Global Corporate Default Update

Transcript

Global Corporate Default Update (July 31, 2009 – August 6, 2009) Global Fixed Income Research Diane Vazza, Managing Director (1) 212-438-2760 diane_vazza@ standardandpoors.com Sudeep Kesh, Associate (1) 212-438-7982 sudeep_kesh@ standardandpoors.com Standard & Poor's 55 Water Street 33rd Floor New York, NY 10041 Diane Vazza Managing Director +1 212 438 2760 [email protected] Sudeep Kesh Associate +1 212 438 7982 [email protected] Global Corporate Default Update (July 31, 2009 – August 6, 2009) (Premium) NEW YORK (Standard & Poor's) August 7, 2009— Seven global corporate issuers defaulted this week, bringing the 2009 year-to-date tally to 194 issuers—nearly 4x the 52 defaults at this time in 2008. This week’s defaults were largely concentrated in the U.S., where five out of seven of the defaulters originated from, with the remaining two defaulters originating from the emerging markets. The default tallies by region now stand at 137 issuers in the U.S., 11 in Europe, 33 in the emerging markets, and 13 in the other developed region (Australia, Canada, Japan, and New Zealand). Distressed exchanges largely led this week’s default charge with five out of seven issuers having their ratings revised to ‘SD’ as a result. Distressed exchanges have surged this year, with the current tally of 60 issuers at 4x the full-year 2008 total and 15x the count of four issuers in 2007. For more information on distressed exchanges, see “Global Credit Comment : Bondholders Get Buzzed (Premium),” published May 1, 2009, on RatingsDirect. The remaining two defaults this week were a result of missed interest payments, which currently is the top reason for default this year at 67 issuers. Bankruptcy filings have also surged with 52 issuers so far this year that have filed for bankruptcy-protection, which has surpassed the full-year 2008 total of 49 bankruptcy-related defaults. The sharp increase in corporate bankruptcies brings with it significant difficulties to private equity investors, particularly for those whose buyout activities in the past several years placed much of their risks squarely in the speculative-grade domain. Indeed, more than half of the defaulters this year either had or continue to have private equity involvement, which presents both challenges and opportunities to private equity investors during restructuring and reorganization. For more information, see “Global Credit Comment: Exposure To Deteriorating Assets Increases Risks To Private Equity (Premium),” published May 29, 2009. Of the global corporate defaulters so far this year, 40% of issues with available recovery ratings had recovery ratings of ‘6’ (indicating our expectation for negligible recovery of 0%-10%), 17% of issues had recovery ratings of ‘5’ (modest recovery prospects of 10%-30%), 12% had recovery ratings of ‘4’ (average recovery prospects of 30%-50%), and 10% had recovery ratings of ‘3’ (meaningful recovery prospects of 50%-70%). And for the remaining two rating categories, 12% of issues had recovery ratings of ‘2’ (substantial recovery prospects of 70%-90%) and 9% of issues had recovery ratings of ‘1’ (very high recovery