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COMMENTS

Credit Trends: This Month In Credit: 2025 Data Companion

COMMENTS

Banking Industry Country Risk Assessment Update: May 2025

COMMENTS

Credit Trends: North American Risky Credits: Overall Tally Steadies Despite Rising Pressure In Key Sectors

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Credit Trends: U.S. Corporate Bond Yields As Of May 28, 2025

COMMENTS

Why Our View on GCC Banks' Capital Adequacy Differs from Regulators


Credit Trends: This Month In Credit: 2025 Data Companion

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 April 30, 2025.

Rating Actions And Outlooks

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Weakest Links

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Table 1

Weakest links by region
As of Apr. 30, 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. 152 215 175 1,319 11.4% 70.2% 72.6%
Europe 45 56 39 581 7.7% 20.9% 18.6%
Canada 7 10 9 88 6.8% 2.8% 3.3%
EEMEA 7 8 12 79 8.9% 3.3% 2.6%
Latin America 3 15 14 93 3.2% 1.4% 2.2%
Asia/Pacific 3 7 7 52 5.8% 1.4% 0.7%
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

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Table 2

Distribution of S&P Global Ratings' U.S. distress ratio by industry
As of Apr. 30, 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 5.4 3.2 3 1.8 1 3.6 2
Capital goods 6.7 4.9 5 2.7 2 4.0 3
Chemicals, packaging, and environmental services 8.7 8.1 9 9.5 10 (0.8) (1)
Consumer products 2.2 2.0 3 1.5 2 0.8 1
Financial institutions 1.3 2.3 3 1.7 4 (0.4) (1)
Forest products and building materials 5.0 4.1 3 8.1 5 (3.1) (2)
Health care 3.4 1.2 3 3.4 3 0.0 0
High technology 13.8 7.9 11 11.7 9 2.1 2
Homebuilders/real estate companies 10.7 7.0 9 8.3 7 2.4 2
Insurance 0.0 0.0 0 0.0 0 0.0 0
Media and entertainment 11.3 9.1 32 8.2 23 3.1 9
Metals, mining, and steel 2.3 2.1 1 2.3 1 0.1 0
Oil and gas 4.6 3.2 7 1.3 2 3.3 5
Retail/restaurants 15.7 14.5 19 12.4 15 3.3 4
Telecommunications 17.7 17.1 17 15.5 15 2.2 2
Transportation 0.0 0.0 0 0.0 0 0.0 0
Utilities 3.9 4.0 5 2.3 3 1.6 2
Total 7.2 6.4 130 5.6 102 1.6 28
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

