Default, Transition, and Recovery: Corporate Defaults In May Reach Highest Level Since October 2020
Jun 18, 2025 -… LLC U.S. Consumer products SD B- Missed payments 1/16/2025 Blue Ribbon LLC U.S. ...Downgraded To 'SD', Term Loan B To 'D' On Deferred Cash Interest Payment , May 12, 2025 Castle Intermediate Holding V Ltd. …
Real Estate Monitor: Slower Growth And Cost Pressure Could Drive Higher Negative Rating Bias
Jun 17, 2025 -… We recently lowered the rating on Oscar AcquisitionCo LLC to 'B-' from 'B' with a stable outlook. We also revised the outlook on BlueLinx Holdings Inc. ...(BBB/Stable/--), Five Point Holdings LLC (B/Stable/--), and Brookfield Residential Properties ULC (B+/Stable/--). ...(B/Stable/--) and LGI Homes Inc. (B+/Negative/--) both due to weaker-than-expected earnings. …
Navigating Tariffs' Credit Implications Across Asset Classes
Jun 17, 2025 -… A high proportion of the affected issuers are rated 'B' or below. Chart 2 We publish a biweekly newsletter (see " Global Tariff Tracker ") that tracks rating actions we have taken globally on nonfinancial and financial corporate, sovereign, U.S. public finance, international public finance, and structured finance entities, and provides summary tables and supporting charts. ...Exports , Feb. 27, 2025 Primary Contacts: Pierre Georges, Paris 33-14-420-6735; pierre.georges@spglobal.com Gregg Lemos-Stein, CFA, New York 212438-1809; gregg.lemos-stein@spglobal.com Nora G Wittstruck, New York 212-438-8589; nora.wittstruck@spglobal.com Secondary Contacts: Xavier Jean, Singapore 65-6239-6346; xavier.jean@spglobal.com Simon Ashworth, London 44-20-7176-7243; simon.ashworth@spglobal.com Matthew B Albrecht, CFA, Englewood 1-303-721-4670; matthew.albrecht@spglobal.com Vera Chaplin, Melbourne 61-3-9631-2058; vera.chaplin@spglobal.com Cian Chandler, London 44-20-7176-3752; ChandlerC@spglobal.com Pablo F Lutereau, Madrid 34-914-233204; pablo.lutereau@spglobal.com No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). …
Sustainability Insights: Reducing U.S. Drug Prices Will Likely Pressure Pharmaceuticals’ Credit Quality
Jun 17, 2025 -… In the previous Trump presidency, the administration tried to use HHS’ authority to test MFN pricing on 50 Medicare Part B drugs. However, this approach was met with opposition from the pharmaceutical industry and blocked by courts. ...W., Biostatistics, April 2019 Primary Contacts: Tulip Lim, New York 1-212-438-4061; tulip.lim@spglobal.com Tulip Lim, New York 1-212-438-4061; tulip.lim@spglobal.com Additional Contacts: Bruce Thomson, New York 1-2124387419; bruce.thomson@spglobal.com Bruce Thomson, New York 1-2124387419; bruce.thomson@spglobal.com Secondary Contacts: David A Kaplan, CFA, New York 1-212-438-5649; david.a.kaplan@spglobal.com Nicolas Baudouin, Paris 33-14-420-6672; nicolas.baudouin@spglobal.com Arthur C Wong, Toronto 1-416-507-2561; arthur.wong@spglobal.com James Sung, New York 1-212-438-2115; james.sung@spglobal.com David A Kaplan, CFA, New York 1-212-438-5649; david.a.kaplan@spglobal.com Nicolas Baudouin, Paris 33-14-420-6672; nicolas.baudouin@spglobal.com Arthur C Wong, Toronto 1-416-507-2561; arthur.wong@spglobal.com James Sung, New York 1-212-438-2115; james.sung@spglobal.com Contributors: David Brodskiy, New York ; david.brodskiy@spglobal.com David Brodskiy, New York ; david.brodskiy@spglobal.com Research Contributors: Pratik B Shastri, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Pune ; Pratik B Shastri, Pune ; No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). …
Global Tariff Tracker: Rating Actions As Of June 13, 2025
