertainment |
The E.W. Scripps Co. |
1 | 426 | CCC+ | Negative | |||||||||
| 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 | |||||||||
| Oil and gas |
Kosmos Energy Ltd. |
3 | 1,250 | B | Stable | |||||||||
| Oil and gas |
W&T Offshore Inc. |
1 | 350 | B- | Stable | |||||||||
| Oil and gas |
Nabors Industries Inc. |
1 | 550 | B- | Stable | |||||||||
| Oil and gas |
Gran Tierra Energy Inc. |
2 | 601 | B | Positive | |||||||||
| Retail and restaurants |
Liberty Interactive LLC |
4 | 1,253 | CCC+ | Stable | |||||||||
| Retail and restaurants |
The Michaels Cos. Inc. |
2 | 2,150 | B- | Watch Neg | |||||||||
| Retail and restaurants |
Saks Global Enterprises LLC |
1 | 2,200 | CCC+ | Watch Neg | |||||||||
| Retail and restaurants |
Kohl's Corp. |
1 | 112 | BB- | Negative | |||||||||
| Retail and restaurants |
QVC Inc. |
7 | 2,081 | CCC+ | Stable | |||||||||
| Retail and restaurants |
GPS Hospitality Holding Co. LLC |
1 | 400 | CCC | Negative | |||||||||
| Telecommunications |
United States Cellular Corp. |
3 | 1,500 | BB | Watch Dev | |||||||||
| Telecommunications |
Radiate Holdco LLC |
1 | 1,000 | CC | Negative | |||||||||
| Telecommunications |
Qwest Corp. |
Lumen Technologies Inc. |
2 | 1,425 | B- | Stable | ||||||||
| Telecommunications |
CSC Holdings LLC |
4 | 6,121 | CCC+ | Negative | |||||||||
| Telecommunications |
DISH DBS Corp. |
3 | 4,499 | CCC+ | Negative | |||||||||
| Telecommunications |
Embarq Corp. |
Connect Holding II LLC |
1 | 1,437 | CCC+ | Negative | ||||||||
| Telecommunications |
Hughes Satellite Systems Corp. |
2 | 1,500 | CCC+ | Negative | |||||||||
| Utilities |
NFE Financing LLC |
New Fortress Energy Inc. |
1 | 1,200 | B | Negative | ||||||||
| Utilities |
New Fortress Energy Inc. |
2 | 2,250 | B | 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 | |||||||
| 02/20/25 |
Capri Holdings Ltd. |
BB | BBB- | Retail and restaurants | British Virgin Islands | |||||||
| 02/28/25 |
Viatris Inc. |
BB+ | BBB- | Health care | U.S. | |||||||
| 03/11/25 |
Citycon Oyj |
BB+ | BBB- | Homebuilders/real estate companies | Finland | |||||||
| 03/13/25 |
Eesti Energia AS |
BB+ | BBB- | Utilities | Estonia | |||||||
| 04/21/25 |
Huntsman Corp. |
BB+ | BBB- | Chemicals, packaging, and environmental services | U.S. | |||||||
| 05/01/25 |
Whirlpool Corp. |
BB+ | BBB- | Consumer products | U.S. | |||||||
| 05/20/25 |
Warner Bros. Discovery Inc. |
BB+ | BBB- | Media and entertainment | U.S. | |||||||
| Data as of May 31, 2025. Fallen angels are defined as investment-grade issuers that have been downgraded to speculative grade (that is, 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 | |||||||
| 01/08/25 |
News Corp. |
BBB- | BB+ | Media and entertainment | U.S. | |||||||
| 01/21/25 |
Castlelake Aviation Ltd. (Avolon Holdings Ltd.) |
BBB- | BB- | Financial institutions | Cayman Islands | |||||||
| 01/31/25 |
National Bank of Greece S.A. |
BBB- | BB+ | Financial institutions | Greece | |||||||
| 02/04/25 |
Royal Caribbean Cruises Ltd. |
BBB- | BB+ | Media and entertainment | U.S. | |||||||
| 02/07/25 |
Bank of Cyprus Public Co. Ltd. |
BBB- | BB+ | Financial institutions | Cyprus | |||||||
| 02/21/25 |
Cikarang Listrindo PT |
BBB- | BB+ | Utilities | Indonesia | |||||||
| 03/24/25 |
Nexi SpA |
BBB- | BB+ | Financial institutions | Italy | |||||||
| 05/01/25 |
Berry Global Group Inc. (Amcor PLC) |
BBB | BB+ | Chemicals, packaging, and environmental services | U.S. | |||||||
| 05/07/25 |
Huhtamaki Oyj |
BBB- | BB+ | Chemicals, packaging, and environmental services | Finland | |||||||