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Appendix: Issuer Lists

Table 3

Weakest links
As of Apr. 30, 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 API Holdings III Corp. CCC+ Negative U.S. U.S.
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 Forming Machining Industries Holdings LLC, CCC Negative U.S. U.S.
Aerospace and defense HDT HoldCo Inc., CCC+ 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
Automotive Commercial Vehicle Group Inc. B- Negative U.S. U.S.
Automotive Standard Profil Automotive GmbH CCC- Negative Germany Europe
Automotive Burgess Point Purchaser Corp. B- Negative U.S. U.S.
Automotive McLaren Group Ltd. CCC Negative U.K. Europe
Capital goods TJC Spartech Acquisition Corp. CCC- Negative U.S. U.S.
Capital goods ASP Unifrax Holdings Inc., CCC+ Negative U.S. U.S.
Capital goods Arvos HoldCo S.a.r.l. B- Negative Germany Europe
Capital goods Sensience Inc. CCC Negative U.S. U.S.
Capital goods Fortna Group Inc., B- Negative U.S. U.S.
Capital goods OT Merger Corp. CCC+ Negative U.S. U.S.
Capital goods Peacock Intermediate Holding II, L.P. CCC+ Negative U.S. U.S.
Capital goods Congruex Group LLC CCC+ Negative U.S. U.S.
Consumer products Atlas CC Holding LLC CCC+ Negative U.S. U.S.
Consumer products Blue Ribbon LLC, CCC+ Negative U.S. U.S.
Consumer products Kronos Acquisition Holdings Inc. B- Negative New U.S. U.S.
Consumer products MHP SE CCC Negative Ukraine Eastern Europe/Middle East/Africa
Consumer products Spin Holdco Inc. CCC+ Negative U.S. U.S.
Consumer products Aramsco Inc., B- Negative U.S. U.S.
Consumer products CoolSys Inc., CCC+ Negative U.S. U.S.
Consumer products Fender Musical Instruments Corp. B- Negative U.S. U.S.
Consumer products KAMC Holdings Inc., B- Negative U.S. U.S.
Consumer products P&L Development Holdings LLC, CCC+ Negative U.S. U.S.
Consumer products Anastasia Holdings LLC, CCC- Negative U.S. U.S.
Consumer products Covetrus Inc., B- 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 Flamingo II Lux GP S.a.r.l. B- Negative Luxembourg Europe
Consumer products Mars Intermediate Ltd. B- Negative U.S. U.S.
Consumer products Signal Parent Inc., B- Negative U.S. U.S.
Consumer products Thrasio Holdings Inc., CCC Negative U.S. U.S.
Consumer products Transcom TopCo AB B- Negative New Sweden Europe
Consumer products Kernel Holding S.A. CCC Negative Ukraine Eastern Europe/Middle East/Africa
Consumer products Naked Juice LLC CC Negative U.S. U.S.
Consumer products TMK Hawk Parent, Corp. CCC Negative U.S. U.S.
Consumer products Victoria PLC B- Negative U.K. Europe
Consumer products 8th Avenue Food & Provisions Inc., CCC Negative U.S. U.S.
Consumer products LG Parent Holdco Inc. B- Negative New U.S. U.S.
Consumer products Oriflame Investment Holding Plc CC Negative Jersey Europe
Consumer products WW International Inc., CCC- Negative U.S. U.S.
Consumer products YS Garments LLC CCC Negative U.S. U.S.
Consumer products KNS Holdco LLC CCC+ Negative U.S. U.S.
Consumer products Del Monte Foods Inc., CCC Negative U.S. U.S.
Consumer products Mad Engine Global LLC CCC+ Negative U.S. U.S.
Consumer products SWF Holdings I Corp. CCC+ Negative U.S. U.S.
Consumer products Woof Intermediate Inc., CCC Negative U.S. U.S.
Consumer products Wrench Group LLC, B- Negative U.S. U.S.
Chemicals, packaging and environmental services Advancion Holdings LLC, B- Negative U.S. U.S.
Chemicals, packaging and environmental services Calumet Inc., CCC+ Negative U.S. U.S.
Chemicals, packaging and environmental services LABL Inc. B- Negative New U.S. U.S.
Chemicals, packaging and environmental services Nitrogenmuvek Zrt. CCC- Negative Hungary Eastern Europe/Middle East/Africa
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 PECF USS Intermediate Holding III Corp. CCC+ Negative U.S. U.S.
Chemicals, packaging and environmental services Rohm HoldCo II GmbH B- Negative Germany Europe