Jun 17, 2025 -… Negative outlook revision Stable Negative B B Corporate Consumer products U.S. North America 4/15/2025 CB Poly Investments LLC Negative outlook revision Stable Negative B B Corporate Consumer products U.S. ...Negative outlook revision Stable Negative B B Corporate Consumer products U.S. North America 5/9/2025 RLG Holdings LLC Negative outlook revision Stable Negative B- B- Corporate Chemicals, packaging, and environmental services U.S. ...Negative outlook revision Stable Negative B- B- Corporate Consumer products U.S. North America 5/14/2025 Lakeshore Learning Materials LLC Downgrade and negative outlook revision Stable Negative B- B Corporate Consumer products U.S. …
Israel-Iran Escalation Stresses Geopolitical Risk Scenarios For Regional Sovereigns And Banks
Jun 16, 2025 -… Table 2 Regional sovereign credit considerations Rating Key sovereign credit considerations Key physical asset vulnerabilities (Source: S&P Global Market Intelligence) 2025F Net GG debt/GDP* 2025F Net external debt* 2025F External financing needs* Iraq B-/Stable/B Most of Iraq's oil is exported via the southern port of Basra, which then passes through the Strait of Hormuz. ...U.S. military Bases 38 -75 50 Egypt B-/Stable/B Egypt is a net energy importer, including from Israel, and increases to its oil or gas bill--or disruption of its supply--could have an impact on fiscal and external metrics. ...Commercial shipping (Suez Canal) 72 111 150 Bahrain B+/Negative/B In comparison the the rest of the GCC, Bahrain's oil production is small and its economic base relatively diversified. …
Private Capital Funds: Global Regulatory Push Could Catch Problems Before They Happen
Jun 16, 2025 -… Primary Contacts: Gavin J Gunning, Melbourne 61-3-9631-2092; gavin.gunning@spglobal.com Lisa Barrett, Melbourne 61-3-9631-2081; lisa.barrett@spglobal.com Thierry Grunspan, Columbia 1-212-438-1441; thierry.grunspan@spglobal.com Philippe Raposo, Paris 33-14-420-7377; philippe.raposo@spglobal.com Nicolas Charnay, Paris 33623748591; nicolas.charnay@spglobal.com Matthew B Albrecht, CFA, Englewood 1-303-721-4670; matthew.albrecht@spglobal.com Secondary Contacts: Daehyun Kim, CFA, Hong Kong 852-2533-3508; daehyun.kim@spglobal.com Kensuke Sugihara, Tokyo 81-3-4572-6202; kensuke.sugihara@spglobal.com Ivan Tan, Singapore 65-6239-6335; ivan.tan@spglobal.com HongTaik Chung, CFA, Hong Kong 852-2533-3597; hongtaik.chung@spglobal.com Osman Sattar, FCA, London 44-20-7176-7198; osman.sattar@spglobal.com William Edwards, London 44-20-7176-3359; william.edwards@spglobal.com Research Contributor: Priyal Shah, CFA, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai ; No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). …
This Week In Credit: Negative Rating Actions Ease, But Risks Remain (June 16, 2025)
Jun 16, 2025 -… While just over half of upgrades were to investment-grade issuers, downgrades remained concentrated on the speculative-grade level, with nine downgrades to ‘B+’ and below. There were three new risky credits (issuers in the ‘CCC’ category), all based in the U.S. and two from the consumer products sector. …
Instant Insights: Key Takeaways From Our Research
Jun 13, 2025 -… Refinancing risk among 'B-' and below rated issuers is most pronounced in the media and entertainment, telecommunications, and high tech sectors, which together face over $60 billion in debt maturing through 2026. …
Credit FAQ: How We Would Rate A Project Finance CLO In Asia-Pacific
Jun 13, 2025 -… About 26.0% of the total assets comprise 'B-' rated companies, and 5.3% are in the 'CCC' range. ...About 73.4% of total assets comprise 'B-' rated companies, and 13.9% are in the 'CCC' range. ...Emerging markets, which are mostly classified as group B and C, benefited from a higher increase in recovery rates for project loans under the RFC. …