prospects of 90%-100%). For more details on recovery, see "Bank Loan Ratings (BLRs) And Recovery Ratings (Monthly List)," published July 13, 2009, on RatingsDirect. The precipitous increase in defaults reflects a pronounced decline in economic fundamentals and earnings prospects, as well as the continued unfavorable environment to the lowest rungs of the ratings latter, effectively halting lending to low-rated speculative-grade borrowers. A large number of defaults likely will be concentrated in the first two or three quarters of 2009 as a result of these factors, coupled with distressed exchange offers. Four other factors make the current environment more conducive to defaults: deep recessionary conditions in the U.S., a record-high proportion of issuers with speculative-grade ratings, the highest volume of low-rated issuance since 2003, and the seasoning of much of the debt rated 'B-' or lower issued in the past several years. Because of these factors, our current 12-month-trailing U.S. corporate speculative-grade default rate forecast is 13.9% by mid-2010, with a pessimistic scenario of 18% and an optimistic scenario of 11.4%. For more information and analysis, please see the following reports available on RatingsDirect: • • • • • • • • • “Quarterly Default Update and Rating Transitions (Premium),” published August 5, 2009. “Second-Quarter 2009 Default Synopses (Premium),” published August 5, 2009. “U.S. Corporate Default Rate Expected To Inch Lower To 13.9% By June 2010 After Peaking In First-Quarter 2010,” published July 23, 2009. “The Devil is in the Details: Understanding The Variation In Corporate Default Rates and Rating Transitions,” published July 14, 2009. "Global Bond Markets Weakest Links and Monthly Default Rates," published July 27, 2009. "U.S. High-Yield Prospects: Primary and Secondary Markets Rally In May (Premium)," published June 11, 2009. "Global Credit Comment: Nearly 300 Global Corporate Entities Are Vulnerable To Default (Premium)," published Mar. 26, 2009. "U.S. Distressed Debt Monitor: Distress Ratio Holds Steady Into The Summer (Premium)," published July 27, 2009. "U.S. Recovery Study: Swollen Recovery Rates Conceal Underlying Trauma," published Nov. 25, 2008. Table 1. Global Corporate Default Summary Region U.S. Europe Emerging Market Other Developed Global 12-Month Trailing Speculative-Grade Default Rate (%) 9.25 5.1 6.49 8.84 8.25 2008 Full-Year 96 7 16 7 126 2008 YTD 49 1 0 2 52 2009 YTD 137 11 33 13 194 2009 MTD 5 0 2 0 7 Weakest Links 198 27 42 18 285 YTD - Year To Date; MTD - Month To Date. Data as of Aug. 6, 2009. 12-Month Trailing Default Rates from June 30, 2008 to June 30, 2009. Other Developed region includes Australia, Canada, Japan, and New Zealand. Default counts may include confidentially-rated issuers. Source : Standard & Poor's Global Fixed Income Research; Standard & Poor's CreditPro®. Table 2. Global Corporate Defaults This Week Date Aug. 3, 2009 Aug. 3, 2009 Aug. 4, 2009 Aug. 6, 2009 Aug. 6, 2009 Aug. 6, 2009 Aug. 6, 2009 Parent Company Unisys Corp. Alfa-Bank Ukraine (OJSC Alfa-Bank.) China Glass Holdings Ltd. Accuride Corp. Haights Cross Communications Inc. Commercial Vehicle Group