Chemicals, packaging and environmental services Vantage Specialty Chemicals 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 GPD Cos. Parent Inc. B- Watch Neg U.S. U.S.
Chemicals, packaging and environmental services PLZ Corp. B- Watch Neg 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 Kloeckner Pentaplast of America Inc. CCC- Negative New U.S. U.S.
Chemicals, packaging and environmental services Trident TPI Holdings Inc., B- Negative U.S. U.S.
Chemicals, packaging and environmental services Flexsys Holdings Inc. CCC+ Negative U.S. U.S.
Chemicals, packaging and environmental services Kleopatra Finco S.A R.L. CCC- Negative New Luxembourg Europe
Chemicals, packaging and environmental services Lune S.a.r.l CCC Negative France Europe
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 Anchor Glass Container Corp. CCC+ Negative U.S. U.S.
Chemicals, packaging and environmental services ARD Finance S.A. CC Negative Luxembourg Europe
Chemicals, packaging and environmental services FXI Holdings 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 Tosca Services LLC CCC+ Negative U.S. U.S.
Financial institutions Ecobank Nigeria Ltd. CCC Negative Nigeria Eastern Europe/Middle East/Africa
Financial institutions Innovate Corp. CCC Negative U.S. U.S.
Financial institutions Cooperativa de Ahorro y Credito Fucerep CCC+ Negative Uruguay Latin America
Financial institutions Axactor ASA B- Negative Norway Europe
Financial institutions Claros Mortgage Trust Inc., CCC+ Negative U.S. U.S.
Financial institutions Garfunkelux Holdco 2 S.A. CC Negative Luxembourg Europe
Financial institutions PODS LLC B- Negative U.S. U.S.
Financial institutions Avison Young (Canada) Inc. CCC Negative Canada Canada
Forest products and building materials ACProducts Inc., CCC+ 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 CP Atlas Buyer Inc., 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 Pixelle Specialty Solutions LLC CCC Negative U.S. U.S.
Health care Colisee Group SAS CCC- Negative France Europe
Health care Medical Depot Holdings Inc., CCC+ Negative U.S. U.S.
Health care Gainwell Holding Corp. CCC+ Negative U.S. U.S.
Health care Bausch Health Cos. Inc. B- Negative Canada Canada
Health care Carestream Health Inc. B- Negative U.S. U.S.
Health care Premier Dental Services Inc. CCC Negative U.S. U.S.
Health care ASP NAPA Intermediate Holdings LLC, B- 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 Quincy Health LLC, CCC Negative New U.S. U.S.
Health care ModivCare Inc. 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 Ingenovis Health Inc., CCC+ Negative U.S. U.S.
Health care BW Homecare Holdings LLC CCC Negative U.S. U.S.
Health care HealthChannels Intermediate HoldCo LLC, CCC- Negative U.S. U.S.
Health care Knight Health Holdings LLC CCC+ Negative U.S. U.S.
Health care Symplr Software Intermediate Holdings Inc., CCC+ Negative U.S. U.S.
Health care Aegis Toxicology Sciences Corp. CCC- Negative U.S. U.S.
Health care Bayou Topco Inc., B- Negative U.S. U.S.
High technology Tegra118 Wealth Solutions Inc. CCC+ Negative U.S. U.S.
High technology Barracuda Networks Inc., B- Negative U.S. U.S.
High technology Cascade Parent Ltd. B- Negative U.K. 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 Optiv Inc., CCC+ Negative U.S. U.S.
High technology Sharp Corp. B- Negative Japan Asia/Pacific
High technology MYOB Group Co. Pty Ltd. B- Negative Australia Asia/Pacific
High technology Quest Software US Holdings Inc. CCC- Negative U.S. U.S.
High technology Rackspace Technology Global Inc., B- 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 Ivanti Software Inc., CCC+ Negative U.S. U.S.
High technology Newfold Digital Holdings Group Inc., CCC+ Watch Neg U.S. U.S.
High technology Astra Acquisition Corp. CCC Negative U.S. U.S.
High technology Centurion Newco S.p.A. B- Negative Italy Europe
High technology Dedalus Healthcare Systems Group S.p.A. B- Negative Italy Europe
High technology Poseidon BidCo S.A.S. B- Negative France Europe
