Default, Transition, and Recovery: Corporate Defaults In May Reach Highest Level Since October 2020
Jun 18, 2025 -… Luxembourg-based telecom operator Altice France Holding S.A. U.S.-based a radio broadcaster and cable television operator Urban One Inc. ...Additionally, we downgraded Altice France Holding S.A. (the parent company to telecom operating company Altice France S.A.) in May to 'D' after it missed an interest payment, while affirming Altice France S.A. at 'CC', accounting for €1.7 billion in defaulted debt. ...(dba Gabe's) Downgraded To 'SD' From 'CCC+' On Missed Interest And Principal Payment , May 15, 2025 Standard Profil Automotive Downgraded To 'SD' On Completion Of Distressed Exchange; Secured Notes Downgraded To 'D' , May 15, 2025 Altice France Holding S.A. Downgraded To 'D' On Missed Debt Interest Payment, Altice France S.A. …
This Week In Credit: Negative Rating Actions Ease, But Risks Remain (June 16, 2025)
Jun 16, 2025 -… The largest default by debt volume last week was France-based telecommunications operator, Altice France S.A. …
Covered Bonds Brief: Bank And Sovereign Rating Actions Have Mixed Implications
Jun 12, 2025 -… The table shows the maximum achievable covered bond rating for programs in Portugal, Spain, Italy, and Greece, along with Belgium and France, in line with our rating above the sovereign criteria. Sovereigns and maximum achievable covered bond ratings Country Sovereign credit rating Maximum achievable mortgage covered bond rating Maximum achievable public sector covered bond rating* Next sovereign review France AA-/Negative AAA/Stable AA+/Negative Nov. 28, 2025 Belgium AA/Negative AAA/Stable AAA/Negative Oct. 24, 2025 Portugal A/Positive AAA/Stable§ N/A Aug. 29, 2025 Spain A/Stable AAA/Stable§ AA-/Stable Sept. 12, 2025 Italy BBB+/Stable AA/Stable§ N/A Oct. 10, 2025 Greece BBB/Stable AA-/Stable§ N/A Oct. 17, 2025 *Single jurisdiction cover pool. ...The outlook for southern European sovereigns remains stable, while both Belgium and France have negative outlooks. We may take further rating actions on covered bond programs exposed to these sovereigns, such as Belfius Bank and GE SCF, should sovereign creditworthiness deteriorate further. …
U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of June 6)
Jun 12, 2025 -… Capital markets B/Stable B+/Negative 1,251 to 1,500 2/28/2025 Altice France S.A. Diversified telecommunication services CC/Negative CCC/Developing Top 250 2/28/2025 Foley Products Co. …
Weekly European CLO Update
Jun 11, 2025 -… EUR515 mil fltg rate First lien Term B3 bank ln due 06/30/2029 84 229,563,243 BB-/Watch Neg BB-/Stable Yes May 16, 2025 Altice France Holding S.A. EUR1.4 bil 8.00% nts due 05/15/2027 2 3,015,000 D CC/Negative Yes May 16, 2025 Altice France Holding S.A. …
European CMBS Break Through The Refinance Wall
Jun 4, 2025 -… Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. The loan has been extended to November 2025, with a one-year extension option remaining. ...Table 4 European loan maturities Transaction Loan Maturity date Original balance (mil. €) Current balance (mil. €) Jurisdiction Property type Vacancy (%) Current property value (mil. €)* Original LTV ratio (%) Current LTV ratio (%) Debt Yield Refinance risk Bruegel 2021 DAC Senior May 15, 2025 220.15 197.51 The Netherlands Mixed use 5.82 340.65 55.7 57.5 12.9 Low Taurus 2019-4 FIN DAC Single Aug. 16, 2025 204.28 146.84 Finland Mixed use 7.51 215.0 62.5 68.2 11.7 Moderate Frost CMBS 2021-1 DAC New Cold Nov. 15, 2025 92.2 88.8 Germany & France Logistics 19.0* 138.36€ 61.3† 60.9† 8.9* Low Taurus 2021-3 DEU DAC The Squaire Dec. 20, 2025 539.98 515.31 Germany Mixed use 19.0 530.88 64.85 68.1 7.0 High *Market value. ...Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. The loan has been extended to November 2025, with a one-year extension option remaining. …
Banking Industry Country Risk Assessment Update: May 2025