Inc. Peach Holdings Inc. Country United States Ukraine China United States United States United States United States Sector/Subsector High Tech Bank FP / BM Auto Media&Ent Auto FinCo To SD SD SD D D SD SD From CC CC CC CCC CC CCC+ CC Data as of July 30, 2009. Source : Standard & Poor's Global Fixed Income Research; Standard & Poor's CreditPro®. Table 3. Global Corporate Defaults, 2009 Year-To-Date Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Date Parent Company Jan. 6, 2009 U.S. Shipping Partners L.P. Jan. 7, 2009 Penn Treaty Network America Insurance Co. (Penn Treaty American Group) Jan. 8, 2009 Jan. 13, 2009 Jan. 14, 2009 Jan. 15, 2009 Jan. 15, 2009 Jan. 16, 2009 Jan. 20, 2009 Jan. 20, 2009 Jan. 20, 2009 Jan. 21, 2009 Jan. 23, 2009 Jan. 26, 2009 Jan. 26, 2009 Jan. 30, 2009 Jan. 30, 2009 Feb. 2, 2009 Feb. 2, 2009 Feb. 2, 2009 Feb. 3, 2009 Feb. 3, 2009 Feb. 4, 2009 Feb. 4, 2009 Feb. 4, 2009 Feb. 10, 2009 Feb. 10, 2009 Feb. 12, 2009 Feb. 12, 2009 Feb. 12, 2009 Feb. 12, 2009 Feb. 17, 2009 Feb. 18, 2009 Feb. 22, 2009 Feb. 22, 2009 Feb. 27, 2009 Mar. 2, 2009 Mar. 2, 2009 Mar. 10, 2009 Mar. 11, 2009 Mar. 16, 2009 Mar. 16, 2009 Mar. 17, 2009 Mar. 17, 2009 Mar. 17, 2009 Mar. 18, 2009 Mar. 18, 2009 Mar. 18, 2009 Mar. 19, 2009 Mar. 19, 2009 Triple Crown Media Inc. Merisant Worldwide Inc. Nortel Networks Corp. Confidential Spansion Inc. Black Gaming LLC Confidential EuroFresh Inc. Young Broadcasting Inc. Simmons Company Foamex L.P. JSEC Inc. Smurfit-Stone Container Corp. Bonten Media Group Inc. Scottish Annuity & Life Insurance Co. (Cayman) Ltd. ASAT Holdings Ltd. Confidential Vitro S.A.B. de C.V. Confidential Indalex Holding Corp. Confidential Spectrum Brands Inc. Station Casinos Inc. Akerys Holdings S.A. Rail Leasing Aleris International Inc. Confidential Muzak Holdings LLC Pliant Corp. Castle HoldCo 4 BearingPoint Inc. Confidential Confidential American Achievement Corp. Independencia S.A. Nadra Bank Milacron Inc. Fleetwood Enterprises Inc. Canwest Media Inc. Primus Telecommunications Group Inc. Confidential Asia Aluminum Holdings Limited General Growth Properties, Inc. True Temper Sports Inc. Fairchild Corp. Community Distributors Inc. Chemtura Corp. Bite Finance International, B.V. Country U.S. U.S. U.S. U.S. Canada Australia U.S. U.S. Canada U.S. U.S. U.S. U.S. U.S. U.S. U.S. Cayman Islands Hong Kong U.S. Mexico Germany U.S. Russia U.S. U.S. France Russia U.S. Mexico U.S. U.S. Cayman Islands U.S. U.S. Japan U.S. Brazil Ukraine U.S. U.S. Canada U.S. U.K. China U.S. U.S. U.S. U.S. U.S. Lithuania SectorSubsector Transportation Insurance Media&Ent ConProd High Tech Home/RE High Tech Media&Ent Transportation ConProd Media&Ent ConProd C,P,&ES FP / BM FP / BM Media&Ent Insurance High Tech Media&Ent FP / BM Auto M,M,&S Transportation ConProd Media&Ent Home/RE Finance Co. M,M,&S FP / BM Media&Ent C,P,&ES Home/RE High Tech Media&Ent FinInst Media&Ent ConProd Bank CapGoods Home/RE Media&Ent Telecom Bank M,M,&S Home/RE ConProd Aero&Def Retail/Restaurants C,P,&ES Telecom To D R D D D D D D D D D SD D D D SD D D D D D D D D D SD SD D D D D SD D D D SD D SD D D D D SD D D D D D D SD From CCC CC CCCCC BCCC+ CCC CCC CCC CC CCC CCC CCC+ CC CCC B CC