Earlier, on March 31, 2020, we lowered our issuer credit rating on Global Knowledge to 'CC' from 'CCC-' as the company's liquidity remained very weak and it faced substantial near-term debt maturities, as well as needed to address its unsustainable capital structure. Kathrin was a lead analyst in Moody's EMEA Corporate Finance Group in Frankfurt, Germany, covering a diverse set of heavy industrial corporations across Europe. Three of the large downgrades in 2020 were from Kazakhstan-based Grain Insurance Co. JSC, U.A.E-based NMC Health PLC, and U.S.-based Garrett Motion Inc. that defaulted during the year. Document Information click to expand document information . DB's 'Core Bank' reported an adjusted net return on tangible equity (ROTE) of 7.3% in Q3 following a strong 9.1% and 11.9% in Q2 and Q1, respectively, close to the bank's 8% target set for 2022. Often these are issuer-weighted averages. The company will continue its operation with operating cash flow liquidity and another US$50 million from debtors. Sources: S&P Global Ratings Research and S&P Global Market Intelligence's CreditPro. In contrast, the relationship is slightly more discontinuous when we examine rating transitions across modifiers (the plus or minus after a rating), but these variations are likely a result of sample size considerations, and we do not consider them significant (see table 23). Our updated 2021 energy default rate forecasts are 8% and 6% for LL and HY . The procedure for calculating the Gini coefficients is illustrated in chart 31: Area B is bounded by the random curve and the Lorenz curve, while area A is bounded by the Lorenz curve and the ideal curve. On Sept. 9, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Missouri-based printing equipment designer and manufacturer MAI Holdings Inc. to 'SD' from 'CCC-' after the issuer completed the partial exchange of its senior secured notes. On Dec. 9, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Tennessee-based health care services provider Community Health Systems Inc. to 'SD' from 'CC'. Defaults US HY default rate: According to Moody's Investors Service, the U.S.' trailing 12-month high-yield default rate jumped from August 2019's 3.1% to August 2020's 8.7% and may average 10.6% during 2020's final quarter. PFS also announced an agreement to merge with Animal Supply Co. On May 6, 2020, S&P Global Ratings lowered its ratings on the issuer to 'D' from 'SD' upon missed interest payments, following which, on May 14, 2020, the ratings on the issuer were withdrawn. (EDGAR Online via COMTEX) -- NETSCOUT SYSTEMS INC false 0001078075 0001078075 2023-02-22 2023-02-22 Consider the following example: An issuer is originally rated 'BB' in mid-1986 and is downgraded to 'B' in 1988. Of these new issuers, 78% were rated speculative grade. On Nov. 26, 2020, S&P Global Ratings lowered its long-term issuer credit rating on U.K.-based cinema operator Cineworld Group PLC to 'SD' from 'CCC-' following its distressed debt issuance transaction. On May 28, 2020, S&P Global Ratings withdrew its ratings on the issuer. One-year Gini coefficients appear to be broadly cyclical and negatively correlated with default rates (see chart 30). Throughout most of the year, the U.S. accounted for the majority of the debt (see chart 14). In the one-year global Lorenz curve, for example, 96.6% of defaults occurred in the speculative-grade category, while these ratings constituted only 39.9% of all corporate ratings (see chart 26). On Dec. 2, 2020, S&P Global Ratings lowered its long-term issuer credit rating on U.K.-based payroll software provider Zellis Holdings Ltd. to 'SD' from 'CCC+'. On Aug. 5, 2020, S&P Global Ratings raised the issuer credit ratings to 'CCC+' from 'D', as the company completed a distressed restructuring and amended its first-and second-lien credit agreements. This transaction was aimed at preserving liquidity as sales volume and operating income had been adversely affected by the pandemic. The issuer's operation was suffering from weak crude oil prices and depressed demand. On Nov. 18, 2020, S&P Global Ratings withdrew the issuer credit rating at the issuer's request. For example, of all the companies that defaulted during 1981-2020, only two entities rated 'AAA' at inception defaulted within seven years. Defaulters initially rated 'CCC' show the reverse pattern, with the highest default rate observed in the first year, which is not surprising given the low rating and S&P Global Ratings' associated criteria (see "Criteria For Assigning CCC+, CCC, CCC-, And CC Ratings," Oct. 1, 2012). Second-lien lenders agreed to convert scheduled cash interest payments to payment-in-kind (PIK) interest for three quarters (starting Sept. 30, 2020). On April 8, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Texas-based exploration and production company SPR Holdings LLC to 'D' from 'CCC+' after the issuer missed an interest payment due April 1, 2020. On May 12, 2020, S&P Global Ratings lowered the issuer credit rating on New York-based beauty and personal care manufacturer and distributor Revlon Inc. to 'SD' from 'CC' after the issuer completed refinancing its 2016 term loan. On Dec. 7, 2020, S&P Global Ratings raised the issuer credit rating to 'B-' from 'SD' on improved liquidity with constraints from high leverage. Expansive Dataset: Includes more than 800,000 individual debt securities, both corporate and sovereign entities, and default history starting from 1920. . A mere 0.88% of the approximately $500 billion of U.S. CLOs issued from 1994-2009 that were rated by S&P Global Ratings experienced defaults, and no defaults were recorded among the AAA- and AA-rated tranches rated by Moody's. 