S&P Global Ratings has claimed its first fallen angel of the year. Medical device manufacturer Hologic dropped from B+ to BBB- last week, after being taken private by Blackstone and TPG for US$18.3 billion.
Also downgraded was Murphy Oil Corp, which fell from BB+ (negative) to BB (stable).
The agency upgraded four companies. Tegra118 Wealth Solutions was assigned B- (stable) from CCC+ (negative), Topgolf Callaway Brands rose from B (watch positive) to BB- (positive), Installed Building Products went from BB- (stable) to BB (stable), and Graham Packaging was rated B+ (stable) from B (positive).
Over the last year, the potential fallen angels ratio in APAC has overtaken that in North America. The ratio now sits at 1.5% for North America, 3.6% in APAC and 4.8% in Europe.
Two defaults were recorded over the week, Saks Global Enterprises and healthcare firm Upstream Newco. The former missed an interest patient, and the latter completed a debt restructuring. The US distress ratio has fallen to 5.2%.
The automotive industry remains at risk, with S&P Global Ratings setting a -24.4% outlook bias for the sector.
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