CC CCC CC NR CCC CC CCC+ CC CCC CCC+ CCCCC CCCCCC CCC NR NR BB B CC CCC+ CCCCCC NR A CC CC CCC NR NR CCC CC Reason Missed Interest and Principal Payment Regulatory Supervision Missed Interest Payment Bankruptcy Chapter 11 Distressed Exchange Missed Interest Payment Missed Interest Payment Missed Interest Payment Missed Interest Payment Missed Interest Payment Missed Interest Payment Missed Interest Payment Chapter 11 Chapter 11 Distressed Exchange Distressed Exchange Missed Interest Payment Missed Interest Payment Missed Interest Payment Bankruptcy Missed Interest Payment Chapter 11 Missed Interest Payment Missed Interest Payment Distressed Exchange Bankruptcy Chapter 11 Chapter 11 Missed Interest Payment Chapter 11 Chapter 11 Bankruptcy Distressed Exchange Chapter 11 Missed Interest Payment Chapter 11 Chapter 11 Missed Interest Payment Chapter 11 Distressed Exchange Bankruptcy Missed Interest Payment Missed Interest Payment Chapter 11 Chapter 11 Chapter 11 Distressed Exchange CapGoods – Capital Goods, ConProd – Consumer Products C,P,&ES – Chemical, Packaging, and Environmental Services, FinInst – Financial Institutions, FP/BM – Forest Products & Building Materials, High Tech – High Technology, Home/RE – Homebuilders and Real Estate Co., Media&Ent – Media and Entertainment, Telecom – Telecommunications. Data as of Aug. 6, 2009. Source : Standard & Poor’s Global Fixed Income Research. Table 3. Global Corporate Defaults, 2009 Year-To-Date (cont.) Number 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 Date Mar. 23, 2009 Mar. 23, 2009 Mar. 24, 2009 Mar. 26, 2009 Mar. 27, 2009 Mar. 27, 2009 Mar. 31, 2009 Mar. 31, 2009 Mar. 31, 2009 Mar. 31, 2009 Mar. 31, 2009 Mar. 31, 2009 Apr. 1, 2009 Apr. 1, 2009 Apr. 1, 2009 Apr. 1, 2009 Apr. 1, 2009 Apr. 2, 2009 Apr. 2, 2009 Apr. 2, 2009 Apr. 2, 2009 Apr. 3, 2009 Apr. 3, 2009 Apr. 6, 2009 Apr. 6, 2009 Apr. 7, 2009 Apr. 7, 2009 Apr. 8, 2009 Apr. 8, 2009 Apr. 8, 2009 Apr. 14, 2009 Apr. 15, 2009 Apr. 15, 2009 Apr. 15, 2009 Apr. 16, 2009 Apr. 16, 2009 Apr. 16, 2009 Apr. 16, 2009 Apr. 16, 2009 Apr. 16, 2009 Apr. 16, 2009 Apr. 20, 2009 Apr. 21, 2009 Apr. 21, 2009 Apr. 21, 2009 Apr. 21, 2009 Apr. 24, 2009 Apr. 24, 2009 Apr. 24, 2009 Parent Company U.S. Central Federal Credit Union Western Corporate Federal Credit Union BI-LO LLC Industrias Unidas S.A.de C.V. Charter Communications Inc. Freescale Semiconductor Inc. Riviera Holdings Corp. Ply Gem Industries Inc. Sensata Technologies B.V. Idearc Inc. Abitibi-Consolidated Inc. MediaNews Group Inc. Thornburg Mortgage Inc. United Subcontractors Inc. Confidential J.G. Wentworth LLC 155 East Tropicana LLC Panolam Industries International Inc. Nexstar Broadcasting Group Inc. NXP B.V. Confidential Polymer Holdings LLC Rhodes Companies LLC (The) Ford Motor Co. Noranda Aluminum Holding Corp. Cinram International Inc. BCBG Max Azria Group, Inc. The Newark Group Inc. Aventine Renewable Energy Holdings Incorporated CMP Susquehanna Radio Holdings Corp. Alliance Bank JSC Harrah's Entertainment Inc. Energy Partners Ltd French Lick Resorts & Casino LLC Broder Bros. Co. R.H. Donnelley AbitibiBowater Inc. Bowater Inc. Six Flags Six Flags Theme Park Inc. Human Touch