High technology Project Leopard Holdings 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 Foundational Education Group Inc., B- Negative U.S. U.S.
Homebuilders/real estate companies Diversified Healthcare Trust CCC+ Negative U.S. U.S.
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 Marera Investment Group Ltd. CCC+ Negative Cyprus Europe
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 Branicks Group AG CCC Negative Germany Europe
Homebuilders/real estate companies Office Properties Income Trust CC Negative U.S. U.S.
Media and entertainment AMC Entertainment Holdings Inc. CCC+ Negative U.S. U.S.
Media and entertainment EmployBridge Holding Co. CCC+ Negative U.S. U.S.
Media and entertainment Hubbard Radio LLC, CCC+ Negative U.S. U.S.
Media and entertainment Screenvision LLC, CCC- Negative U.S. U.S.
Media and entertainment Allen Media LLC, CCC+ Negative U.S. U.S.
Media and entertainment Centerfield Media Parent Inc., CCC+ Negative U.S. U.S.
Media and entertainment Peak Jersey Holdco Ltd. CCC+ Negative Jersey Europe
Media and entertainment Skillz Inc. CCC+ Negative U.S. U.S.
Media and entertainment Stan Holding SAS B- Negative France Europe
Media and entertainment Corus Entertainment Inc. CCC- Negative Canada Canada
Media and entertainment Cumulus Media Inc. CCC+ Negative U.S. U.S.
Media and entertainment Lereta LLC, CCC+ Negative U.S. U.S.
Media and entertainment Castle Intermediate Holding V Ltd. CCC- Negative U.K. Europe
Media and entertainment Urban One Inc., CCC+ Negative U.S. U.S.
Media and entertainment CoreLogic Inc. B- Negative U.S. U.S.
Media and entertainment Double Eagle Buyer Inc., B- Negative U.S. U.S.
Media and entertainment Duff & Phelps Holdings Corp. B- Negative U.S. U.S.
Media and entertainment E.W. Scripps Co. (The) CCC+ Negative U.S. U.S.
Media and entertainment Maverick Gaming LLC CCC Negative U.S. U.S.
Media and entertainment iHeartMedia Inc. 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 Mashantucket (Western) Pequot Tribe CCC Negative U.S. U.S.
Media and entertainment Sprint MidCo BV CCC Negative Netherlands Europe
Metals, mining, and steel Metinvest B.V. CCC+ Negative Netherlands Europe
Metals, mining, and steel ASCE GROUP Open Joint-Stock Co. B- Negative Armenia Eastern Europe/Middle East/Africa
Metals, mining, and steel Conuma Resources Ltd. CCC+ Negative New Canada Canada
Metals, mining, and steel GrafTech International Ltd. CCC+ Negative U.S. U.S.
Metals, mining, and steel Petra Diamonds Ltd. B- Negative Bermuda U.S.
Metals, mining, and steel American Rock Salt Co. LLC CCC+ Negative U.S. U.S.
Metals, mining, and steel Ferrexpo PLC CCC Negative U.K. Europe
Metals, mining, and steel Mountain Province Diamonds Inc. CCC Negative New Canada Canada
Metals, mining, and steel Baffinland Iron Mines Corp. CCC Negative Canada Canada
Oil and gas Tullow Oil PLC CCC+ Negative U.K. Europe
Oil and gas Interpipe Holdings Plc CCC Negative Cyprus Europe
Oil and gas Ferrellgas Partners L.P. CCC+ Negative New U.S. U.S.
Retail/restaurants Guitar Center Inc. CCC Negative U.S. U.S.
Retail/restaurants Mountaineer Merger Corp. CCC+ Negative U.S. U.S.
Retail/restaurants HSE Finance S.a.r.l. CCC Negative Luxembourg Europe
Retail/restaurants Empire Today LLC CCC+ Negative U.S. U.S.
Retail/restaurants Fossil Group Inc., CCC Negative U.S. U.S.
Retail/restaurants GPS Hospitality Holding Co. LLC CCC+ Negative U.S. U.S.
Retail/restaurants Burger BossCo Intermediate Inc., CCC+ Negative U.S. U.S.
Retail/restaurants Sotheby's B- Negative U.S. U.S.
Retail/restaurants At Home Group Inc. CCC Negative U.S. U.S.
Retail/restaurants CEC Entertainment LLC, B- Watch Neg U.S. U.S.
Retail/restaurants Michaels Cos. Inc., (The) B- Watch Neg New U.S. U.S.
Retail/restaurants PAI Holdco Inc., CCC+ Negative U.S. U.S.
Telecommunications Consolidated Communications Holdings Inc. B- Negative U.S. U.S.
Telecommunications Mavenir Private Holdings II Ltd. CCC- Negative U.K. Europe