May 30, 2025 -… Table 1 BICRAs by group and country (Group '1' to '10', from lowest to highest risk) Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Group 7 Group 8 Group 9 Group 10 Australia Chile Iceland Andorra Brazil Bahrain Albania Argentina Belarus Austria Czechia Israel Bermuda Brunei Georgia Armenia Bangladesh Egypt Belgium Denmark Italy Greece China Kazakhstan Azerbaijan Cambodia Iraq Canada France Kuwait Hungary Cyprus Jordan Bosnia and Herzegovina El Salvador Nigeria Finland Germany Malaysia India Colombia Morocco Costa Rica Kenya Tunisia Hong Kong Ireland New Zealand Macao Guatemala Paraguay Honduras Mongolia Ukraine Liechtenstein Japan Poland Malta Indonesia Thailand Jamaica Turkiye Luxembourg Korea Portugal Mexico Oman Kyrgyzstan Vietnam Norway Netherlands Saudi Arabia Panama South Africa Uzbekistan Singapore Spain Slovenia Peru Trinidad and Tobago Sweden U.K. ...Table 3 Government support assessment by region --Asia-Pacific-- --CEEMEA-- --Latin America and Caribbean-- --North America-- --Western Europe-- Country Government support assessment Country Government support assessment Country Government support assessment Country Government support assessment Country Government support assessment Australia Highly supportive Kuwait Highly supportive Brazil Supportive Bermuda Supportive Austria Uncertain Brunei Highly supportive Qatar Highly supportive Chile Supportive Canada Supportive Andorra Uncertain China Highly supportive Saudi Arabia Highly supportive Colombia Supportive United States of America Uncertain Belgium Uncertain India Highly supportive United Arab Emirates Highly supportive Guatemala Supportive Cyprus Uncertain Indonesia Highly supportive Israel Supportive Mexico Supportive Denmark Uncertain Japan Highly supportive Kazakhstan Supportive Peru Supportive Finland Uncertain Korea Highly supportive Morocco Supportive Trinidad and Tobago Supportive France Uncertain Malaysia Highly supportive Uzbekistan Supportive Uruguay Supportive Germany Uncertain Philippines Highly supportive Albania Uncertain Argentina Uncertain Greece Uncertain Singapore Highly supportive Armenia Uncertain Costa Rica Uncertain Iceland Uncertain Taiwan Highly supportive Azerbaijan Uncertain El Salvador Uncertain Ireland Uncertain Thailand Highly supportive Bahrain Uncertain Honduras Uncertain Italy Uncertain Vietnam Highly supportive Belarus Uncertain Jamaica Uncertain Liechtenstein Uncertain Hong Kong Supportive Bosnia and Herzegovina Uncertain Panama Uncertain Luxembourg Uncertain Macao Supportive Czech Republic Uncertain Paraguay Uncertain Malta Uncertain Mongolia Supportive Egypt Uncertain Netherlands Uncertain Bangladesh Uncertain Georgia Uncertain Norway Uncertain Cambodia Uncertain Hungary Uncertain Portugal Uncertain New Zealand Uncertain Iraq Uncertain Spain Uncertain Jordan Uncertain Sweden Uncertain Kenya Uncertain Switzerland Uncertain Kyrgyzstan Uncertain U.K. …
Credit Trends: This Month In Credit: 2025 Data Companion
May 29, 2025 -… Health care Colisee Group SAS CCC- Negative France Europe Health care Medical Depot Holdings Inc., CCC+ Negative U.S. ...Media and entertainment Stan Holding SAS B- Negative France Europe Media and entertainment Corus Entertainment Inc. ...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. …
Credit Trends: European Risky Credits: Signs Of Stability Amid Sectoral Strain
May 28, 2025 -… Chart 6 Overall, debt volumes as of April 30, 2025, remained highest in France, followed by the U.K. Altice France Holding S.A., a French telecommunications provider, continued to lead debt volumes with €20 billion. ...Dec. 19, 2024 Sirona Holdco Chemicals, packaging, and environmental services 931 CCC+ Stable Outlook France Nov. 25, 2024 Lune S.a.r.l. Chemicals, packaging, and environmental services 450 CCC Negative Outlook France Nov. 19, 2024 SK Mohawk Holdings S.a.r.l. ...Related Research Altice France Holding S.A. Downgraded To 'D' On Missed Debt Interest Payment, Altice France S.A. …
New Issue: Auto ABS French Leases 2025
May 28, 2025 -… CREDIPAR, which is fully owned by Banque Stellantis France (BBB+/Stable/A-2), provides financing solutions through loans or leases (excluding operational leases to professionals) to Stellantis dealers' French end customers. …
Default, Transition, and Recovery: Corporate Defaults In May Reach Highest Level Since October 2020