LLC. Dayton Superior Corp. Hexion Specialty Chemicals Inc. NTK Holdings Inc. Barrington Broadcasting LLC Emmis Communications Corp. Banco Hipotecario S.A. BTA Bank J.S.C. Metrofinanciera S.A. de C.V. SOFOM. E.N.R. Country U.S. U.S. U.S. Mexico U.S. U.S. U.S. U.S. Netherlands U.S. Canada U.S. U.S. U.S. U.K. U.S. U.S. U.S. U.S. Netherlands Brazil U.S. U.S. U.S. U.S. Canada U.S. U.S. U.S. U.S. Kazakhstan U.S. U.S. U.S. U.S. U.S. Canada U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. Argentina Kazakhstan Mexico U.S. SectorSubsector FinInst FinInst Retail/Restaurants Diversified Telecom High Tech Media&Ent FP / BM CapGoods Media&Ent FP / BM Media&Ent Finance Co. FP / BM Bank FP / BM Media&Ent FP / BM Media&Ent High Tech Home/RE C,P,&ES Home/RE Auto M,M,&S Media&Ent Retail/Restaurants FP / BM Oil & Gas Media&Ent Bank Media&Ent Oil & Gas Media&Ent ConProd Media&Ent FP / BM FP / BM Media&Ent Media&Ent ConProd FP / BM C,P,&ES FP / BM Media&Ent Media&Ent Bank Bank FinInst FinCo To R R D SD D SD D SD SD D D D D D D D D SD SD SD SD SD D SD SD SD SD D D SD SD SD D SD SD D D D D D D D SD SD SD SD SD D SD R From AAA CCC CC CC CC CCC+ BCC CCC CC NR CC CCCCC NR CCCCCC+ CC CC CC BCCC CC CCC+ CC CCC+ CCC CC CC CC CC CCCCC CC CCC+ CC CC CCC CCC CC CCCCCC+ BCCC+ CCC+ CC CC CC CC Reason Regulatory Supervision Regulatory Supervision Chapter 11 Missed Interest Payment Chapter 11 Distressed Exchange Missed Interest Payment Distressed Exchange Distressed Exchange Chapter 11 Missed Interest and Principal Payment Missed Interest Payment Chapter 11 Chapter 11 Missed Interest Payment Missed Interest Payment Missed Interest Payment Distressed Exchange Distressed Exchange Distressed Exchange Chapter 11 Distressed Exchange Distressed Exchange Distressed Exchange Distressed Exchange Missed Interest Payment Bankruptcy Distressed Exchange Missed Interest Payment Distressed Exchange Missed Interest Payment Distressed Exchange Distressed Exchange Missed Interest Payment Chapter 11 Chapter 11 Missed Interest Payment Missed Interest Payment Missed Interest Payment Chapter 11 Distressed Exchange Distressed Exchange Distressed Exchange Distressed Exchange Distressed Exchange Missed Principal Payment Missed Interest Payment Regulatory Supervision Apr. 27, 2009 Syncora Guarantee Inc. (Syncora Holdings Ltd.) CapGoods – Capital Goods, ConProd – Consumer Products C,P,&ES – Chemical, Packaging, and Environmental Services, FinInst – Financial Institutions, FP/BM – Forest Products & Building Materials, High Tech – High Technology, Home/RE – Homebuilders and Real Estate Co., Media&Ent – Media and Entertainment, Telecom – Telecommunications. Data as of Aug. 6, 2009. Source : Standard & Poor’s Global Fixed Income Research. Table 3. Global Corporate Defaults, 2009 Year-To-Date (cont.) Number 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 Date Apr. 27, 2009 Apr. 28, 2009 Apr. 28, 2009 Apr. 30, 2009 Apr. 30, 2009 Apr. 30, 2009 May. 1, 2009 May. 1, 2009 May. 1, 2009 May. 4, 2009 May. 5, 2009 May. 7, 2009 May. 8, 2009 May. 8, 2009 May. 11, 2009 May. 12, 2009 May. 12, 2009 May. 12, 2009 May. 12, 2009 May. 12, 2009 May. 13, 2009 May. 15, 2009 May. 15, 2009 May. 15, 2009 May. 18, 