7 In fact, default rates among CLOs were not only lower than those of CDOs, but also lower than those of similarly . The coronavirus pandemic-related business disruption (i.e., diamond sales and marketing) affected the cash flow of the issuer. An issuer that remained rated for more than one year was counted as many times as the number of years it was rated. Moody's - Corporate defaults to decline in 2021 after sharp rise in 2020 As . As an example, if 'CCC'/'C' rated entities made up 10% of the total population of issuers at the start of the time frame examined (x-axis) and 50% of the defaulters (y-axis), then the coordinate (10, 50) would be the first point on the curve. The default rates in table 34 are calculated as not conditional on survival, while those in table 24 are average default rates conditional on survival. The debt structure of the issuer became unsustainable, with adjusted debt to EBITDA close to 8x in 2019. For the purposes of this study, we form static pools by grouping issuers (for example, by rating category) at the beginning of each year, quarter, or month that the database covers. Earlier, on June 9, 2020, we withdrew the issuer credit ratings at the issuer's request. The two upgrades are U.S.-based Noble Energy Inc. and Infor Inc. Companies that experience large downgrades are often outliers, especially in years of high credit stability. The issuer missed the aggregate interest payments on first-, second-, and 1.5-lien term loans due in 2021 and 2022, which was unlikely to be paid in the 30-day grace period. The defaulters are: Argentina-based oil and gas company YPF S.A., and Cayman Islands-incorporated (China-based) real estate developer Sunshine 100 China Holdings Ltd. We have also revised our default tally in a monthly reconciliation process to include Oregon-based digital media and . 1Great Financial Crisis 2008/2009. Since 1981, the 'B' rating category has accounted for 1,735 defaults (56% of the total from initial rating), well more than double the number of defaulters from the 'BB' category (see tables 10 and 12). *This column includes companies that were no longer rated one year prior to default. Among all Moody's-rated On Oct. 5, 2020, S&P Global Ratings raised the issuer credit rating to 'CCC+' from 'SD'. This figure includes new ratings subsequent to a prior default--such as after distressed exchanges. On May 22, 2020, S&P Global Ratings lowered its issuer credit rating on Illinois-based generic pharmaceutical manufacturer company Akorn Inc. to 'D' from 'CC' after the issuer petitioned for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Other sectors, such as consumer services, have had more frequent default cycles, both during and between economic cycles. On Nov. 5, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Texas-based oilfield services provider Nine Energy Service Inc. to 'SD' from 'CCC+' after the issuer's open market debt repurchases, under which it repurchased a total of more than US$50 million of its unsecured notes principal year-to-date at less than 30 cents on the dollar. Over this same period, as the number of the highest-rated investment-grade companies dwindled, the count of the lowest-rated investment-grade companies surged. Cross-Sector: The . A market share war between Saudi Arabia and Russia led to a crash in crude oil prices, on top of the significant demand destruction for crude oil and natural gas due to the coronavirus. For the Gini ratios in tables 2, 27, and 28, the standard deviations are derived from the time series of Gini ratios for all of their constituent annual cohorts. The transaction, which was settled on Oct. 14, was considered distressed, as opposed to opportunistic. to 'SD' from 'CC' following its distressed exchange. This report does not constitute a rating action. "The default outlook for 2022 will continue to depend on the pace of economic growth . Initial ratings for these companies are those immediately following a prior default in 2020. We then divide this by the ratio of the total number of nonzero weights minus one and the total number of nonzero weights. The rating action followed the issuer's exchange of its senior secured notes due 2027 for the new notes, including the PIK of the four quarterly principal and interest payments in the next 12 months, which are repaid pro rata during the remaining term of the notes. All rating changes that took place are reflected in the newly formed 1982 static pool through the ratings on these entities as of 12:00:01 a.m. on Jan. 1, 1982. On May 26, 2020, S&P Global Ratings lowered its issuer credit rating on Oklahoma-based oil and gas exploration and production company Unit Corp. to 'D' from 'CC' after the issuer reorganized under Chapter 11 of the U.S. Bankruptcy Code. For both axes of the Lorenz curve, the observations are ordered from the low end of the ratings scale ('CCC'/'C') to the high end ('AAA'). As laid out in the American Recovery and Reinvestment Act, the plan would cost $825 billion On March 12, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Illinois-based engineered fastener distributor Optimas OE Solutions Holding LLC to 'SD' from 'CCC+'. On June 10, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Michigan-based inventory service and data collection provider RGIS Holdings LLC to 'D' from 'CCC-' after the issuer missed an interest payment on its secured term loan due on April 30, 2020. Recovery rate is essential to the estimation of the portfolio's loss and economic capital. On July 1, 2020, S&P Global Ratings lowered its long-term issuer credit rating on Mexican lodging company Grupo Posadas S.A.B.

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