Jun 18, 2025 -… Luxembourg-based telecom operator Altice France Holding S.A. U.S.-based a radio broadcaster and cable television operator Urban One Inc. ...Additionally, we downgraded Altice France Holding S.A. (the parent company to telecom operating company Altice France S.A.) in May to 'D' after it missed an interest payment, while affirming Altice France S.A. at 'CC', accounting for €1.7 billion in defaulted debt. ...(dba Gabe's) Downgraded To 'SD' From 'CCC+' On Missed Interest And Principal Payment , May 15, 2025 Standard Profil Automotive Downgraded To 'SD' On Completion Of Distressed Exchange; Secured Notes Downgraded To 'D' , May 15, 2025 Altice France Holding S.A. Downgraded To 'D' On Missed Debt Interest Payment, Altice France S.A. …
This Week In Credit: Negative Rating Actions Ease, But Risks Remain (June 16, 2025)
Jun 16, 2025 -… The largest default by debt volume last week was France-based telecommunications operator, Altice France S.A. …
Covered Bonds Brief: Bank And Sovereign Rating Actions Have Mixed Implications
Jun 12, 2025 -… The table shows the maximum achievable covered bond rating for programs in Portugal, Spain, Italy, and Greece, along with Belgium and France, in line with our rating above the sovereign criteria. Sovereigns and maximum achievable covered bond ratings Country Sovereign credit rating Maximum achievable mortgage covered bond rating Maximum achievable public sector covered bond rating* Next sovereign review France AA-/Negative AAA/Stable AA+/Negative Nov. 28, 2025 Belgium AA/Negative AAA/Stable AAA/Negative Oct. 24, 2025 Portugal A/Positive AAA/Stable§ N/A Aug. 29, 2025 Spain A/Stable AAA/Stable§ AA-/Stable Sept. 12, 2025 Italy BBB+/Stable AA/Stable§ N/A Oct. 10, 2025 Greece BBB/Stable AA-/Stable§ N/A Oct. 17, 2025 *Single jurisdiction cover pool. ...The outlook for southern European sovereigns remains stable, while both Belgium and France have negative outlooks. We may take further rating actions on covered bond programs exposed to these sovereigns, such as Belfius Bank and GE SCF, should sovereign creditworthiness deteriorate further. …
U.S. BSL CLO Obligors: Corporate Rating Actions Tracker 2025 (As Of June 6)
Jun 12, 2025 -… Capital markets B/Stable B+/Negative 1,251 to 1,500 2/28/2025 Altice France S.A. Diversified telecommunication services CC/Negative CCC/Developing Top 250 2/28/2025 Foley Products Co. …
Weekly European CLO Update
Jun 11, 2025 -… EUR515 mil fltg rate First lien Term B3 bank ln due 06/30/2029 84 229,563,243 BB-/Watch Neg BB-/Stable Yes May 16, 2025 Altice France Holding S.A. EUR1.4 bil 8.00% nts due 05/15/2027 2 3,015,000 D CC/Negative Yes May 16, 2025 Altice France Holding S.A. …
European CMBS Break Through The Refinance Wall
Jun 4, 2025 -… Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. The loan has been extended to November 2025, with a one-year extension option remaining. ...Table 4 European loan maturities Transaction Loan Maturity date Original balance (mil. €) Current balance (mil. €) Jurisdiction Property type Vacancy (%) Current property value (mil. €)* Original LTV ratio (%) Current LTV ratio (%) Debt Yield Refinance risk Bruegel 2021 DAC Senior May 15, 2025 220.15 197.51 The Netherlands Mixed use 5.82 340.65 55.7 57.5 12.9 Low Taurus 2019-4 FIN DAC Single Aug. 16, 2025 204.28 146.84 Finland Mixed use 7.51 215.0 62.5 68.2 11.7 Moderate Frost CMBS 2021-1 DAC New Cold Nov. 15, 2025 92.2 88.8 Germany & France Logistics 19.0* 138.36€ 61.3† 60.9† 8.9* Low Taurus 2021-3 DEU DAC The Squaire Dec. 20, 2025 539.98 515.31 Germany Mixed use 19.0 530.88 64.85 68.1 7.0 High *Market value. ...Frost CMBS 2021-1 DAC The loan (denominated in British pound sterling and euro) is secured on three cold-storage facilities in England, Germany, and France. The loan has been extended to November 2025, with a one-year extension option remaining. …
Banking Industry Country Risk Assessment Update: May 2025