2009 May. 18, 2009 May. 18, 2009 May. 18, 2009 May. 19, 2009 May. 19, 2009 May. 19, 2009 May. 19, 2009 May. 19, 2009 May. 20, 2009 May. 21, 2009 May. 21, 2009 May. 22, 2009 May. 28, 2009 May. 28, 2009 May. 29, 2009 Jun. 1, 2009 Jun. 1, 2009 Jun. 1, 2009 Jun. 1, 2009 Jun. 2, 2009 Jun. 2, 2009 Jun. 2, 2009 Jun. 5, 2009 Jun. 5, 2009 Jun. 5, 2009 Parent Company Synagro Technologies Inc. Airborne Health Inc. Brand Development Inc. Rexnord LLC Confidential Chrysler LLC (Chrysler Holding LLC) Mark IV Industries Inc. Workflow Management Inc. Source Interlink Companies, Inc. Wolverine Tube Inc. GSCP (NJ) L.P. Thomson S.A. Sonic Automotive Inc. Standard Motor Products Inc. November 2005 Land Investors, LLC Hayes Lemmerz International Inc. G Steel Public Co. Ltd. International Banking Corp. (The) PT Davomas Abadi Tbk. Pakistan Mobile Communications Ltd. (Orascom Telecom Holdings S.A.E.) NES Rentals Holdings Inc. Rapsod Trade Ltd. Dex Media Inc. Donnelley (R.H.), Inc. Atrium Cos. Inc. (ACIH) Inn of the Mountain Gods Resort and Casino Mandra Forestry Finance Ltd. Confidential Caraustar Industries Inc. Majestic Holdco, LLC Barzel Industries Inc. Confidential Lazy Days' R.V. Center Inc. ION Media Networks Inc. Dana Holding Corp. Georgia Gulf Corp. Berry Plastics Group Inc. Metaldyne Corp. Visteon Corp. Canwest Limited Partnership General Motors Corp. Imcopa Importacao, Exportacao E Industria De Oleos S.A. Confidential Genmar Holdings Inc. Lear Corp. Newport Television Holdings LLC Saad Group Confidential Hawker Beechcraft Inc. Travelport Holdings Ltd. Country U.S. U.S. Belize U.S. Mexico U.S. U.S. U.S. U.S. U.S. U.S. France U.S. U.S. U.S. U.S. Thailand Bahrain Indonesia Pakistan U.S. British Virgin Islands U.S. U.S. U.S. U.S. British Virgin Islands China U.S. U.S. U.S. Russia U.S. U.S. U.S. U.S. U.S. U.S. U.S. Canada U.S. Brazil Brazil U.S. U.S. U.S. Saudi Arabia U.S. U.S. U.S. SectorSubsector C,P,&ES ConProd ConProd CapGoods FinInst Auto Auto Media&Ent Media&Ent FP / BM Bank High Tech Auto Auto Home/RE Auto M,M,&S Bank ConProd Telecom CapGoods Media&Ent Media&Ent Media&Ent FP / BM Media&Ent FP / BM Home/RE FP / BM Media&Ent M,M,&S M,M,&S Auto Media&Ent Auto C,P,&ES C,P,&ES Auto Auto Media&Ent Auto ConProd Home/RE Media&Ent Auto Media&Ent Financial Institutions High Tech Aero&Def Transportation To SD D D SD D D D SD D SD D SD SD SD D D SD SD D SD SD D D D D D D SD D D SD D SD D SD D SD D D D D D D D D SD D SD SD SD From CC CCC CCC+ CC BCC CCC+ CC CCC CC B CC CCC+ CC CC CC CC BBBCCC+ CC CC CC C C CCCCCC CC CC CC C CCC+ CCC CC CC CC CC CC CCCCCC CCC CC CCCCCC NR CCC+ BBBB+ B CC BReason Distressed Exchange Missed Interest Payment Missed Interest and Principal Payment Distressed Exchange Chapter 11 Chapter 11 Loan Amendments Chapter 11 Distressed Exchange Missed Interest Payment Missed Principal Payment Distressed Exchange Distressed Exchange Chapter 11 Chapter 11 Missed Payment Missed Payment Missed Interest Payment Distressed Exchange Distressed Exchange Missed Interest Payment Missed Interest Payment Missed Interest Payment Missed Interest Payment Missed Interest Payment Missed Interest Payment Distressed Exchange Missed Interest Payment Missed