Default, Transition, and Recovery: Corporate Defaults In May Reach Highest Level Since October 2020
Jun 18, 2025 -… LLC U.S. Consumer products SD B- Missed payments 1/16/2025 Blue Ribbon LLC U.S. ...Downgraded To 'SD', Term Loan B To 'D' On Deferred Cash Interest Payment , May 12, 2025 Castle Intermediate Holding V Ltd. …
Real Estate Monitor: Slower Growth And Cost Pressure Could Drive Higher Negative Rating Bias
Jun 17, 2025 -… We recently lowered the rating on Oscar AcquisitionCo LLC to 'B-' from 'B' with a stable outlook. We also revised the outlook on BlueLinx Holdings Inc. ...(BBB/Stable/--), Five Point Holdings LLC (B/Stable/--), and Brookfield Residential Properties ULC (B+/Stable/--). ...(B/Stable/--) and LGI Homes Inc. (B+/Negative/--) both due to weaker-than-expected earnings. …
Navigating Tariffs' Credit Implications Across Asset Classes
Jun 17, 2025 -… A high proportion of the affected issuers are rated 'B' or below. Chart 2 We publish a biweekly newsletter (see " Global Tariff Tracker ") that tracks rating actions we have taken globally on nonfinancial and financial corporate, sovereign, U.S. public finance, international public finance, and structured finance entities, and provides summary tables and supporting charts. ...Exports , Feb. 27, 2025 Primary Contacts: Pierre Georges, Paris 33-14-420-6735; pierre.georges@spglobal.com Gregg Lemos-Stein, CFA, New York 212438-1809; gregg.lemos-stein@spglobal.com Nora G Wittstruck, New York 212-438-8589; nora.wittstruck@spglobal.com Secondary Contacts: Xavier Jean, Singapore 65-6239-6346; xavier.jean@spglobal.com Simon Ashworth, London 44-20-7176-7243; simon.ashworth@spglobal.com Matthew B Albrecht, CFA, Englewood 1-303-721-4670; matthew.albrecht@spglobal.com Vera Chaplin, Melbourne 61-3-9631-2058; vera.chaplin@spglobal.com Cian Chandler, London 44-20-7176-3752; ChandlerC@spglobal.com Pablo F Lutereau, Madrid 34-914-233204; pablo.lutereau@spglobal.com No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). …
Sustainability Insights: Reducing U.S. Drug Prices Will Likely Pressure Pharmaceuticals’ Credit Quality
Jun 17, 2025 -… In the previous Trump presidency, the administration tried to use HHS’ authority to test MFN pricing on 50 Medicare Part B drugs. However, this approach was met with opposition from the pharmaceutical industry and blocked by courts. ...W., Biostatistics, April 2019 Primary Contacts: Tulip Lim, New York 1-212-438-4061; tulip.lim@spglobal.com Tulip Lim, New York 1-212-438-4061; tulip.lim@spglobal.com Additional Contacts: Bruce Thomson, New York 1-2124387419; bruce.thomson@spglobal.com Bruce Thomson, New York 1-2124387419; bruce.thomson@spglobal.com Secondary Contacts: David A Kaplan, CFA, New York 1-212-438-5649; david.a.kaplan@spglobal.com Nicolas Baudouin, Paris 33-14-420-6672; nicolas.baudouin@spglobal.com Arthur C Wong, Toronto 1-416-507-2561; arthur.wong@spglobal.com James Sung, New York 1-212-438-2115; james.sung@spglobal.com David A Kaplan, CFA, New York 1-212-438-5649; david.a.kaplan@spglobal.com Nicolas Baudouin, Paris 33-14-420-6672; nicolas.baudouin@spglobal.com Arthur C Wong, Toronto 1-416-507-2561; arthur.wong@spglobal.com James Sung, New York 1-212-438-2115; james.sung@spglobal.com Contributors: David Brodskiy, New York ; david.brodskiy@spglobal.com David Brodskiy, New York ; david.brodskiy@spglobal.com Research Contributors: Pratik B Shastri, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Pune ; Pratik B Shastri, Pune ; No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). …
Global Tariff Tracker: Rating Actions As Of June 13, 2025