Telecommunications PrJSC VF Ukraine CCC+ Negative Ukraine Eastern Europe/Middle East/Africa
Telecommunications Radiate Holdco LLC, CCC Negative U.S. U.S.
Telecommunications Altice France Holding S.A. CC Negative Luxembourg Europe
Telecommunications Altice International S.a.r.l. CCC+ Negative Luxembourg Europe
Telecommunications EchoStar Corp. CCC+ Negative U.S. U.S.
Telecommunications ORBCOMM Inc. B- Negative U.S. U.S.
Telecommunications Tele Columbus AG CCC+ Negative Germany Europe
Telecommunications Altice USA Inc., CCC+ Negative U.S. U.S.
Telecommunications Aventiv Technologies LLC, CCC Negative U.S. U.S.
Telecommunications Telesat Canada CCC+ Negative Canada Canada
Telecommunications U.S. TelePacific Holdings Corp. CCC Negative U.S. U.S.
Telecommunications Oi S.A. CCC Negative Brazil Latin America
Telecommunications WideOpenWest Finance LLC B- Negative U.S. U.S.
Telecommunications Connect Holding II LLC CCC+ Negative U.S. U.S.
Telecommunications Speedcast Holdings III LLC B- Negative U.S. U.S.
Transportation LaserShip Inc., CCC+ Negative U.S. U.S.
Transportation Neovia Logistics, LP CCC+ Negative U.S. U.S.
Transportation Reception Purchaser LLC, CCC+ Negative U.S. U.S.
Transportation Investimentos e Participacoes em Infraestrutura S.A. - Invepar CCC Watch Neg Brazil Latin America
Transportation ENC Parent Corp. B- Negative U.S. U.S.
Transportation Ukrainian Railways JSC CCC- Negative Ukraine Eastern Europe/Middle East/Africa
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 Apr. 30, 2025
Sector Company Issuer ratings are for a related entity Issue count (no.) Outstanding amount (mil. $) Rating Outlook/CreditWatch
Automotive RealTruck Group Inc. RealTruck Inc., 1 600 B- Stable
Automotive Cooper-Standard Automotive Inc. Cooper-Standard Holdings Inc., 2 400 CCC+ Positive
Capital goods DexKo Global Inc. 1 665 B- Stable
Capital goods ASP Unifrax Holdings Inc. 2 845 CCC+ Negative
Capital goods Alta Equipment Group Inc. 1 500 B Stable
Capital goods OT Merger Corp. 1 300 CCC+ Negative
Chemicals, packaging and environmental services LABL Inc. 3 1,450 B- Negative
Chemicals, packaging and environmental services Schenectady International Group Inc. SK Mohawk Holdings SARL, 1 300 CCC+ 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
Chemicals, packaging and environmental services FXI Holdings Inc. 2 1,232 CCC+ Negative
Chemicals, packaging and environmental services Mauser Packaging Solutions Holding Co. 1 1,343 B Stable
Consumer products WW International Inc. 1 500 CCC- Negative
Consumer products Kronos Acquisition Holdings Inc. 1 450 B- Negative
Consumer products CD&R Smokey Buyer Inc. 1 775 B Stable
Financial institutions LD Holdings Group LLC 1 600 CCC+ Stable
Financial institutions Hertz Corp. (The) 2 1,500 B Negative
Forest products and building materials Cornerstone Building Brands Inc. 2 1,029 B Negative
Forest products and building materials Victors Intermediate Holding II Corp. Cabinetworks Group Inc., 1 550 CCC+ Negative
Health care ModivCare Inc. 2 530 CCC+ Negative
Health care Emergent BioSolutions Inc. 1 450 B- Stable
High technology Xerox Corp. 3 1,000 B+ Negative
High technology Pitney Bowes Inc. 1 375 B+ Stable
High technology Newfold Digital Holdings Group Inc., 2 1,185 CCC+ CW Neg
High technology Rackspace Technology Global Inc. 2 169 B- Negative
High technology CommScope LLC, 1 867 CCC+ Stable
High technology Xerox Holdings Corp. 2 1,250 B+ Negative
Homebuilders/real estate companies Office Properties Income Trust 6 1,498 CC Negative
Homebuilders/real estate companies Hudson Pacific Properties L.P. Hudson Pacific Properties Inc., 1 500 BB- Negative
Homebuilders/real estate companies Diversified Healthcare Trust 2 600 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 Staples Inc. 3 3,225 B- Stable
Media and entertainment AMC Entertainment Holdings Inc. 3 1,117 CCC+ Negative
Media and entertainment Clear Channel Outdoor Holdings Inc. 1 1,000 CCC+ Stable