Interest Payment Missed Interest Payment Missed Interest Payment Chapter 11 Distressed Exchange Missed Interest Payment Distressed Exchange Chapter 11 Chapter 11 Missed Interest and Principal Payment Chapter 11 Missed Interest Payment Chapter 11 Missed Interest Payment Distressed Exchange Payment Suspension Distressed Exchange Distressed Exchange CapGoods – Capital Goods, ConProd – Consumer Products C,P,&ES – Chemical, Packaging, and Environmental Services, FinInst – Financial Institutions, FP/BM – Forest Products & Building Materials, High Tech – High Technology, Home/RE – Homebuilders and Real Estate Co., Media&Ent – Media and Entertainment, Telecom – Telecommunications. Data as of Aug. 6, 2009. Source : Standard & Poor’s Global Fixed Income Research. Table 3. Global Corporate Defaults, 2009 Year-To-Date (cont.) Number 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 Date Jun. 8, 2009 Jun. 10, 2009 Jun. 10, 2009 Jun. 11, 2009 Jun. 11, 2009 Jun. 15, 2009 Jun. 15, 2009 Jun. 15, 2009 Jun. 16, 2009 Jun. 16, 2009 Jun. 16, 2009 Jun. 17, 2009 Jun. 17, 2009 Jun. 17, 2009 Jun. 18, 2009 Jun. 18, 2009 Jun. 19, 2009 Jun. 19, 2009 Jun. 25, 2009 Jun. 25, 2009 Jun. 25, 2009 Jun. 29, 2009 Jun. 29, 2009 Jul. 2, 2009 Jul. 2, 2009 Jul. 3, 2009 Jul. 6, 2009 Jul. 8, 2009 Jul. 13, 2009 Jul. 14, 2009 Jul. 14, 2009 Jul. 20, 2009 Jul. 23, 2009 Jul. 23, 2009 Jul. 28, 2009 Jul. 29, 2009 Jul. 29, 2009 Aug. 3, 2009 Aug. 3, 2009 Aug. 4, 2009 Aug. 6, 2009 Aug. 6, 2009 Aug. 6, 2009 Aug. 6, 2009 Parent Company Confidential Kinetek Holdings Corp. Fontainebleau Las Vegas Holdings LLC Confidential Crescent Resources LLC William Lyon Homes Momentive Performance Materials Inc. Extended Stay America Inc Sabre Holdings Corp. Cooper-Standard Automotive Inc. Building Materials Holding Corp Eddie Bauer Holdings Inc. Finlay Fine Jewelry Corp. Hovnanian Enterprises Inc. Metromedia International Group Inc. Kazanorgsintez OJSC Affinity Group Holding Inc. Fraser Papers Inc. Red Roof Inns, Inc. Grant Forest Products Inc. Confidential McClatchy Co. (The) Allis-Chalmers Energy Inc. Bombardier Recreational Products Inc. Express Energy Services Operating, LP Safilo SpA Confidential CCS Medical NXP B.V. Euramax International Inc. RathGibson Inc. CEVA Group PLC Confidential PT Gajah Tunggal Tbk. Headwaters Inc. Treofan Holdings GmbH Arclin Canada Ltd. Unisys Corp. Alfa-Bank Ukraine (OJSC Alfa-Bank.) China Glass Holdings Ltd. Accuride Corp. Haights Cross Communications Inc. Commercial Vehicle Group Inc. Peach Holdings Inc. Country Brazil U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. U.S. Russia U.S. Canada U.S. Canada U.S. U.S. U.S. Canada U.S. Italy U.S. U.S. Netherlands U.S. U.S. Netherlands U.S. Indonesia U.S. Germany Canada United States Ukraine China United States United States United States United States SectorSubsector Utility CapGoods Media&Ent Auto Home/RE Home/RE C,P,&ES Media&Ent Transportation Auto C,P,&ES Retail/Restaurants Retail/Restaurants Home/RE ConProd C,P,&ES Media&Ent C,P,&ES Media&Ent C,P,&ES C,P,&ES Media&Ent Oil & Gas Media&Ent Oil & Gas ConProd C,P,&ES Health Care High Tech CapGoods CapGoods Transportation Media&Ent Auto C,P,&ES FP / BM C,P,&ES