| Data as of May 31, 2025. Rising stars are defined as speculative-grade issuers that have been upgraded to investment grade (that is, from 'BB+' or below to 'BBB-' or 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 May 31, 2025 | ||||||||||
| Sector/subsector | Issuer | CreditWatch negative/negative outlook | New to the list this month | Country/market | ||||||
| Aerospace and defense |
Boeing Co. |
Negative | U.S. | |||||||
| Aerospace and defense |
CAE Inc. |
Negative | Canada | |||||||
| Aerospace and defense |
Huntington Ingalls Industries Inc. |
Negative | U.S. | |||||||
| Automotive |
Ford Motor Co. |
Negative | U.S. | |||||||
| Automotive |
Zhejiang Geely Holding Group Co. Ltd. |
Negative | New | China | ||||||
| Capital goods |
KION Group AG |
Negative | Germany | |||||||
| Capital goods |
Leggett & Platt Inc. |
Negative | U.S. | |||||||
| Capital goods |
Prysmian SpA |
Negative | Italy | |||||||
| Consumer products |
Barry Callebaut AG |
Negative | Switzerland | |||||||
| 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 |
Orbia Advance Corp. S.A.B. de C.V. |
Negative | Mexico | |||||||
| High technology |
Worldline S.A. |
Negative | France | |||||||
| Homebuilders/real estate companies |
Altarea SCA |
Negative | France | |||||||
| Homebuilders/real estate companies |
Heimstaden Bostad AB |
Negative | Sweden | |||||||
| Media and entertainment |
Hyatt Hotels Corp. |
Negative | U.S. | |||||||
| Media and entertainment |
Polaris Inc. |
Negative | New | U.S. | ||||||
| Metals, mining, and steel |
Krakatau Posco PT |
Negative | Indonesia | |||||||
| Oil and gas |
MVM Energy Private LLC |
Negative | New | Hungary | ||||||
| Retail and restaurants |
ITM Entreprises |
Negative | France | |||||||
| Retail and restaurants |
Metro AG |
Negative | Germany | |||||||
| Sovereign |
Emirate of Sharjah |
Negative | United Arab Emirates | |||||||
| Sovereign |
Hungary |
Negative | Hungary | |||||||
| 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 | Madrilena Red de Gas S.A.U. | Negative | Spain | |||||||
| Utilities | NorteGas Energia Distribucion S.A.U. | Negative | Spain | |||||||
| Utilities |
Pacific National Holdings Pty Ltd. |
Negative | Australia | |||||||
| Utilities |
Redexis S.A.U. |
Negative | Spain | |||||||
| 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 May 31, 2025 | ||||||||||
| Sector/subsector | Issuer | CreditWatch positive/positive outlook | New to the list this month | Country/market | ||||||
| Automotive |
Renault S.A. |
Positive | France | |||||||
| Capital goods |
Atkinsrealis Group Inc. |
Positive | Canada | |||||||
| Capital goods |
Vertiv Group Corp. |
Positive | U.S. | |||||||
| Chemicals, packaging, and environmental services |
OCP S.A. |
Positive | Morocco | |||||||
| Financial institutions |
HA Sustainable Infrastructure Capital Inc. |
Positive | U.S. | |||||||
| Forest products and building materials |
Louisiana-Pacific Corp. |
Positive | U.S. | |||||||
| High technology |
CrowdStrike Holdings Inc. |
Positive | New | U.S. | ||||||
| High technology |
MercadoLibre Inc. |
Positive | U.S. | |||||||
| Homebuilders/real estate companies |
Taylor Morrison Home Corp. |
Positive | New | 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 L.P. |
Watch Pos | U.S. | |||||||
| Oil and gas |
Vallourec |
Positive | France | |||||||
| Sovereign |
Morocco |
Positive | Morocco | |||||||
| Sovereign |
Paraguay |
Positive | Paraguay | |||||||
| Utilities |
Kinetik Holdings Inc. |
Positive | U.S. | |||||||
| Utilities |
Vistra Corp. |
Positive | New | U.S. | ||||||
| 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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