Jun 17, 2025 -… Negative outlook revision Stable Negative B B Corporate Consumer products U.S. North America 4/15/2025 CB Poly Investments LLC Negative outlook revision Stable Negative B B Corporate Consumer products U.S. ...Negative outlook revision Stable Negative B B Corporate Consumer products U.S. North America 5/9/2025 RLG Holdings LLC Negative outlook revision Stable Negative B- B- Corporate Chemicals, packaging, and environmental services U.S. ...Negative outlook revision Stable Negative B- B- Corporate Consumer products U.S. North America 5/14/2025 Lakeshore Learning Materials LLC Downgrade and negative outlook revision Stable Negative B- B Corporate Consumer products U.S. …
Israel-Iran Escalation Stresses Geopolitical Risk Scenarios For Regional Sovereigns And Banks
Jun 16, 2025 -… Table 2 Regional sovereign credit considerations Rating Key sovereign credit considerations Key physical asset vulnerabilities (Source: S&P Global Market Intelligence) 2025F Net GG debt/GDP* 2025F Net external debt* 2025F External financing needs* Iraq B-/Stable/B Most of Iraq's oil is exported via the southern port of Basra, which then passes through the Strait of Hormuz. ...U.S. military Bases 38 -75 50 Egypt B-/Stable/B Egypt is a net energy importer, including from Israel, and increases to its oil or gas bill--or disruption of its supply--could have an impact on fiscal and external metrics. ...Commercial shipping (Suez Canal) 72 111 150 Bahrain B+/Negative/B In comparison the the rest of the GCC, Bahrain's oil production is small and its economic base relatively diversified. …
Private Capital Funds: Global Regulatory Push Could Catch Problems Before They Happen
Jun 16, 2025 -… Primary Contacts: Gavin J Gunning, Melbourne 61-3-9631-2092; gavin.gunning@spglobal.com Lisa Barrett, Melbourne 61-3-9631-2081; lisa.barrett@spglobal.com Thierry Grunspan, Columbia 1-212-438-1441; thierry.grunspan@spglobal.com Philippe Raposo, Paris 33-14-420-7377; philippe.raposo@spglobal.com Nicolas Charnay, Paris 33623748591; nicolas.charnay@spglobal.com Matthew B Albrecht, CFA, Englewood 1-303-721-4670; matthew.albrecht@spglobal.com Secondary Contacts: Daehyun Kim, CFA, Hong Kong 852-2533-3508; daehyun.kim@spglobal.com Kensuke Sugihara, Tokyo 81-3-4572-6202; kensuke.sugihara@spglobal.com Ivan Tan, Singapore 65-6239-6335; ivan.tan@spglobal.com HongTaik Chung, CFA, Hong Kong 852-2533-3597; hongtaik.chung@spglobal.com Osman Sattar, FCA, London 44-20-7176-7198; osman.sattar@spglobal.com William Edwards, London 44-20-7176-3359; william.edwards@spglobal.com Research Contributor: Priyal Shah, CFA, CRISIL Global Analytical Center, an S&P Global Ratings affiliate, Mumbai ; No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). …
This Week In Credit: Negative Rating Actions Ease, But Risks Remain (June 16, 2025)
Jun 16, 2025 -… While just over half of upgrades were to investment-grade issuers, downgrades remained concentrated on the speculative-grade level, with nine downgrades to ‘B+’ and below. There were three new risky credits (issuers in the ‘CCC’ category), all based in the U.S. and two from the consumer products sector. …
Instant Insights: Key Takeaways From Our Research
Jun 13, 2025 -… Refinancing risk among 'B-' and below rated issuers is most pronounced in the media and entertainment, telecommunications, and high tech sectors, which together face over $60 billion in debt maturing through 2026. …
Credit FAQ: How We Would Rate A Project Finance CLO In Asia-Pacific
Jun 13, 2025 -… About 26.0% of the total assets comprise 'B-' rated companies, and 5.3% are in the 'CCC' range. ...About 73.4% of total assets comprise 'B-' rated companies, and 13.9% are in the 'CCC' range. ...Emerging markets, which are mostly classified as group B and C, benefited from a higher increase in recovery rates for project loans under the RFC. …