High Tech Bank FP / BM Auto Media&Ent Auto FinCo To SD SD D SD D SD SD D SD D D D D SD D D SD D D D D SD SD SD D SD SD D SD D D SD SD SD SD SD D SD SD SD D D SD SD From CCC BCCC BCCCCC CC NR B CC NR CCC CCC CCC NR CC CCC NR NR NR CCCCC CC CC CCC CC CCC+ CCC CC CC CC CC CCC CC B CC CCC CC CC CC CCC CC CCC+ CC Reason Distressed Exchange Chapter 11 Chapter 11 Distressed Exchange Distressed Exchange Chapter 11 Distressed Exchange Missed Interest Payment Chapter 11 Chapter 11 Missed Interest Payment Distressed Exchange Chapter 11 Missed Interest and Principal Payment Distressed Exchange Foreign Bankruptcy Missed Interest Foreign Bankruptcy Missed Interest and Principal Payment Distressed Exchange Distressed Exchange Distressed Exchange Missed Interest and Principal Payment Distressed Exchange Distressed Exchange Chapter 11 Distressed Exchange Out-Of-Court Restructuring Chapter 11 Distressed Exchange Distressed Exchange Distressed Exchange Distressed Exchange Deferred Interest Payment Foreign Bankruptcy Distressed Exchange Distressed Exchange Distressed Exchange Missed Interest Payment Missed Interest Payment Distressed Exchange Distressed Exchange CapGoods – Capital Goods, ConProd – Consumer Products C,P,&ES – Chemical, Packaging, and Environmental Services, FinInst – Financial Institutions, FP/BM – Forest Products & Building Materials, High Tech – High Technology, Home/RE – Homebuilders and Real Estate Co., Media&Ent – Media and Entertainment, Telecom – Telecommunications. Data as of Aug. 6, 2009. Source : Standard & Poor’s Global Fixed Income Research. Global Fixed Income Premium Research This article is part of our Global Fixed Income Research content currently accessible on RatingsDirect. Additional exclusive content is accessible to subscribers who upgrade their RatingsDirect package to include the Global Fixed Income Research Add-On, including access to all of our full, comprehensive analyses, underlying data download capability, and quarterly webcasts. For more information, please contact [email protected] or visit us on the web at www.standardandpoors.com/GetGFIR . Copyright 2009 by Standard & Poor's, a division of The McGraw-Hill Companies. Reproduction in whole or in part prohibited except by permission. All rights reserved. Information has been obtained from sources believed to be reliable. However, because of the possibility of human or mechanical error by our sources or others, Standard & Poor’s does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or the result obtained from the use of such information. Analytic services provided by Standard & Poor’s Ratings Services (“Ratings Services”) are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. The credit ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of the information contained herein should not rely on any credit rating or other opinion contained herein in making any investment decision. Ratings are based on information received by Ratings Services. Other divisions of Standard & Poor's may have information that is not available to Ratings Services. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor’s reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.