Media and entertainment Urban One Inc. 1 600 CCC+ Negative
Media and entertainment Sinclair Television Group Inc. 1 485 B- Stable
Media and entertainment Bally's Corp. 2 1485 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 Allen Media LLC 1 640 CCC+ Negative
Media and entertainment Gray Media Inc., 2 1,925 B- Stable
Media and entertainment iHeartCommunications Inc. 8 2,632 CCC+ Negative
Media and entertainment R.R. Donnelley & Sons Co. 1 73 B Negative
Media and entertainment E.W. Scripps Co. (The) 2 818 CCC+ Negative
Media and entertainment Castle US Holding Corp. Castle Intermediate Holding V Ltd. 1 300 CCC- Negative
Media and entertainment CMG Media Corp. 1 32 B- Stable
Metals, mining, and steel GrafTech Global Enterprise Inc. GrafTech International Ltd. 1 446 CCC+ Negative
Oil and gas Kosmos Energy Ltd. 1 400 B Stable
Oil and gas Vital Energy Inc. 1 302 B Positive
Oil and gas Gran Tierra Energy Inc. 2 601 B Positive
Oil and gas Nine Energy Service Inc. 1 300 CCC+ Stable
Oil and gas Nabors Industries Inc. 1 550 B- Stable
Oil and gas W&T Offshore Inc. 1 350 B- Stable
Retail/restaurants Michaels Cos. Inc. (The) 2 2,150 B- CW Neg
Retail/restaurants At Home Group Inc. 3 802 CCC Negative
Retail/restaurants Kohl's Corp. 2 213 BB- Negative
Retail/restaurants QVC Inc. 6 2,009 CCC+ Stable
Retail/restaurants GPS Hospitality Holding Co. LLC 1 400 CCC+ Negative
Retail/restaurants Liberty Interactive LLC 4 1,253 CCC+ Stable
Retail/restaurants Saks Global Enterprises LLC 1 2,200 CCC+ Stable
Telecommunications CSC Holdings LLC 5 7,371 CCC+ Negative
Telecommunications Hughes Satellite Systems Corp. 1 750 CCC+ Negative
Telecommunications Qwest Corp. Lumen Technologies Inc., 2 1,425 B- Stable
Telecommunications Zayo Group Holdings Inc. 1 1,080 B- Stable
Telecommunications United States Cellular Corp. 3 1,500 BB CW Dev
Telecommunications DISH DBS Corp. 3 4,499 CCC+ Negative
Telecommunications Radiate Holdco LLC 1 1,000 CCC Negative
Telecommunications Embarq Corp. Connect Holding II LLC 1 1,437 CCC+ Negative
Utilities Calumet Specialty Products Partners L.P. Calumet Inc., 2 425 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
2/20/2025 Capri Holdings Ltd. BB BBB- Retail/restaurants British Virgin Islands
2/28/2025 Viatris Inc. BB+ BBB- Health care U.S.
3/11/2025 Citycon Oyj BB+ BBB- Homebuilders/real estate companies Finland
3/13/2025 Eesti Energia AS BB+ BBB- Utilities Estonia
4/21/2025 Huntsman Corp. BB+ BBB- Chemicals, packaging, and environmental services U.S.
Data as of April 30, 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 and entertainment 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 and entertainment 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
3/24/2025 Nexi SpA BBB- BB+ Financial institutions Italy
Data as of April 30, 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 Apr. 30, 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.
Capital goods KION Group AG Negative Germany
Capital goods Leggett & Platt 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 Orbia Advance Corp. S.A.B. de C.V Negative Mexico
Consumer products Barry Callebaut AG Negative New Switzerland
Consumer products Whirlpool Corp. Negative U.S.
High technology Worldline SA 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 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 Emirate of Sharjah Negative U.A.E.
Sovereign Hungary Negative New 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
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 Apr. 30, 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 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.
Forest products and building materials Louisiana-Pacific Corp. Positive U.S.
High technology MercadoLibre Inc. 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.
Oil and gas Vallourec Positive France
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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