May 30, 2025 -… Table 1 BICRAs by group and country (Group '1' to '10', from lowest to highest risk) Group 1 Group 2 Group 3 Group 4 Group 5 Group 6 Group 7 Group 8 Group 9 Group 10 Australia Chile Iceland Andorra Brazil Bahrain Albania Argentina Belarus Austria Czechia Israel Bermuda Brunei Georgia Armenia Bangladesh Egypt Belgium Denmark Italy Greece China Kazakhstan Azerbaijan Cambodia Iraq Canada France Kuwait Hungary Cyprus Jordan Bosnia and Herzegovina El Salvador Nigeria Finland Germany Malaysia India Colombia Morocco Costa Rica Kenya Tunisia Hong Kong Ireland New Zealand Macao Guatemala Paraguay Honduras Mongolia Ukraine Liechtenstein Japan Poland Malta Indonesia Thailand Jamaica Turkiye Luxembourg Korea Portugal Mexico Oman Kyrgyzstan Vietnam Norway Netherlands Saudi Arabia Panama South Africa Uzbekistan Singapore Spain Slovenia Peru Trinidad and Tobago Sweden U.K. ...Table 3 Government support assessment by region --Asia-Pacific-- --CEEMEA-- --Latin America and Caribbean-- --North America-- --Western Europe-- Country Government support assessment Country Government support assessment Country Government support assessment Country Government support assessment Country Government support assessment Australia Highly supportive Kuwait Highly supportive Brazil Supportive Bermuda Supportive Austria Uncertain Brunei Highly supportive Qatar Highly supportive Chile Supportive Canada Supportive Andorra Uncertain China Highly supportive Saudi Arabia Highly supportive Colombia Supportive United States of America Uncertain Belgium Uncertain India Highly supportive United Arab Emirates Highly supportive Guatemala Supportive Cyprus Uncertain Indonesia Highly supportive Israel Supportive Mexico Supportive Denmark Uncertain Japan Highly supportive Kazakhstan Supportive Peru Supportive Finland Uncertain Korea Highly supportive Morocco Supportive Trinidad and Tobago Supportive France Uncertain Malaysia Highly supportive Uzbekistan Supportive Uruguay Supportive Germany Uncertain Philippines Highly supportive Albania Uncertain Argentina Uncertain Greece Uncertain Singapore Highly supportive Armenia Uncertain Costa Rica Uncertain Iceland Uncertain Taiwan Highly supportive Azerbaijan Uncertain El Salvador Uncertain Ireland Uncertain Thailand Highly supportive Bahrain Uncertain Honduras Uncertain Italy Uncertain Vietnam Highly supportive Belarus Uncertain Jamaica Uncertain Liechtenstein Uncertain Hong Kong Supportive Bosnia and Herzegovina Uncertain Panama Uncertain Luxembourg Uncertain Macao Supportive Czech Republic Uncertain Paraguay Uncertain Malta Uncertain Mongolia Supportive Egypt Uncertain Netherlands Uncertain Bangladesh Uncertain Georgia Uncertain Norway Uncertain Cambodia Uncertain Hungary Uncertain Portugal Uncertain New Zealand Uncertain Iraq Uncertain Spain Uncertain Jordan Uncertain Sweden Uncertain Kenya Uncertain Switzerland Uncertain Kyrgyzstan Uncertain U.K. …
Credit Trends: This Month In Credit: 2025 Data Companion
May 29, 2025 -… Health care Colisee Group SAS CCC- Negative France Europe Health care Medical Depot Holdings Inc., CCC+ Negative U.S. ...Media and entertainment Stan Holding SAS B- Negative France Europe Media and entertainment Corus Entertainment Inc. ...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. …
Credit Trends: European Risky Credits: Signs Of Stability Amid Sectoral Strain
May 28, 2025 -… Chart 6 Overall, debt volumes as of April 30, 2025, remained highest in France, followed by the U.K. Altice France Holding S.A., a French telecommunications provider, continued to lead debt volumes with €20 billion. ...Dec. 19, 2024 Sirona Holdco Chemicals, packaging, and environmental services 931 CCC+ Stable Outlook France Nov. 25, 2024 Lune S.a.r.l. Chemicals, packaging, and environmental services 450 CCC Negative Outlook France Nov. 19, 2024 SK Mohawk Holdings S.a.r.l. ...Related Research Altice France Holding S.A. Downgraded To 'D' On Missed Debt Interest Payment, Altice France S.A. …
New Issue: Auto ABS French Leases 2025
May 28, 2025 -… CREDIPAR, which is fully owned by Banque Stellantis France (BBB+/Stable/A-2), provides financing solutions through loans or leases (excluding operational leases to professionals) to Stellantis dealers' French end customers. …